Domestic stock indices are likely to open slightly higher in Saturday’s special trading session. Stock exchanges had on Friday announced a normal trading session on Saturday and suggested a trading holiday on Monday. Due to this, BSE Bankex and Nifty Midcap F&O contracts will expire today. US stocks settled higher overnight; dollar and crude remained rangebound. Back home, markets will react to earrings of RIL and await earnings of ICICI Bank Ltd and Kotak Mahindra Bank Ltd. Here’s what all you know to know before the opening bell:
Nifty outlook
Nifty has reclaimed its critical near-term moving average, said Rupak De, Senior Technical Analyst at LKP Securities. “In the short term, the index is likely to consolidate within the bands of 21,500-21,700. A decisive breakout on either side would confirm a directional move,” he said.
Nifty Bank outlook
There is significant bearishness in Nifty Bank as the banking index formed a bearish rejection candle, said Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy. “The46,250 level is now a very strong resistance for Nifty Bank and there also lies its 50 DMA. Nifty Bank will be under pressure until it crosses this crucial level of 46,250,” he said.
GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 24 points, or 0.11 per cent, lower at 21,697.50, hinting at a positive start for the domestic market on Saturday.
Oil prices settle lower
Oil prices settled slightly lower on Friday but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies. Brent futures settled 54 cents lower at $78.56 a barrel. US West Texas Intermediate crude fell 67 cents to settle at $73.41. For the week, Brent gained about 0.5 per cent while the US benchmark rose over 1 per cent.
Dollar halts 5-day rally
The US dollar edged lower on Friday, pausing after five straight sessions of gains but still poised for a weekly climb, as recent economic data and comments from Federal Reserve officials dampened expectations of rapid cuts in interest rates. The dollar index was down 0.08 per cent at 103.26.
Wall Street shares end higher
The S&P 500 posted a record high close on Friday for the first time in two years, fueled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence. On Friday, the S&P 500 jumped 1.23 per cent to end the session at 4,839.81 points. The Nasdaq jumped 1.70 per cent to 15,310.97 points, while Dow Jones Industrial Average rose 1.05 per cent to 37,863.80 points.
Q3 results today
ICICI Bank, Kotak Mahindra Bank, Union Bank of India, IDBI Bank, IDFC First Bank, Persistent Systems, Indian Renewable Energy Development Agency, JK Cement, Jammu & Kashmir Bank, Can Fin Homes, Waaree Renewable Technologies, Kewal Kiran Clothing, Rossari Biotech, Rajratan Global Wire and Tatva Chintan Pharma Chem are among the companies that will announced their results for the December 2023 quarter today.
Stocks in F&O ban
A total of 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Saturday, January 20. The new addition namely- Oracle Financial Services Software and RBL- will join the existing retentions including Aditya Birla Fashion & Retail (ABFRL), Balrampur Chini Mills, Indian Energy Exchange (IEX), Steel Authority of India (SAIL), Delta Corp, Hindustan Copper, National Aluminium Company (Nalco), Polycab India and Zee Entertainment Enterprises (ZEEL). Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.
FPIs sell shares worth Rs 3,690 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 3,689.68 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 2,638.46 crore.
Rupee rises 6 paisa against dollar
The rupee gained 6 paise to settle at 83.07 against the dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas. However, strengthening crude oil prices and foreign capital outflows capped the sharp gain in the domestic currency, forex traders said.
Note: With inputs from PTI, Reuters and other agencies
Also read: Top stocks of the week: IRFC, Rail Vikas Nigam, ONGC, Polycab India and more
