GIFT Nifty up 1 point: Asian markets, crude oil prices, dollar movement & more
Nifty futures on the NSE International Exchange traded 1 points, or 0.01 per cent, higher at 19,626, hinting at a flattish start for the domestic market on Thursday.
- Sep 7, 2023,
- Updated Sep 7, 2023 8:20 AM IST
Domestic stock markets are likely to open flat amid negative global cues. Asian stocks were trading mostly lower in the early trade while US stocks settled with significant cuts overnight. A rising bond yields will keep the traders on the tenterhooks. Crude oil prices moved up while dollar also edged higher, weighing sentiment further. Here's what you should know before the Opening Bell:Nifty outlook Nifty’s intraday correction on Wednesday found buying interest at the key hourly moving averages placed around 19,500, said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. "We believe that the overall trend is positive, and these dips are likely to be bought into. On the upside we expect the Nifty to target levels of 19,650–19,700 from a short term perspective. In terms of levels, 19,490 – 19,520 shall act as a crucial support and 19,650–19,700 shall act as immediate hurdle," he said.GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 1 points, or 0.01 per cent, higher at 19,626, hinting at a flattish start for the domestic market on Thursday.Asian stocks trade lower in early trade Asian markets opened with cuts on Thursday, with investors anticipating another slump in Chinese trade activity against a backdrop of rising US bonds yields, new 2023 highs in oil prices and a steep selloff on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.61 per cent. Japan's Nikkei shed 0.20 per cent; China's Shanghai tanked 0.38 per cent; Hong Kong's Hang Seng cracked 0.70 per cent and South Korea's Kospi declied 0.72 per cent.Oil prices edge up Oil prices edged higher on Thursday, after industry data showed US crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while US West Texas Intermediate crude futures gained 11 cents to $87.65.Dollar index nears 105 level A buoyant dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near three-month lows, as investors placed their faith in a still-resilient U.S. economy even amid a dour global growth outlook. Against a basket of currencies, the dollar was last 0.05 per cent higher at 104.91. The greenback scaled a fresh top of 147.865 yen in early Asia trade, its highest since last November.
US stocks settle lower Wall Street's three major indices closed lower on Wednesday, with the Nasdaq's 1 per cent loss leading declines after stronger-than-expected services sector data fueled concerns that still sticky inflation would mean that interest rates stay higher for longer. The Dow Jones Industrial Average fell 198.78 points, or 0.57 per cent, to 34,443.19, the S&P 500 lost 31.35 points, or 0.70 per cent, at 4,465.48 and the Nasdaq Composite dropped 148.48 points, or 1.06 per cent, to 13,872.47.Stocks in F&O ban As many as eight stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, September 7. New entrants, namely Manappuram Financne and Steel Authority of India (SAIL) will join the retentions including including new entrants like Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Delta Corp, Hindustan Copper, Indiabulls Housing Finance, and India Cements.FPIs sell shares worth Rs 3,246 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 3,245.86 crore on Wednesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 247.46 crore.Rupee falls 9 paise against dollar The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee. Note: With inputs from PTI, Reuters and other agencies
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Domestic stock markets are likely to open flat amid negative global cues. Asian stocks were trading mostly lower in the early trade while US stocks settled with significant cuts overnight. A rising bond yields will keep the traders on the tenterhooks. Crude oil prices moved up while dollar also edged higher, weighing sentiment further. Here's what you should know before the Opening Bell:Nifty outlook Nifty’s intraday correction on Wednesday found buying interest at the key hourly moving averages placed around 19,500, said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. "We believe that the overall trend is positive, and these dips are likely to be bought into. On the upside we expect the Nifty to target levels of 19,650–19,700 from a short term perspective. In terms of levels, 19,490 – 19,520 shall act as a crucial support and 19,650–19,700 shall act as immediate hurdle," he said.GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 1 points, or 0.01 per cent, higher at 19,626, hinting at a flattish start for the domestic market on Thursday.Asian stocks trade lower in early trade Asian markets opened with cuts on Thursday, with investors anticipating another slump in Chinese trade activity against a backdrop of rising US bonds yields, new 2023 highs in oil prices and a steep selloff on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.61 per cent. Japan's Nikkei shed 0.20 per cent; China's Shanghai tanked 0.38 per cent; Hong Kong's Hang Seng cracked 0.70 per cent and South Korea's Kospi declied 0.72 per cent.Oil prices edge up Oil prices edged higher on Thursday, after industry data showed US crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while US West Texas Intermediate crude futures gained 11 cents to $87.65.Dollar index nears 105 level A buoyant dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near three-month lows, as investors placed their faith in a still-resilient U.S. economy even amid a dour global growth outlook. Against a basket of currencies, the dollar was last 0.05 per cent higher at 104.91. The greenback scaled a fresh top of 147.865 yen in early Asia trade, its highest since last November.
US stocks settle lower Wall Street's three major indices closed lower on Wednesday, with the Nasdaq's 1 per cent loss leading declines after stronger-than-expected services sector data fueled concerns that still sticky inflation would mean that interest rates stay higher for longer. The Dow Jones Industrial Average fell 198.78 points, or 0.57 per cent, to 34,443.19, the S&P 500 lost 31.35 points, or 0.70 per cent, at 4,465.48 and the Nasdaq Composite dropped 148.48 points, or 1.06 per cent, to 13,872.47.Stocks in F&O ban As many as eight stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, September 7. New entrants, namely Manappuram Financne and Steel Authority of India (SAIL) will join the retentions including including new entrants like Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Delta Corp, Hindustan Copper, Indiabulls Housing Finance, and India Cements.FPIs sell shares worth Rs 3,246 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 3,245.86 crore on Wednesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 247.46 crore.Rupee falls 9 paise against dollar The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee. Note: With inputs from PTI, Reuters and other agencies
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