GIFT Nifty down 78 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are likely to open lower on Tuesday, tracking negative global cues. The regional markets dropped sharply in the early trade, as the US treasury yields spiked and the US dollar index hit multi-month highs. US stocks settled higher overnight. Traders will be keenly looking at inflation data globally for the near-term view. Here's what you should know before the Opening Bell: Nifty outlook Nifty formed a small body candle on the daily chart with upper and lower shadows, which indicates a formation of a Doji-type candle pattern at the swing lows, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities. "Nifty is currently placed near the support of 20-week EMA around 19,580 level. The said moving average has offered strong support for the Nifty in the past 3-4 months. Hence, there is a possibility of an upside bounce in the near term. Nifty could find strong resistance around 19,850 level. An immediate support range to be watched is 19,600-19,550," he said. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 77.50 points, or 0.39 per cent, lower at 19,655, hinting at a negative start for the domestic market on Tuesday. Asian stocks open lower Asia-Pacific stock benchmarks sagged as investors responded to the message from the Federal Reserve and other major central banks of rates staying elevated for longer. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.60 per cent. Japan's Nikkei tumbled 0.96 per cent; Australia's ASX 200 dropped 0.69 per cent; New Zealand's DJ declined 0.61 per cent; China's Shanghai shed 0.13 per cent; Hong Kong's Hang Seng plunged 0.72 per cent; South Korea's Kospi tumbled 1.26 per cent. Oil prices dip on demand concerns Oil prices slipped in early trade on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Brent crude futures were down 11 cents at $93.18 a barrel and US West Texas Intermediate crude futures were trading 1 cent lower at $89.67. Dollar at 10-month high as yields spike The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by US bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone. The US dollar index touched its highest since November at 106.1. Sterling is also set to snap three quarters of gains, fell to a six-month low of $1.2195 overnight. The yen hit 148.97 to the dollar on Monday and last traded at 148.72. The euro lost 0.5 per cent overnight, hitting a six-month trough of $1.0575. US stocks settle higher Wall Street's main indices posted gains on Monday, with increases in Amazon shares and the energy sector, as Treasury yields rose further and investors looked to economic data and Federal Reserve policymakers' remarks later in the week for clarity on the path for interest rates. The Dow Jones Industrial Average rose 43.04 points, or 0.13 per cent, to 34,006.88; the S&P 500 gained 17.38 points, or 0.40 per cent, at 4,337.44; and the Nasdaq Composite added 59.51 points, or 0.45 per cent, at 13,271.32. Stocks in F&O ban As many as five stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, September 26. New entrants- Balrampur Chini Mills India will join retentions namely- Canara Bank, Granules India, Hindustan Copper and Indiabulls Housing Finance in the ban list of NSE. FPIs sell shares worth Rs 2,333 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 2,333.03 crore on Monday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,579.28 crore. Rupee falls 20 paise against dollar The rupee declined by 20 paise to settle at 83.14 against the US dollar on Monday due to rising crude oil prices and a strong American currency against major rivals overseas. Subdued equity markets and withdrawal of foreign funds also weighed on the domestic currency, forex traders said. Note: With inputs from PTI, Reuters and other agencies

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