GIFT Nifty up 15 points: Asian markets, crude oil prices, dollar movement & more
Nifty futures on the NSE International Exchange traded 15 points, or 0.08 per cent, higher at 19,498, hinting at a positive start for the domestic market on Thursday.
- Oct 5, 2023,
- Updated Oct 5, 2023 8:28 AM IST
Indian benchmark indices may open with mild gains, tracking a rise in Asian stocks and positive closing for Wall Street overnight. Traders will be cautious a bit ahead of the RBI's monetary policy later this week and Q2 earnings season that kicks off next week. Here's what you should know before the Opening Bell: Nifty outlook A small candle was formed on the daily chart with almost identical open and close and with long lower shadow. Technically, this pattern indicates a formation of Doji or Hammer-type candle patterns. A formation of such a pattern after a reasonable decline or at the key supports alert for a comeback bull from the lower levels, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities. "The short-term trend of Nifty remains negative. But a decisive close above 19,500 levels could possibly open upside bounce towards 19,650 levels in the near term. Inability to sustain or a decline below 19330 is likely to trigger fresh weakness," he added. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 15 points, or 0.08 per cent, higher at 19,498, hinting at a positive start for the domestic market on Thursday. Asian stocks rebound from 11-month low Asian shares rebounded from 11-month lows on Thursday as a recent plunge in oil prices and softer US labour data helped pull treasury yields off 16-year peaks, although a looming US payrolls report could make or break the rally. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.94 per cent. Japan's Nikkei surged 1.09 per cent; Australia's ASX 200 gained 0.46 per cent; New Zealand's DJ jumped 0.60 per cent; Hong Kong's Hang Seng rose 0.32 per cent; South Korea's Kospi rose 0.68 per cent. Oil prices crawl up on output cuts Oil prices inched up in early trade on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel-maintained oil output cuts to keep supply tight amid concern about a looming slump in global economic growth. Brent crude oil futures were up 11 cents to $85.92 a barrel while US West Texas Intermediate crude (WTI) rose 7 cents to $84.29 at 0040 GMT. Dollar index nears 107 level The yen got some much-needed relief as the dollar and US Treasury yields both steadied slightly lower on Thursday after mixed US economic data overnight had markets lowering the odds of the Federal Reserve raising interest rates again this year. The dollar index held near overnight levels at 106.78. The yen last traded around 148.85, down almost 0.2 per cent. The euro stood mostly flat at $1.0512, while the sterling traded at $1.2139. US stocks settle higher US stocks ended higher and the Nasdaq gained more than one per cent on Wednesday, a day after a sell-off, as the latest economic data showed US private payrolls increased less than expected in September. The Dow Jones Industrial Average rose 127.17 points, or 0.39 per cent, to 33,129.55, the S&P 500 gained 34.3 points, or 0.81 per cent, at 4,263.75 and the Nasdaq Composite added 176.54 points, or 1.35 per cent, at 13,236.01. Stocks in F&O ban list Three stocks - Indiabulls Housing Finance, Delta Corp and Manappuram Finance - have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, October 5. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under bad in the F&O segment. FPIs sell shares worth Rs 4,424 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 4,424.02 crore on Wednesday, On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,769.49 crore. Rupee falls 4 paise against dollar The rupee depreciated 4 paise to settle at 83.24 against the US dollar on Wednesday, as a muted trend in domestic equities and sustained foreign fund outflows weighed on investor sentiments. Forex traders said the strength of the American currency in the overseas market further dented investor sentiments. Note: With inputs from PTI, Reuters and other agencies
Also read: YES Bank to share Q2 results on October 21. Key details
Indian benchmark indices may open with mild gains, tracking a rise in Asian stocks and positive closing for Wall Street overnight. Traders will be cautious a bit ahead of the RBI's monetary policy later this week and Q2 earnings season that kicks off next week. Here's what you should know before the Opening Bell: Nifty outlook A small candle was formed on the daily chart with almost identical open and close and with long lower shadow. Technically, this pattern indicates a formation of Doji or Hammer-type candle patterns. A formation of such a pattern after a reasonable decline or at the key supports alert for a comeback bull from the lower levels, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities. "The short-term trend of Nifty remains negative. But a decisive close above 19,500 levels could possibly open upside bounce towards 19,650 levels in the near term. Inability to sustain or a decline below 19330 is likely to trigger fresh weakness," he added. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 15 points, or 0.08 per cent, higher at 19,498, hinting at a positive start for the domestic market on Thursday. Asian stocks rebound from 11-month low Asian shares rebounded from 11-month lows on Thursday as a recent plunge in oil prices and softer US labour data helped pull treasury yields off 16-year peaks, although a looming US payrolls report could make or break the rally. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.94 per cent. Japan's Nikkei surged 1.09 per cent; Australia's ASX 200 gained 0.46 per cent; New Zealand's DJ jumped 0.60 per cent; Hong Kong's Hang Seng rose 0.32 per cent; South Korea's Kospi rose 0.68 per cent. Oil prices crawl up on output cuts Oil prices inched up in early trade on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel-maintained oil output cuts to keep supply tight amid concern about a looming slump in global economic growth. Brent crude oil futures were up 11 cents to $85.92 a barrel while US West Texas Intermediate crude (WTI) rose 7 cents to $84.29 at 0040 GMT. Dollar index nears 107 level The yen got some much-needed relief as the dollar and US Treasury yields both steadied slightly lower on Thursday after mixed US economic data overnight had markets lowering the odds of the Federal Reserve raising interest rates again this year. The dollar index held near overnight levels at 106.78. The yen last traded around 148.85, down almost 0.2 per cent. The euro stood mostly flat at $1.0512, while the sterling traded at $1.2139. US stocks settle higher US stocks ended higher and the Nasdaq gained more than one per cent on Wednesday, a day after a sell-off, as the latest economic data showed US private payrolls increased less than expected in September. The Dow Jones Industrial Average rose 127.17 points, or 0.39 per cent, to 33,129.55, the S&P 500 gained 34.3 points, or 0.81 per cent, at 4,263.75 and the Nasdaq Composite added 176.54 points, or 1.35 per cent, at 13,236.01. Stocks in F&O ban list Three stocks - Indiabulls Housing Finance, Delta Corp and Manappuram Finance - have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, October 5. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under bad in the F&O segment. FPIs sell shares worth Rs 4,424 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 4,424.02 crore on Wednesday, On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,769.49 crore. Rupee falls 4 paise against dollar The rupee depreciated 4 paise to settle at 83.24 against the US dollar on Wednesday, as a muted trend in domestic equities and sustained foreign fund outflows weighed on investor sentiments. Forex traders said the strength of the American currency in the overseas market further dented investor sentiments. Note: With inputs from PTI, Reuters and other agencies
Also read: YES Bank to share Q2 results on October 21. Key details