Domestic stock indices are likely to see a flattish start ahead of the release of GDP data later in the day. Asian stocks were trading mostly higher, tracking positive close for key US indices overnight. Analysts believe the domestic GDP print, along with PMI readings and monthly auto sales numbers may influence investor sentiment in the short-term. Here’s what you should know before the opening bell:
Nifty on Monday formed a small-bodied bearish candle on the daily scale, with longer lower shadow, indicating hold at lower zones, but absence of a follow up buying at higher levels. Chandan Taparia Motilal Oswal Securities said of the index has been making lower high-low for seven trading sessions. He said the index has to hold above 17,350 for an upmove towards 17,442 level. Support exists at 17,300 and 17,200 levels, he said.
SGX Nifty signals a flat start
Nifty futures on the Singapore Exchange quoted 9.50 points, or 0.05 per cent, higher at 17,497.50, hinting at a flat start for the domestic market on Tuesday.
Asian shares gain in early trade
Asian shares advanced on Tuesday, tracking overnight gains in US stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.48 per cent. Japan’s Nikkei rose 0.40 per cent; Australia’s ASX 200 added 0.51 per cent; Hong Kong’s Hang Seng jumped 0.78 per cent; and Korea’s Kospi gained 0.89 per cent. China’s Shanghai edged 0.21 per cent higher.
Oil prices steady after fall
Oil prices steadied in early Asian trade on Tuesday after falling on strong US manufacturing data that raised worries about further interest rate hikes dampening demand, while analysts predicted another build in American crude inventories. Brent crude futures for April , due to expire on Tuesday, lost 20 cents to $82.25 per barrel, extending a 0.9 per cent loss in the previous session. The more active May contract picked up 4 cents to $82.08 per barrel.
US stocks settle higher
US stocks eked out a slight gain on Monday as investors engaged in some bargain hunting after last week’s losses, the biggest percentage declines of 2023 for Wall Street’s main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation. The Dow Jones Industrial Average index rose 72.17 points, or 0.22 per cent, to 32,889.09; the S&P500 index gained 12.2 points, or 0.31 per cent, to 3,982.24 and the Nasdaq Composite added 72.04 points, or 0.63 per cent, to 11,466.98.
Stocks in F&O ban
No stock is under F&O ban today. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of the 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 2,023 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 2,022.52 crore on Monday. Domestic institutional investors (DIIs) were net buyers of equities to the tune of Rs 2,231.66 crore.
Rupee falls 10 paise against dollar
The rupee depreciated by 10 paise to close at 82.85 against the US currency on Monday as a stronger dollar in the overseas market and a muted trend in domestic equities weighed on investor sentiments. .
Note: With inputs from PTI, Reuters and other agencies