Domestic stocks are likely to see a flat-to-positive start to Wednesday s trade, mirroring the flattish trend in Asian markets. US stocks went up overnight while the dollar index was trading flat in early morning trade. Oil prices went up as US crude stocks fell. The Nifty may see significant resistance at 18,450 -- 18,500 levels and until it breaches the range, so one can stay light, said analysts. The level of 18,200 is likely to cushion any intraday blip, while the sacrosanct support is at 18,100 -- 18,000, said Sameet Chavan of Angel One.
Nifty futures on the Singapore Exchange quoted 77 points, or 0.42 per cent, higher at 18,603, suggesting a positive start for the domestic market on Wednesday.
Asian markets were flattish in early trade on Wednesday. Japan's Nikkei edged 0.03 per cent higher, China's Shanghai Composite was flat. Hong Kong's Hang Seng was up 0.19 per cent, while Korea's Kospi added 0.24 per cent. Taiwan's key index increased by 0.68 per cent.
Wall Street was slightly higher on Tuesday after four sessions of declines, but investors fretted about weak holiday shopping and rising bond yields added pressure after the Bank of Japan's surprise monetary policy was tweaked by the Bank of Japan. The Dow Jones Industrial Average index rose 92.2 points, or 0.28 per cent, to 32,849. 74, Reuters reported, was the S&P 500 index up 3.96 points, or 0.10 per cent, to 3,821. The 62 and Nasdaq Composite added 1.08 points, or 0.01 per cent, to 10,547. Oil up as US crude stocks fell.
Brent crude futures rose 8 cents to $80.07 per barrel, while US West Texas Intermediate WTI crude futures gained 6 cents to $76.29.
The dollar index, which measures the dollar against yen and five other major currencies, was flat at 103.94. The Japanese yen fell 0.26 per cent against the dollar on Wednesday, but it was not far off its four month high of 130.58 per dollar. The Australian dollar rose 0.18 per cent against the dollar at $0.669, while the kiwi fell 0.13 per cent against the dollar at $0.634.
Shares of IRCTC, GNFC, Delta Corp, Indiabulls Housing and Punjab National Bank are outlawed from the F&O segment. 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 the security. The prohibition will be lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
FPIs were net purchasers of domestic stocks to the tune of 455.94 crore on Tuesday, according to the provisional data available with the NSE. Domestic institutional investors, DIIs, were buyers of equities to the tune of 494.74 crore.
The rupee fell by 8 paise to 82.70 against the US dollar on Tuesday as investors cautiously watched the negative trend in domestic equities and rising crude prices in the global markets. The local unit was dragged down by renewed forex outflows and waning appetite for riskier assets, despite a surprise Bank of Japan policy tweak, according to forex dealers.