GIFT Nifty down 24 points: Asian markets, crude oil prices, dollar movement & more

Indian stock indices are likely to open lower on Friday despite positive global cues. Asian indices jumped in early trade, tracking an overnight rise in US stocks, as treasury yields fell from recent highs. Dollar eased and crude oil prices also eased a bit. Back home, Accenture’s guidance will influence domestic IT stocks. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty has closed below the 61.8 per cent Fibonacci retracement level of 19,605, drawn from the low of 19,224 made on August 31 to the high of 20,222 made on September 15. It also closed below the 50-day exponential moving average (DEMA) of 19,559 on the daily chart for the first time since August 31, said Ashwin Ramani, Derivatives Analyst at SAMCO Securities.

"Technically, Nifty has formed a Bearish Engulfing pattern on the daily chart. The index is seeing a ‘sell on rise’. It needs to sustain above 19,770 level for the next rally. Indicators such as RSI and MACD indicate slightly skewed on the negative side.  A follow up move from the current level can drag the Nifty to 19,230 level," he added.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 23.50 points, or 0.12 per cent, lower at 19,633.50 hinting at a negative start for the domestic market on Friday.

Asian stocks rise in early trade
Asian shares recover from lowest levels in 10 months but were on course to clock their worst quarterly performance in a year, as worries over elevated interest rates dragged on sentiment. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.75 per cent. Japan's Nikkei dropped 0.19 per cent; Australia's ASX 200 gained 0.39 per cent; New Zealand's DJ surged 0.43 per cent; China's Shanghai added 0.10 per cent; Hong Kong's Hang Seng zoomed 2.28 per cent.

Oil prices drop on supply hopes
Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Brent November futures which expire on Friday were down 21 cents to $95.17 per barrel. Brent December futures lost 10 cents to trade at $93.00 per barrel at 0055 GMT. IS West Texas Intermediate crude (WTI) fell 8 cents to $91.63 per barrel.

Dollar off 10-month high
The dollar held off a 10-month high on Friday as markets headed into the end of the quarter, giving the yen slightly more breathing room at the end of the week amid intervention concerns. The dollar index was mostly flat in the Asian morning, after dipping as low as 106.020 overnight. Against the dollar, the Japanese currency last traded at 149.34 yen. The euro largely held its ground but was still not far from its January low of $1.0482, while the sterling stood at $1.05625.

US stocks settled higher
Wall Street's main indices ended higher on Thursday as investors assessed the latest batch of economic data and as a surge in Treasury yields stalled ahead of a key inflation report. Investors were also watching developments in Washington to see whether US lawmakers could avert a government shutdown. The Dow Jones Industrial Average rose 116.07 points, or 0.35 per cent, to 33,666.34, the S&P 500 gained 25.19 points, or 0.59 per cent, to 4,299.70 and the Nasdaq Composite gained 108.43 points, or 0.83 per cent, to 13,201.28.

Stocks in F&O ban list
No stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, September 29 as the October series has just begun. 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 3,364 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 3,364.22 crore on Thursday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 2,711.48
crore.

Rupee rises 3 paise against US dollar
The rupee edged up 3 paise to settle at 83.19 against the US currency in a restricted trade on Thursday, aided by a correction in crude oil prices and the greenback. Foreign fund outflows and losses in local equities, however, restricted the rupee’s gains, forex dealers said.

Note: With inputs from PTI, Reuters and other agencies

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