GIFT Nifty down 25 points: Asian markets, crude oil prices, dollar movement & more

Domestic equity indices will resume trade on Wednesday after a public holiday. Early cues were weak with Asian stocks down in the early hours and US stocks settling in the red overnight. Gift Nifty is also hinting at a weak opening for domestic indices, as traders await the outcome of two-day Fed's policy review, due later today. Back home, the IPO of Signature Global (India) and Sai Silk (Kalamandir) will kick off for public bidding today. Besides, RR Kabel is all set to make market debut today. Here's what you should know before the Opening Bell:

Nifty outlook

Nifty formed a small negative candle on the daily chart, with minor upper and lower shadows. It indicated a 'Bearish Tri-Star' type candle pattern, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities. "The underlying short-term trend of Nifty placed it at the verge of reversal on the downside. A decisive move below the 10-day EMA of 19,940 level could confirm further weakness. However, a sharp selling momentum is ruled out. The immediate resistance is placed at 20,220 levels," he said.

GIFT Nifty signals a negative start

Nifty futures on the NSE International Exchange traded 24.50 points, or 0.12 per cent, lower at 20,075.50, hinting at a negative start for the domestic market on Wednesday.

Asian stocks open in red

China kept benchmark lending rates unchanged at a monthly fixing on Wednesday, matching market expectations, grabbing the spotlight in Asia, as the relentless rise in oil prices towards $100 a barrel seeps deeper into investor sentiment globally. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent. Japan's Nikkei declined 0.28 per cent. China's Shanghai fell 0.39 per cent while Hong Kong's Hang Seng slipped 0.24 per cent. South Korea's Kospi retreated 0.18 per cent.

Oil prices rise on supply concerns

Oil prices rose in early trade on Wednesday, hovering near 10-month highs hit the previous day, as a bigger-than-expected draw in US oil stockpiles and weak US shale output reinforced fears of tight crude supply for the rest of 2023. Global benchmark Brent crude futures climbed 6 cents, or 0.1 per cent, to $94.40 a barrel. US West Texas Intermediate crude futures rose 29 cents, or 0.3 per cent, to $91.49 a barrel.

Dollar index flat at 105 level

The dollar remained firm on Wednesday but softened slightly against the yen ahead of a much-anticipated rate decision by the Federal Reserve later in the day. The US dollar index, which measures the greenback against a basket of rivals, stayed mostly flat at 105.13 as traders awaited the Fed's rate decision. The yen last sat nearly 0.1 per cent higher at 147.77 versus the greenback. The euro and sterling stood mostly unchanged in the Asian morning, at $1.0680 and $1.2391 respectively.

US stocks close lower ahead of Fed outcome

Wall Street lost ground on Tuesday, with risk-off sentiment weighing as the US Federal Reserve convened for its much-anticipated two-day monetary policy meeting. All three indices ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday. The Dow Jones Industrial Average fell 106.57 points, or 0.31 per cent, to 34,517.73, the S&P 500 lost 9.58 points, or 0.22 per cent, to 4,443.95 and the Nasdaq Composite dropped 32.05 points, or 0.23 per cent, to 13,678.19.

RR Kabel to list on stock exchanges today

RR Kabel is set to make its debut on the Dalal Street on Today, becoming the first company to make T+2 listing at the Indian stock markets. The IPO of RR Kabel was open for bidding between September 13-15 to raise a total of Rs 1,964 crore. It sold its shares in the fixed price band of Rs 983-1,035 with a lot size of 14 shares and its multiples. The issue was overall subscribed 18.69 times.

Sai Silk (Kalamandir) IPO to open today

The Rs 1,201 crore-initial public offering (IPO) of Sai Silks (Kalamandir) will open for bidding on Wednesday, September20 and the bidding process will conclude on Friday September 22. The company is offering its shares in the range of Rs 210-222 apiece with a lot size of 67 equity shares and its multiples thereof. It is a south-based ethnic apparel and value-fashion products company.

Signature Global IPO to kick off today

The Rs 730 crore initial public offering (IPO) of Signature Global will open for bidding on Wednesday, September 20, 2023. The real-estate developer has fixed its price band for the issue at Rs 366-385 per share with a lot size of 38 equity shares and its multiples thereafter. The issue of the Delhi-NCR based real estate player can be subscribed till Friday, September 22.

Stocks in F&O ban

As many as 10 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, September 20. New entrants, namely Delta Corp, and Punjab National Bank (PNB) will join the retentions including including new entrants like Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Chambal Fertilizers & Chemicals, Zee Entertainment Enterprises (ZEEL), REC, Indiabulls Housing Finance, Indian Energy Exchange (IEX) and Manappuram Finance.

FPIs sell shares worth Rs 1,237 crore

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,236.51 crore on Monday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 552.55 crore.

Rupee hits all-time low of 83.32 against dollar

The rupee depreciated for the fourth straight day to settle 16 paise lower at its lifetime low of 83.32 against the US dollar on Monday, mainly due to risk aversion in global markets and rising crude oil prices. Besides, a strong American currency against key rivals overseas and a negative trend in domestic equities weighed on investor sentiments, according to forex traders.

Note: With inputs from PTI, Reuters and other agencies

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