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Gift Nifty signals a tepid start: ITC, Vodafone Idea Q1 results; stocks in F&O ban; TVS Supply IPO & more

Gift Nifty signals a tepid start: ITC, Vodafone Idea Q1 results; stocks in F&O ban; TVS Supply IPO & more

ITC Ltd, Vodafone Idea Ltd, Indiabulls Housing Finance, KNR Constructions Ltd, AstraZeneca Pharma India, Wockhardt Ltd and Saksoft Ltd are among a handful of companies that will announce their quarterly results today.

Amit Mudgill
Amit Mudgill
  • Updated Aug 14, 2023 8:15 AM IST
Gift Nifty signals a tepid start: ITC, Vodafone Idea Q1 results; stocks in F&O ban; TVS Supply IPO & more Nifty continues to exhibit a bearish trend as it remains below the 21-day Exponential Moving Average (21EMA). The Relative Strength Index (RSI) is also indicating a bearish crossover.
SUMMARY
  • Nifty futures on the Nifty International Exchange fell 32.50 points, or 0.17 per cent, to 19,447.
  • Asian shares struggled ahead of China data that is likely to amplify the case for serious stimulus.
  • Brent crude oil prices fell in Monday's trade as tight supply meets forecasts of strong demand.

Domestic equity indices are likely to see a tepid start to Monday's trade amid a lack of directional cues from global markets. Asian markets fell tracking a fall in US stocks on Friday. Back home, a handful of Q1 earnings such as that of ITC, Vodafone Idea, Divis Labs, IRB Infra and KNR Constructions may trigger stock-specific actions.  The IPO of TVS Supply Chain Solutions will conclude today. Here's what you should know before the Opening Bell:

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Nifty outlook

Nifty continues to exhibit a bearish trend as it remains below the 21-day Exponential Moving Average (21EMA). The Relative Strength Index (RSI) is also indicating a bearish crossover. In the short term, there's a possibility that the index might decline towards the 19,300 level, said Rupak De of LKP Securities. On the upside, De see resistance at the 19,500 level.

GIFT Nifty signals a negative start

Nifty futures on the Nifty International Exchange traded 32.50 points, or 0.17 per cent, lower at 19,447, hinting at a negative start for the domestic market on Monday.

Asian stocks open lower

Asian shares struggled ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields pressured sky-high valuations on tech stocks and underpinned the dollar. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.20 per cent. Hong Kong's Hang Seng fell 1.72 per cent. China's Shanghai Composite declined 0.9 per cent. Korea's Kospi and Japan's Nikkei fell half-a-per cent each.

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Brent oil falls on higher supplies

Oil prices fell on Monday as tight supply meets forecasts of strong demand to deliver seven straight weeks of gains. Early Monday saw some profit-taking nudge Brent down 45 cents to $86.36 a barrel, while US crude fell 39 cents to $82.80 per barrel.

Dollar index edges higher

The Dollar index, which compares the greenback against a basket of six major world currencies, edged 0.14 per cent higher at 102.98 level. The resilience of the economy combined with a truly massive government borrowing requirement kept 10-year Treasury yields up at 4.176%, after a rise of 12 basis points last week. That rise juiced the dollar against the low-yielding yen, lifting it to 144.90 and within a whisker of the year's high of 145.07. The euro has already reached its highest since late 2008 and was holding firm at 158.51 yen, Reuters reported.

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US stocks settled mixed

US stock indices S&P500 index and Nasdaq Composite fell on Friday and posted their second straight weekly losses, as hotter-than-expected US producer prices data pushed Treasury yields higher and sank rate-sensitive megacap growth stocks. The Dow Jones Industrial Average rose 105.25 points, or 0.3 per cent, to 35,281.4, the S&P500 lost 4.78 points, or 0.11 per cent, to 4,464.05 and the Nasdaq Composite dropped 76.18 points, or 0.56 per cent, to 13,644.85.

Q1 results today

ITC Ltd, Vodafone Idea Ltd, Indiabulls Housing Finance, KNR Constructions Ltd, AstraZeneca Pharma India, Wockhardt Ltd, Saksoft Ltd, Uflex and Grindwell Norton are among a handful of companies that will announce their quarterly results today.                    

Stocks in F&O ban

Nine stocks namely ZEE Entertainment, Delta Corp, Indiabulls Housing Finance, India Cements, Manappuram, Hindustan Copper and Balrampur Chini, Granules India and Chambal Fertilisers have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, August 4. Derivative contracts in a security are banned when they cross 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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FPIs sell shares worth Rs 3,073 crore

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 3,073.28 crore on Friday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 500.35 crore.

Rupee falls 16 paise against dollar

The rupee depreciated 16 paise to end at 82.82 against the dollar on Friday, thanks to a strong dollar against major rivals overseas. At the interbank foreign exchange market, the local unit opened at 82.75 against the US dollar. It touched the peak of 82.73 and hit the lowest level of 82.87 during intra-day trade before settling at 82.82 against the greenback, 16 paise lower from its previous close.

Note: With inputs from PTI, Reuters and other agencies

Also read: Stocks in news: ITC, Adani Ports, Tata Steel, Nykaa, Vodafone Idea, HDFC Bank & CarTrade 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Aug 14, 2023 7:48 AM IST
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