GIFT Nifty down 106 points: Asian markets, crude oil prices, dollar movement & more

Indian benchmark indices are headed for another gap-down start on Friday amid concerns over the US Fed's hawkish tone on interest rates. Asian stocks were mostly down in the early trade, tracking an overnight fall in US stocks. Crude prices rose slightly while the US dollar held steady. Back home, SAMHI Hotels and Zaggle Prepaid Ocean Services shares will make their market debut today and the IPO of Manoj Vaibhav Gems 'N' Jewellers will open for bidding. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty has completed one leg of correction. For the bulls, the 19,700 level would be the key level to watch out for, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

"If the index succeeds to trade above the same, then we could expect one relief rally, and above 19,700 the market could rally till 19,825-19,875. On the flip side, fresh selling is possible only after the dismissal of 19,700 and below the same, the index could slip till 19,650-19,600," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 105.50 points, or 0.53 per cent, lower at 19,673 hinting at a negative start for the domestic market on Friday.

Asian stocks open mixed
Asian stocks opened mixed on Friday with global markets still reverberating from the shockwaves that have followed the Federal Reserve's 'hawkish pause' on Wednesday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13 per cent. Japan's Nikkei tanked 0.83 per cent; Australia's ASX 200 plunged 0.86 per cent; New Zealand's DJ tumbled 0.96 per cent; China's Shanghai gained 0.34 per cent; Hong Kong's Hang Seng surged 0.59 per cent; South Korea's Kospi retreated shed 0.33 per cent.

Oil prices rise on supply concerns
Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global oil supply outweighed fears that further possible US interest rate hikes could dent fuel demand, but they were still headed for a weekly loss in four. Brent futures for climbed 21 cents, or 0.2 per cent, to $93.51 a barrel, while US West Texas Intermediate crude (WTI) futures gained 23 cents, or 0.3 per cent, to $89.86.

Dollar steady; Yen weak ahead of BoJ decision
The yen was held at the mercy of soaring US Treasury yields on Friday ahead of a closely watched rate decision by the Bank of Japan (BOJ), while the dollar stood near a six-month peak on the prospect of higher-for-longer US rates. The US dollar index was steady at 105.39. The Japanese currency was last marginally lower at 147.6 in early Asia trade. The euro dipped 0.07 per cent to $1.0655, while Sterling was meanwhile 0.02 per cent lower at $1.2293.

US stocks settle sharply lower
Wall Street tanked in a broad sell-off on Thursday, as investor risk appetite was dashed by worries that the Federal Reserve's restrictive monetary policy will remain in place for longer than anticipated. All three major US stock indexes tumbled more than 1 per cent and benchmark 10-year US Treasury yields touched a 16-year peak the day  The Dow Jones Industrial Average fell 370.46 points, or 1.08 per cent, to 34,070.42, the S&P 500 lost 72.2 points, or 1.64 per cent, to 4,330 and the Nasdaq Composite dropped 245.14 points, or 1.82 per cent, to 13,223.99.

Manoj Vaibhav Gems 'N' Jewellers IPO to open today
The Rs 270.20 crore initial public offering (IPO) of Manoj Vaibhav Gems 'N' Jewellers will kick off for subscription on Friday. The company has fixed price band in the Rs 204-215 range. Investors can make a bid for a minimum of 69 equity shares and in multiples thereof. The bidding will conclude on Tuesday, September 26.

Zaggle Prepaid Ocean Services will list today
Zaggle Prepaid Ocean Services' shares will be listed at bourses today. The IPO of Zaggle Prepaid Ocean Services was open for bidding between September 14 to September 18 to raise Rs 563.38 crore. It sold its shares in the fixed price band of Rs 156-164 with a lot size of 90 shares. The issue was overall subscribed 12.86 times.

SAMHI Hotels to debut today
Shares of SAMHI Hotels are set to make its debut on Dalal Street today. The IPO of SAMHI Hotels was open for bidding between September 14 to September 18 to raise a little more than Rs 1,370 crore. It sold its shares in the fixed price band of Rs 119-126 with a lot size of 119 shares and its multiples. The issue was overall subscribed 5.57 times.

Stocks in F&O ban list
As many as eight stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, September 21. Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Zee Entertainment Enterprises (ZEEL), REC, Indiabulls Housing Finance, and Manappuram Finance continue to remain in the ban list of NSE.

FPIs sell shares worth Rs 3,007 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 3,007.36 crore on Thursday. Domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,158.14 crore.

Rupee falls 2 paise against dollar
The rupee consolidated in a narrow range to settle 2 paise lower at 83.13 against the US dollar on Thursday as foreign capital outflows and waning risk appetite weighed on investor sentiments. The rupee was also impacted by a rising dollar index, following hawkish comments from US Federal Reserve officials, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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