SGX Nifty up 10 points: Asian stocks, dollar movement, crude prices, RIL Q4 earnings & more

Domestic stock indices are likely to open on a muted note on Friday. Most Asian markets opened lower, as muted corporate earnings dragged US stocks overnight. Back home, all eyes will be on the quarterly results of Reliance Industries, the most valued firm on Dalal Street. Here's what you should know before the opening bell:

Nifty outlook
After a broader pattern of bullish breakout, majority of the time, prices went through a cool-off phrase, and after retesting their breakout zones prices resume the trend. Presently Nifty seems to be passing through the same phase, said Rohan Patil of SAMCO Securities.

"We will still consider index buying at these levels, as prices are trading above short- and medium-term EMAs. The 17,500-17,7450 will range be sacrosanct support for the index. The 17,850 level could be an immediate hurdle.  A break above 17,850 levels will infuse buying towards 18,000 levels. Similarly, a break below 17,450 will open the gate for 17,250 levels on the lower side," Patil said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 10 points, or 0.06 per cent, higher at 17,675, hinting at a positive start for the domestic market on Friday.

Asian shares drop in early trade
Asian stocks slid toward their worst week in a month-and-a-half on Friday and oil nursed losses, while bonds enjoyed their best bid in weeks as US data and earnings showed signs of weakness. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, down 0.37 per cent. China's Shanghai eased 0.18 per cent; Hong Kong's Hang Seng lost 0.06 per cent and Korea's Kospi declined 0.54 per cent. Japan's Nikkei was flat.

Oil prices extend losses
Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening US economic data and a rise in US gasoline inventories raised concerns about a recession and slower global oil demand. Brent futures for June delivery were down by 14 cents, or 0.2 per cent, at $80.96 a barrel at 0101 GMT. West Texas Intermediate crude (WTI) for June delivery slid 12 cents, or 0.2 per cent, to $77.25 a barrel.

Dollar eyes weekly gains
The US dollar was eyeing its first weekly gain in more than a month on Friday as bets for another rate hike by the US Federal Reserve in May firm, though its gains were capped by soft economic data pointing to a slowing economy. The US dollar index edged 0.06 per cent higher to 101.84. Against the dollar, the euro slipped 0.03 per cent to $1.0967, while sterling fell 0.09 per cent to $1.24325. However, the dollar was last 0.07 per cent lower against the yen at 134.13.

US stocks settle lower
Major US stock indices ended lower on Thursday after disappointing quarterly reports from companies including Tesla and AT&T, while softening US. economic data and growing worries about the debt ceiling pushed Treasury yields lower. The Dow Jones Industrial Average fell 110.39 points, or 0.33 per cent, to 33,786.62, the S&P 500 lost 24.73 points, or 0.60 per cent, to 4,129.79 and the Nasdaq Composite dropped 97.67 points, or 0.8 per cent, to 12,059.56.

Q4 earnings today
Reliance Industries, Hindustan Zinc, Tejas Networks, Rajratan Global Wire, Wendt India, Tanfac Industries, Krishna Phoschem, Prime Securities, Rajnandini Metals, Aditya Birla Capital, Bheema Cements, Radhe Developers (India) and Moksh Ornaments are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Friday, April 21. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs sell shares worth Rs 1,169 cr
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 1,169.32 crore on Thursday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 832.72 crore.

Rupee rises 11 paise against dollar
The rupee appreciated 11 paise to close at 82.14 (provisional) against the US dollar on Thursday, as crude oil prices retreated from elevated levels. Forex traders said a positive trend in domestic equities also supported the local unit.

Note: With inputs from PTI, Reuters and other agencies

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