GIFT Nifty down 15 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices look set for a weak opening on Wednesday, thanks to persistent selling pressure in equity markets globally. Asian stocks tumbled to 11-month low, tracking big cuts in US stocks overnight. At home, traders await the RBI monetary policy later this week. They have also started building expectations on Q2 earnings season. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty found support at the ascending trendline on the daily chart, said Rupak De, Senior Technical analyst at LKP Securities, who added that the sentiment looks pessimistic for the short term.

“Looking ahead, the level of 19,480 is expected to serve as a pivotal 'make or break' point. If there is a decisive decline below 19,480, it might trigger heavy selling in the market. On the upside, 19,600 will continue to remain a significant resistance level," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 15 points, or 0.08 per cent, lower at 19,435.50 hinting at a negative start for the domestic market on Wednesday.

Asian stocks hit 11-month low
Asian stocks fell to a 11-month low on Wednesday after another piece of resilient US economic data sent Treasury yields to fresh highs. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.05 per cent. Japan's Nikkei plunged 1.91 per cent; Australia's ASX 200 tanked 0.77 per cent; New Zealand's DJ plunged 0.71 per cent; China's Shanghai added 0.10 per cent; Hong Kong's Hang Seng tumbled 0.78 per cent; South Korea's Kospi crashed 2.14 per cent.

Oil prices rise on tight supply
Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers. OPEC+ is expected to keep output policy unchanged when it meets on Wednesday, Brent crude oil futures rose 6 cents to $90.98 a barrel by 0004 GMT, while U.S. West Texas Intermediate crude (WTI) , rose 11 cents to $89.34 per barrel.

Dollar strengthens on upbeat data

The dollar charged higher on the back of upbeat data on Tuesday showing US job openings unexpectedly increased in August amid a surge in demand for workers in the professional and business services sector. The yen sat on the stronger side of 150 per dollar on Wednesday. The Japanese currency was last marginally lower at 149.17 per dollar in early Asia trade. The dollar index was last at 107.07. Sterling edged 0.02 per cent lower to $1.2076, while the euro similarly bottomed at $1.0470.

US stocks settle lower
The S&P 500 index closed at its lowest level since June 1 on Tuesday as economic data underscored the view the Federal Reserve may need to keep interest rates high. The Dow turned negative for the year for the first time since June and ended at its lowest level since May 31. The Nasdaq also closed at its lowest since May 31. The Dow Jones Industrial Average fell 430.97 points, or 1.29 per cent, to 33,002.38, the S&P 500 lost 58.94 points, or 1.37 per cent, at 4,229.45 and the Nasdaq Composite dropped 248.31 points, or 1.87 per cent, to 13,059.47.

Updates Services to list today
Shares of Updater Services (UDS) will make their Dalal Street debut on Wednesday. The company had offered its shares in the price band of Rs 280-300 per shares with a lot size of 50 equity shares and its multiples to raise a total of Rs 640 crore. The issue was open for bidding between September 25 to September 27.

Stocks in F&O ban list
Only one stock - Indiabulls Housing Finance- has been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, October 4. 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 2,034 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 2,034.14 crore on Tuesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,361.02 crore.

Rupee falls 14 paise against dollar
The rupee depreciated 14 paise to close at 83.20 against the US dollar on Tuesday, as a strong US dollar and weak domestic equities dented investor sentiments. Forex traders said muted domestic macroeconomic data and sustained FII outflows also mounted downside pressure on rupee.


Note: With inputs from PTI, Reuters and other agencies

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