GIFT Nifty down 10 points: Asian markets, crude oil prices, dollar movement, Nifty outlook & more

Domestic stock indices are likely to open with mild cuts on Friday, tracking negative global cues. Asian stocks plunged sharply in early trade  while US stocks settled sharply lower after resilient US jobs data raised bets of  aggressive Fed rate hikes. A stronger dollar and bond yields  may dent the market sentiment further. Back home, all eyes would be on ideaForge Technology’s market debut. Here's what you should know before the Opening Bell:

Nifty outlook
On the hourly charts, Nifty has witnessed negative divergence on RSI which might restrict the pace of the index going forward. On the 240-minute charts, the RSI has approached 84 level, which is near a 3-year resistance of Rs 85-87 zone, said Gaurav Bissa, VP at InCred Equities. "This, combined with the rising trendline hurdle at 19,600 can result in some profit booking in the coming days. The immediate support is placed at 19,330 while the medium-term support is placed in the 19,150-19,200 range," he said.

GIFT Nifty signals a negative start
Nifty futures on the Nifty International Exchange traded 10 points, or 0.05 per cent, lower at 19,478, hinting at a negative start for the domestic market on Friday.

Asian stocks tank sharply
Asian stocks slid on Friday to cap a torrid first week of the quarter for financial markets, with the dollar advancing and bonds crumbling as the resilience of US jobs data has investors bracing for interest rates to head higher still. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.11 per cent. Japan's Nikkei dropped 0.54 per cent; China's Shanghai Composite fell 0.36 per cent; Hong Kong's Hang Seng tumbled 1.21 per cent and South Korea's Kospi tanked 1.53 per cent.

Oil prices eye weekly gains
Oil prices were largely unchanged on Friday, but set to post weekly gains, as fears of higher US interest rates that could dampen energy demand were offset by signs of tighter supply after a larger-than-expected fall in US oil stocks. Brent crude futures were down 1 cent at $76.51 a barrel at 0006 GMT, while US West Texas Intermediate crude gained 2 cents to $71.82 a barrel. Both benchmarks were set to gain about 2 per cent for the second straight week.

Dollar steady ahead of jobs data
The dollar held tight ranges on Friday as investors awaited a key US jobs report and weighed the prospect of higher-for-longer Federal Reserve interest rates against the economic growth outlook. The dollar index rose 0.03 per cent to 103.12, while yields on US Treasuries hovered near their recent peaks. Against the greenback, the euro slipped 0.02 per cent to $1.0890, while the sterling was likewise lower against the dollar and last bought $1.2734. Elsewhere, the yen last bought 144.06 per dollar and was on track for a slight weekly gain.

US stocks ends sharply lower
Wall Street's main indices ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising US interest rates. Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained solid despite growing risks of a recession. The Dow Jones Industrial Average fell 366.38 points, or 1.07 per cent, to 33,922.26, the S&P 500 lost 35.23 points, or 0.79 per cent, to 4,411.59 and the Nasdaq Composite dropped 112.61 points, or 0.82 per cent, to 13,679.04.

ideaForge Technology to list today
Shares of ideaForge Technology will be listed at Dalal Street on Friday after the company raised Rs 567-crore from its IPO by sellings shares at Rs 672, which received a bumper response from the investors during the four-day bidding process between June 26-30, fetching an overall subscribed 106.06 times.

Stocks in F&O ban
Two stocks - Delta Corp and Bharat Heavy Electricals (BHEL) - have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, July 7. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs buy shares worth Rs 2,641 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,641.05 crore on Thursday. Domestic institutional investors (DIIs) were net sellers of Indian equities to the tune of Rs 2,351.66 crore.

Rupee falls 35 paise against dollar
Witnessing the biggest single-day loss in five months, the rupee nosedived by 35 paise to close at 82.60 against the US dollar on Thursday, weighed down by a stronger American currency in the overseas market. According to traders, robust buying in domestic equities by foreign investors and negative trend in the crude price failed to support the Indian unit.


Note: With inputs from PTI, Reuters and other agencies

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