GIFT Nifty up 9 points: Asian markets, crude oil prices, Q3 results, dollar movement, & more

Domestic stock indices are likely to open flat on Friday, tracking mixed cues from global markets. Asian stocks were cautious in the early trade after the US inflation numbers. US stocks settled flat overnight. Geopolitical tensions in the Red Sea after strikes in Yemen by the US may keep traders on the tenterhooks. Back home, traders will be keenly awaiting Q3 numbers of HCL Tech and Wipro, apart from reacting to TCS and Infosys earnings. Here's what all you know to know before the opening bell:

Nifty outlook
Jatin Gedia, Technical Research Analyst at Sharekhan said the intraday Nifty dip halted at 21,650-21,630 zone  on Thursday, where support in the form of the key hourly moving averages were placed. "Until the range of 21,720-21,750 is not breached on the upside we expect the range bound consolidation to continue. On the downside 21,550-21,520 is the crucial support zone," he said.

Nifty Bank outlook
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said the Nifty Bank saw  a struggle between the bulls and the bears, leading to a volatile trading session. A significant hurdle for the index is identified at 48,000, marked by substantial call writing. "A decisive breakthrough above this level is anticipated to trigger a sharp short-covering rally. On the downside, the lower-end support remains intact at 46,900. A close below this support level may intensify selling pressure in the market," he said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 8.50 points, or 0.04 per cent, higher at 21,715.00, hinting at a flattish start for the domestic market on Friday.

Asian shares open higher amid caution
Asian shares were cautious on Friday as the escalating conflict in the Red Sea region sent oil prices surging, while slightly higher-than-expected US inflation data did not dent investors' views on early and aggressive rate cuts in the US and Europe. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.26 per cent. Japan's Nikkei surged 1.21 per cent; China's Shanghai gained 0.50 per cent; Hong Kong's Hang Seng added 0.25 per cent; South Korea's KOSPI declined 0.22 per cent.

Oil prices up after Yemen strikes
The United States and Britain have started carrying out strikes against targets linked to Houthis in Yemen, after the Iran-backed group attacked international ships in the Red Sea, reported Reuters. Brent futures jumped 2 per cent to $78.95 a barrel, while US West Texas Intermediate (WTI) crude rose 2.1 per cent to $73.53.

Dollar steady after US CPI  data
The dollar held steady against peer currencies on Friday, as investors weighed higher-than-expected US consumer price inflation against market bets that the Federal Reserve will cut rates as soon as March. The dollar index was hovering around 102.26. The euro stuck around $1.0977 after gaining on the dollar the previous day, while sterling was last trading at $1.277, up 0.07 per cent on the day. The Japanese yen was little changed at 145.27 per greenback.

Wall Street shares end mixed
US stocks closed little changed on Thursday as news of hotter-than-expected inflation and signs of labor market strength dampened hopes for early interest rate cuts by the Federal Reserve this year, but a fall in Treasury yields kept declines in check. The Dow Jones Industrial Average rose 15.29 points, or 0.04 per cent, to 37,711.02. The S&P 500 lost 3.21 points, or 0.07 per cent, at 4,780.24 and the Nasdaq Composite gained just 0.54 points, at 14,970.19.

Q3 results today
HCL Technologies, Wipro, HDFC Life Insurance Company, Anand Rathi Wealth, Just Dial, JTL Industries, Tata Metaliks, Den Networks, Bharat Bijlee, Hi-Tech Pipes, Aditya Birla Money, Artson Engineering, Amal and LKP Finance are among the companies that will announced their results for the December 2023 quarter today.

Stocks in F&O ban
As many as 13 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, January 12. The new addition namely- Bharat Heavy Electricals (BHEL), Delta Corp, and Polycab India - will join the existing retentions including Bandhan Bank, Hindustan Copper, Indus Towers, Piramal Enterprises (PEL), Delta Corp, Escorts Kubota, India Cements, National Aluminium Company (Nalco), PVR Inox, Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs sell shares worth Rs 865 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 865 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,607.08 crore.

Rupee rises 2 paise against dollar
The rupee appreciated 2 paise to close at 83.01 against the US dollar on Thursday, tracking its Asian peers and positive domestic equities. This is the seventh straight session of rise for the local unit, during which it has added 31 paise, since the level of 83.32 versus dollar recorded on January 2.

Note: With inputs from PTI, Reuters and other agencies

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