Dalal Street stocks may open on a muted note on Friday amid mixed set of cues from global markets. US treasury yields jumped and Wall Street stocks fell overnight. Asian markets were, however, trading mostly higher. At home, a host of largecap companies are scheduled to report quarterly earnings today. It would also be a busy day for the market, as bidding for three IPOs would be underway. Here’s what you should know before the Opening Bell:
Nifty outlook
Analysts noted that Nifty had formed a Bearish Outside Bar, along with an Beairsh Engulfing on Wednesday, which was followed by a short term consolidation. Gaurav Ratnaparkhi of Sharekhan believes that once the 18,000 level is breached on a closing basis, Nifty will be set to test 17,800 on the downside. On the higher side, 18,200 will be the resistance for the short term, he said.
SGX Nifty signals a muted start
Nifty futures on the Singapore Exchange quoted 6 points, or 0.03 per cent, lower at 18,108.50, hinting at a muted start for the domestic market on Friday.
Asian markets rise in early trade
Asian markets were trading mostly higher in Friday’s trade. China’s Shanghai Composite was up 1.20 per cent while Hong Kong’s Hang Seng gained 3.6 per cent. Korea’s Kospi edged 0.3 per cent higher. Markets in Australia and New Zealand rose up to 0.29 per cent higher.
US stocks fall for 4th day
Wall Street stocks settled lower for the fourth straight session overnight, amid fears the US Fed Reserve would continue raising interest rates for longer than previously thought. Dow Jones declined 146.51 points, or 0.46 per cent, to 32,001.25. S&P500 fell 39.8 points, or 1.06 per cent, to 3,719.89. Nasdaq Composite declined 181.86 points, or 1.73 per cent, to 10,342.94.
Q2 results today
Titan Company, Cipla, Britannia Industries, InterGlobe Aviation, Marico, GAIL, TVS Motor, IDFC First Bank, Gillette India Escorts Kubota are among dozen of companies that are scheduled to report their September quarter results later in the day.
Corporate actions today
Five stocks namely TCI Express, Allsec Technologies, Crisil, Kewal Kiran Clothing and P&G Hygiene & Heath Care will go ex-dividend today. Shares of Transwarranty Finance will go ex-rights today.
Stock in F&O ban list
Shares of Punjab National Bank and LIC Housing Finance are banned in the F&O segment today. Derivative contracts in a security is 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.
Oil prices fall on demand concerns
Oil prices declined in Friday’s trade amid fears US interest rates will go higher than previously expected and fresh concerns that Covid outbreaks will dent fuel demand in China. Brent crude futures fell 22 cents, or 0.2 per cent, to $94.45 a barrel after dropping 1.5 per cent in the previous session.
FPIs buy shares worth Rs 678 crore
Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 677.62 crore. Domestic institutional investors (DIIs), on the other hand, were sellers of equities to the tune of Rs 732.11 crore.
Rupee sheds 21 paise against dollar
The domestic currency depreciated 8 paise to settle at 82.88 against the greenback on Thursday, as amid hawkish stance. At the interbank foreign exchange market, the local unit opened at 82.87 and witnessed a high of 82.74 and a low of 82.92. It finally settled at 82.88 against the American currency, registering a fall of 8 paise over its last close of 82.80.
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