GIFT Nifty down 16 points: Asian markets, crude oil prices, dollar movement & more

Domestic stock indices are likely to kick-off the week on a muted note amid mixed global cues. Asian stocks dropped in the early trade ahead of key US inflation data. Wall Street stocks settled with gains on Friday. A fall in crude oil prices and firm rupee may provide some relief to the market. All eyes would be on market debut of two companies. Here's what you should know before the Opening Bell:

Nifty outlook

The futures open interest (OI) indicated buildup of fresh long positions. The long-short ratio increased from 51.41 per cent as the foreign portfolio investors (FPIs) continued to build long positions in the index futures, said Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities.

"Nifty faces a minor hurdle at 19,870 level, as the index made a swing high around this level. A strong breakout above the level may result in Nifty breaching its all-time high of 19,992. The support for Nifty has shifted to 19,700 on the back of strong put writing additions on Friday," he added.

GIFT Nifty signals a negative start

Nifty futures on the NSE International Exchange traded 16 points, or 0.08 per cent, lower at 19,922, hinting at a negative start for the domestic market on Monday.

Most Asian markets fall in early trade

Asia stock markets were softer on Monday ahead of US inflation September data this week, due out on Wednesday, with investors seeking signals about the Federal Reserve's next likely moves on interest rates. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.47 per cent. Japan's Nikkei fell 0.17 per cent; China's Shanghai gained 0.36 per cent; Hong Kong's Hang Seng tanked 1.81 per cent and South Korea's Kospi advanced 0.25 per cent.

Oil prices ease despite supply cuts

Oil prices eased in early Asian trade on Monday as concerns over China weighed on fuel demand outlook. That said, tightening supplies on extended supply cuts by Saudi Arabia and Russia capped downside. Brent crude fell 49 cents, or 0.5 per cent, to $90.16 a barrel while US West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9 per cent.

Dollar index stays below 105 level

The yen strengthened on Monday as comments from Bank of Japan (BOJ) Governor Kazuo Ueda stoked hopes that Japan could soon herald a new era away from negative rates, while the dollar was on the back foot ahead of this week's US inflation reading. The dollar index dipped slightly to 104.84. The Japanese currency rose nearly 0.8 per cent at one point to touch a session-high of 146.66 per dollar in early Asia trade. The euro rose 0.13 per cent to $1.0714, while the Sterling edged 0.16 per cent higher to $1.2486.

US stocks settle higher

The S&P500 index closed slightly higher on Friday but well below its session high and all three of Wall Street's major averages posted weekly declines as investors worried about interest rates and waited anxiously for upcoming US inflation readings. The Dow Jones Industrial Average rose 75.86 points, or 0.22 per cent, to 34,576.59, the S&P 500 gained 6.35 points, or 0.14 per cent, to 4,457.49 and the Nasdaq Composite added 12.69 points, or 0.09 per cent, to 13,761.53.

Ratnaveer Engineering Precision listing today

Ratnaveer Engineering Precision will make its Dalal Street debut on Monday It will be the first IPO to follow the 'T+3' listing norms. The issue was open for bidding from September 4 to September 6. The company raised more than Rs 165 crore from its primary offering by selling its shares in the range of Rs 94-99 apiece. The IPO was overall subscribed a stellar 93.99 times.

Rishabh Instruments listing today

Rishabh Instruments will list on domestic bourses today. The IPO of Rishabh Instruments was open between August 30 and September 1. The company sold in the range of Rs 448-441 apiece with a lot size of 34 shares to mop-up Rs 491-crore from its initial public offering. The issue was overall subscribed 31.65 times.

Stocks in F&O ban

As many as nine stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday. September 11. New entrants, namely Chambal Fertilisers and Chemicals will join the retentions including including new entrants like Manappuram Finance, Steel Authority of India (SAIL), Balrampur Chini Mills, Punjab National Bank (PNB), Delta Corp, Hindustan Copper, Indiabulls Housing Finance, and India Cements.

FPIs sell shares worth Rs 224 crore

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 224.22 crore on Friday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,150.15 crore. Overseas investors have pulled out Rs 4,203 crore from Indian equities in September 2023 so far.

Rupee rises 24 paise against dollar

The rupee snapped a four-day losing streak to close 24 paise higher at 82.99 against the US dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by the RBI. Besides, the local unit appreciated after the Reserve Bank announced the discontinuation of incremental cash reserve ratio in a phased manner by October 7, 2023, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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