GIFT Nifty down 50 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic equity markets are likely to open lower on Tuesday, tracking the negative cues from the Asian peers. US stocks settled higher in the overnight trade but Asian peers languished ahead of key economic inflation data from the US and China. Back home, RBI is scheduled to announce its monetary policy later this week, adding to volatility to the Indian equities. Here's what you should know before the opening bell:

Nifty outlook

Nifty opened with a gap up and consolidated in the 19,530-19,580 range in the first half of the session before breaking out of the range in the second half to close at 19,597, up 80 points, said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

"Nifty has given a higher close on the daily chart. It has formed a doji candle, which signals indecision. The Index has closed above the 20-Day Exponential Moving Average (DEMA) of 19,547 after closing below it in the previous two trading sessions, suggesting a strong comeback from the bulls," he said.

GIFT Nifty signals a negative start

Nifty futures on the Nifty International Exchange traded 49.50 points, or 0.25 per cent, higher at 19,632, hinting at a negative start for the domestic market on Tuesday.

Asian stocks fall in early trade

Asian share markets were mostly weaker while the US dollar higher on Tuesday as investors awaited inflation readings from China and the United States to deliver an updated outlook on the health of the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.11 per cent. Japan's Nikkei shed 0.02 per cent; Australia's ASX 200 added 0.07 per cent; New Zealand's DJ fell 0.21 per cent; China's Shanghai plunged 0.60 per cent; Hong Kong's Hang Seng tanked 1.87 per cent and South Korea's Kospi dropped 0.30 per cent.

Oil prices edge up

Oil prices rose in early trade on Tuesday as supply concerns arising from production cuts by Saudi Arabia and Russia supported the market. Brent crude futures rose 37 cents, or 0.4 per cent, to $85.71 a barrel at 0010 GMT, while US West Texas Intermediate crude was at $82.37 a barrel, up 43 cents or 0.5 per cent.

Dollar creeps higher

The dollar inched higher on Tuesday but traded in a narrow range as investors were hesitant to take on new positions ahead of a key US inflation reading this week, while focus in Asia turned to China's trade data out later in the day. The dollar index rose 0.14 per cent to 102.22. Sterling fell 0.12 per cent to $1.2770, while the euro weakened 0.1 per cent to $1.0991. The offshore yuan was little changed at 7.2039 per dollar. The US dollar rose broadly, gaining 0.37 per cent against its Japanese counterpart to last stand at 142.98 yen.

Wall Street settle higher

US stocks finished higher on Monday, regaining some of the ground lost last week, as investors added positions ahead of Thursday's highly awaited US inflation report. The Dow Jones Industrial Average rose 407.51 points, or 1.16 per cent, to 35,473.13 - its largest one-day gain since June 15. The S&P 500 gained 40.41 points, or 0.90 per cent, at 4,518.44, and the Nasdaq Composite added 85.16 points, or 0.61 per cent, at 13,994.40.

Q1 results today

Adani Ports and Special Economic Zones, Coal India, Siemens, Hindalco Industries, Linde India, Lloyds Metals & Energy, Phoenix Mills, Oil India, Prestige Estate Projects, Aarti Industries, Happiest Minds Technologies, Brigade Enterprises, EIH, Suven Pharmaceuticals, Chambal Fertilizers & Chemicals, Data Patterns (India) and Eureka Forbes are among the companies that will announce their earnings for the June 2023 quarter during the day.

Stocks in F&O ban

Six stocks- India Cements, Balrampur Chini Mills, Indiabulls Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Hindustan Copper and Piramal Enterprises- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, August 8. 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 1,893 cr

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,892.77 crore on Monday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,080.80 crore.

Rupee rises 6 paise against US dollar

The rupee gained 6 paise to close at 82.75 against the US dollar on Monday, tracking positive domestic equities and lower crude oil prices. However, sustained foreign fund outflows and a stronger American currency in the overseas market dented investor sentiments, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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