SGX Nifty down 35 points: Asian markets, dollar movement, Q3 earnings, FPI flows & more

2 days ago 9

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Domestic equity indices are likely to open marginally lower on Wednesday amid mixed global cues. Asian peers were firm in early trade after a mixed closing for US stocks overnight. Back home, volatility is expected to rise amid the expiry of monthly F&O contracts and third quarter earnings of dozens of companies. Here's what you should know before the opening bell: 

Nifty outlook

Nifty found resistance near the upper band of the Triangle pattern and prices witnessed some profit booking on the daily chart after showing a fine up move from 17,880-18,183 levels. The broader range has remained the same, but buying has emerged on the daily chart where the index could sustain above 18,000 level, said Rohan Patil, Technical Analyst at SAMCO Securities. 

"On the weekly chart, Nifty is placed between a broader range of 18,200-17,800 levels for the past 4 weeks. The index is also trapped between the 9- and 21-EMA bands, which suggest a break on either side will decide further directional move in the index," he said. 

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange quoted 35 points, or 0.19 per cent, lower at 18,169.50, hinting at a weak start for the domestic market on Wednesday. 

Asian shares inched higher

Most Asian markets were shut for the day, observing Lunar New Year. A few Asia-Pacific markets that opened for trade were trading higher. The MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.37 per cent. Japan's Nikkei added 0.06 per cent; Australia's ASX 200 shed 0.27 per cent; and New Zealand's DJ was up 0.19 per cent; Korea’s Kospi rallied 1.36 0.25 per cent. 

Dollar index nears 102 level

The Australian dollar jumped to a more than five-month high on Wednesday after inflation data came in hotter than expected. The US dollar index eked out a 0.01 per cent gain to 101.92. The Aussie rose 0.66 per cent to $0.7092, its highest since August, while the kiwi slid nearly 0.6 per cent to $0.6469. The euro steadied at $1.0888, near Monday's nine-month high of $1.0927. Sterling slipped 0.15 per cent to $1.2322, while the Japanese yen last bought 130.24 per dollar.

US stocks settled mixed

US stocks ended mixed on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell. The Dow Jones Industrial Average rose 104.40 points, or 0.31 per cent, to 33,733.96, the S&P500 lost 2.86 points, or 0.07 per cent, to 4,016.95 and the Nasdaq Composite dropped 30.14 points, or 0.27 per cent, to 11,334.27. 

Q3 earnings today

Tata Motors, Bajaj Auto, DLF, Cipla, Dr Reddy's Laboratories, Torrent Pharmaceuticals, Patanjali Foods, Tata Elxsi, Solar Industries India, Indian Bank, Indraprastha Gas, Dixon Technologies India, Blue Dart Express, Asahi Glass India, Bikaji Foods International, VIP Industries and Amara Raja Batteries are among companies that will announce their December quarter results today. 

Stocks in F&O ban

No stocks have been put under F&O ban by National Stock Exchange (NSE) for Wednesday, January 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.

FPIs sell shares worth Rs 760 crore

Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 760.51 crore on Tuesday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 1,144.75 crore. 

Rupee falls 28 paise against dollar

The rupee fell 28 paise to close at 81.70 against the US dollar on Tuesday amid stronger American currency and unabated foreign fund outflow. However, lower crude prices capped the losses in the local unit, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

Also read: S&P 500 ends slightly down after mixed earnings, opening glitch; Alphabet down over 2%

Also read: Market Today summit: Don’t be Mahabharata’s Duryodhana on D-Street, if success is your aim, say experts

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