Domestic equity indices are set to open higher on Tuesday, tracking the firm global cues. US stocks extended gains on Monday, in the over night trade. Major Asian stocks were shut observing holiday. Back home, India Inc earnings will remain at the focus of the traders. Here’s what you should know before the opening bell:
Nifty outlook
Nifty held on to the 18100 mark amid lack of follow-up buying in the second half. Nifty once again failed to surpass crucial resistance of 18180 derived from previous swing high and continued to consolidate in the narrow range, said N Devarsh Vakil – Deputy Head Retail Research at HDFC Securities.
“Nifty has been forming a descending triangle pattern on the daily chart with multiple bottoms in the range of 17,750-17,180 range. Breakout level of the triangle is placed at 18,180. For a sustained directional move, Nifty has to breakout on the either side of the range on closing basis,” he said.
SGX Nifty signals a strong start
Nifty futures on the Singapore Exchange quoted 91.5 points, or 0.50 per cent up at 18,326.50, hinting at a positive start for the domestic market on Tuesday.
Asian shares traded mostly up
Most of the Asian markets were shut observing a holiday on the account of Lunar new year. However, a few Asia-Pacific markets were open and traded higher. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.11 per cent. Japan’s Nikkei surged 1.58 per cent; Australia’s ASX 200 added 0.22 per cent; and New Zealand’s DJ was up 0.35 per cent.
Oil prices inched up
Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while US West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel.
US stocks settled higher
Wall Street closed sharply higher on Monday, fueled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year. All three major stock indexes extended Friday’s gains, with the tech-heavy Nasdaq leading the pack. Dow Jones Industrial Average rose 254.07 points, or 0.76 per cent, to 33,629.56, the S&P 500 gained 47.2 points, or 1.19 per cent, to 4,019.81 and Nasdaq Composite added 223.98 points, or 2.01 per cent, to 11,364.41.
Q3 earnings today
Maruti Suzuki, Pidilite Industries, SBI Cards and Payment Services, United Spirits, Macrotech Developers, CG Power and Industrial Solutions, Indus Towers, TVS Motor Company, HDFC Asset Management, Colgate Palmolive, UCO Bank, Supreme Industries and Sona BLW Precision Forgings are among the companies that will announce their results for the December 2022 quarter.
Stocks in F&O ban
National Stock Exchange (NSE) has retained three stocks- Delta Corp, L&T Finance Holdings and PVR- under F&O ban for Tuesday, January 24. 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 buy shares worth Rs 220 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 219.87 crore on Thursday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 434.96 crore.
Rupee gains 19 paise
The rupee fell 20 paise to close as 81.37 against the US dollar on Monday amid rise in crude prices and unabated foreign fund outflow. However, strong sentiment at domestic equities market restricted the fall of the local currency, forex traders said.
Note: With inputs from PTI, Reuters and other agencies
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