Equity indices bounced back on Tuesday, tracking European and Asian markets, which were positive on back healthy earnings updates and signs of fresh stimulus in China.

“The key event this week is RBI’s monetary policy which provides direction to the market. Though RBI is expected to maintain the status quo, commentary would be eagerly eyed with regards to hints on rate cut,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Here’s breaking down the pre-market actions:

GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 124 points, or 0.56 per cent, at 22,128.50, signaling that Dalal Street was headed for positive start on Wednesday.

  • Tech View: The crucial opening downside gap of 17th Jan is now placed at the verge of decisive upside breakout at 21970 levels. Immediate support is at 21750 and the next overhead resistance to be watched around 22125 levels, said Nagaraj Shetti of HDFC Securities.
  • India VIX: India VIX, which is a measure of the fear in the markets, rose 1.7% to settle at 15.78 levels.

US stocks gain
The S&P 500 closed slightly higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.

  • Dow up 0.37%,
  • S&P gains 0.23%,
  • Nasdaq rises 0.07%

Asian stocks climb
Asian stocks climbed on bets China will be more forceful to prop up markets and as traders shrugged off a slew of cautious remarks from Federal Reserve officials.

  • S&P 500 futures were little changed as of 9:13 a.m. Tokyo time
  • Hang Seng futures rose 0.6%, climbing for the third straight day, the longest winning streak since Jan. 25
  • Japan’s Topix was little changed
  • Australia’s S&P/ASX 200 rose 0.7%
  • Euro Stoxx 50 futures rose 0.9%
  • Nasdaq 100 futures were little changed

Dollar under pressure
The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag.

Stocks in F&O ban today

1) Hindustan Copper

2) India Cements

3) Indus Tower

4) Nalco

5) ZEE

6) Ashok Leyland

7) UPL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors were net buyers at Rs 92 crore on Tuesday and DIIs bought shares worth Rs 1,096 crore.

The rupee declined marginally by 2 paise to close at 83.05 against the US dollar on Tuesday, amid a firm greenback against major currencies overseas.

FII data
The net short of FIIs reduced from Rs 61,998 crore on Monday to Rs 60,275 crore on Friday.

Q3 results
Power Grid, Nestle India, Tata Consumer, Lupin, Trent and a slew of other companies will announce their third quarter results today.

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