Domestic stock indices are likely to open flat on Tuesday, thanks to mixed Asian markets amid unfurling Evergrande issue. US stocks settled higher overnight trade but traders will keep focusing on the outcome of US Fed policy review later this week and also interim Budget at home. The IPO by BLS E-Services will open for bidding today. EPACK Durable will be listed on BSE and NSE today. Here’s what all you need to know before the opening bell:
Nifty outlook
Nifty formed a long bull candle on the daily chart. It has broken above its immediate resistance of 21,500 level. The index is currently placed at the edge of another resistance at 21,750, said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
“The overall chart pattern suggests a possibility of an upside breakout of this hurdle too in the short term. The negative chart pattern like lower tops and bottoms is on the verge of negation, as Nifty moved above the previous lower top of 21,750 levels on Monday’s intraday session. The short-term trend of Nifty is positive and one may expect another decisive upside breakout,” he said.
Nifty Bank outlook
Nifty Bank rebounded after finding support at the 200-day moving average (200 DMA) on the daily chart. Yet the index has not completely overcome its challenges, as it was unable to close above 45,500 on Monday, said Rupak De, Senior Technical Analyst at LKP Securities.
“The oversold condition is expected to offer support over the short term. A decisive breakthrough above 45,500 could potentially trigger a rally towards 46000 and beyond. On the downside, immediate support is situated at 45,100-45,000,” he said.
GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 3 points, or 0.01 per cent, higher at 21,958.50, hinting at a flattish start for the domestic market on Tuesday.
Asian shares mixed at open
Asian markets opened mixed on Tuesday. The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.56 per cent. Japan’s Nikkei rose 0.23 per cent; Australia’s ASX 200 gained 0.38 per cent; New Zealand’s DJ shed 0.09 cent; China’s Shanghai tanked 0.96 per cent; Hong Kong’s Hang Seng tumbled 2.38 per cent; South Korea’s KOSPI rose 0.19 per cent.
Oil prices edge higher
Oil prices rose in early trade on Tuesday as escalating geopolitical tensions in the Middle East continued to fuel supply concerns. Brent crude futures rose 25 cents, or 0.3 per cent, to $82.65 a barrel by 0105 GMT. US West Texas Intermediate crude was up 31 cents, or 0.4 per cent, at $77.09 a barrel.
Dollar range-bound ahead of Fed meet
The dollar held narrow ranges against its major peers on Tuesday, as traders awaited the Federal Reserve’s monetary policy decision for clues on when the US central bank might cut rates. The dollar was steady in the Asian morning, with market participants moving cautiously ahead of the two-day FOMC meeting that kicks off on Tuesday. The euro was mostly unchanged at $1.0838. Sterling was last trading at $1.2716. Elsewhere, the dollar gave up 0.15 per cent against the yen at 147.24 per greenback.
Wall Street shares settle higher
US stocks advanced on Monday as market participants looked ahead to this week’s slew of megacap earnings, economic data and the Federal Reserve’s monetary policy meeting. All three major US stock indexes advanced, with the tech-laden Nasdaq enjoying the largest percentage gain. The Dow Jones Industrial Average rose 224.02 points, or 0.59 per cent, to 38,333.45. The S&P 500 gained 36.96 points, or 0.76 per cent, at 4,927.93 and the Nasdaq Composite advanced 172.68 points, or 1.12 per cent, to 15,628.04.
Q3 results today
Larsen & Toubro, Bajaj Finserv, Adani Total Gas, Dr Reddy’s Laboratories, Bajaj Holdings & Investment, SRF, Astral, PB Fintech, KPIT Technologies, Voltas, Mahindra & Mahindra Financial Services, Coromandel International, Star Health and Allied Insurance Company, Apar Industries, Cochin Shipyard, JBM Auto, Gillette India and Blue Star are among the companies that will announced their results for the December 2023 quarter today.
BLS E-Services IPO to open today
The initial public offering on BLS E-Services will open for bidding on Tuesday. The company is looking to raise around Rs 311 crore from its primary stake sale, which will close for bidding on Thursday, February 1. The company is selling its shares in the range of Rs 129-135 apiece in a lot size of 108 shares and its multiples thereafter.
EPACK Durables to make market debut today
Shares of EPACK Durable will make their Dalal Street debut on Tuesday, January 30, 2023. The Noida-based ODM player’s IPO was open between January 19-24 to raise a total of Rs 640 crore via primary route. The issue was sold in the range of Rs 218-230 apiece with a lot size of 65 equity shares and its multiples thereof.
Stocks in F&O ban list
Since it is the beginning of the new series and no have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, January 30. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.
FPIs buy shares worth Rs 110 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 110.01 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 3,221.34 crore.
Rupee falls 5 paise against dollar
The rupee depreciated 5 paise to 83.16 against the dollar on Monday, as rising crude oil prices in international markets and dollar demand from importers dented investor sentiments. However, a rally in the domestic equities supported the local unit and restricted its fall, forex traders said.
Note: With inputs from PTI, Reuters and other agencies
