SGX Nifty up 30 points: Asian stocks, dollar movement, crude prices, Q4 earnings & more

Domestic stock indices on Tuesday are likely to open with mild gains amid mixed global cues. US stocks settled mixed overnight while Asian stocks were down ahead of South Korea's Q1 GDP numbers. Back home, a couple of Nifty companies will report quarterly results today. Here's what you should know before the Opening Bell:

Nifty outlook
The bullish momentum got triggered once Nifty crossed 17,650 level.. On the daily chart, the index seem to have completed throwback of a bullish falling channel pattern breakout. The index formed a bullish Hammer candle near its retest zone, said Rohan Patil, Technical Analyst at SAMCO Securities.

"The momentum oscillator RSI (14) has found support near its prior breakout level and closed at 60 level, with a bullish crossover on the daily time frame. One can expect Nifty to continue its bullish momentum in coming trading sessions. For traders, the 17,600 level will be an immediate support and the 17,900 level may act as an immediate hurdle for the index," he said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 29.50 points, or 0.17 per cent, higher at 17,788.50 hinting at a positive start for the domestic market on Tuesday.

Asian shares fall in early trade
Asian stocks opened lower on Tuesday as markets tread water ahead of US mega-tech earnings and the Bank of Japan meeting this week. Investors also eyed South Korea's GDP numbers. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.75 per cent. Japan's Nikkei rose 0.52 per cent; China's Shanghai declined 0.23 per cent; Hong Kong's Hang Seng plunged 1.28 per cent and Korea's Kospi tanked 1.09 per cent.

Oil prices edge lower
Oil prices slipped in early trade on Tuesday, paring gains from the previous session, as investors weighed strong holiday travel in China that could boost fuel demand with the prospect of rising interest rates elsewhere slowing economic growth. Brent crude fell 7 cents to $82.66 a barrel at 0013 GMT, while US West Texas Intermediate crude eased 6 cents to $78.70 a barrel.

Dollar on the backfoot
The dollar was on the back foot and the euro climbed on Tuesday, as regional bank jitters had traders expecting US interest rate cuts before long, while in Europe a 50 basis point hike remains a live option at next week's central bank meeting. The US dollar index dropped 0.4 per cent overnight and hit a ten-day low of 101.19 in early Asia trade. The euro rose above $1.10 overnight and was still going at $1.1062 early in the Asia session. The yen has been steady on the dollar and last traded at 134.28 per greenback.

US stocks settled mixed
Wall Street shuffled to a mixed close on Monday, with interest rate-sensitive momentum shares weighing on the Nasdaq and US Treasury yields dipping as investors braced for a week of high-profile quarterly earnings and closely watched economic data. The Dow Jones Industrial Average rose 66.44 points, or 0.2 per cent, to 33,875.4, the S&P 500 gained 3.52 points, or 0.09 per cent, to 4,137.04 and the Nasdaq Composite dropped 35.25 points, or 0.29 per cent, to 12,037.20.

Q4 earnings today
Nestle India, Bajaj Auto, Tata Consumer Products, AU Small Finance Bank, HDFC Asset Management Company, Dalmia Bharat, Nippon Life India Asset Management, Lloyds Metals & Energy, Mahindra CIE Automotive, Mahindra Holidays & Resorts, Mahindra Lifespace Developers, Elecon Engineering Company, VST Industries, Anant Raj and Rallis India 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 Tuesday, April 25. 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.

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Mankind IPO to kick off today
The Rs 4,326 crore initial public offering (IPO) of Mankind Pharma kicks off for subscription on Tuesday, April 25, 2023. The issue, which can be subscribed till Thursday, April 27, 2023, can be bid in the range of Rs 1,026-1,080 per share. The company has fixed its lot size at 13 equity shares.

FPIs sell shares worth Rs 412 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 412.27 crore on Monday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,177.18 crore.

Rupee gains 14 paise against dollar
The rupee appreciated 14 paise to close at 81.92 against the US dollar on Monday as a firm trend in domestic equities and weak dollar boosted investor sentiments. However, selling pressure from foreign institutional investors may weigh on the rupee at higher levels.

Note: With inputs from PTI, Reuters and other agencies

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