GIFT Nifty down 41 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are likely to kick-off the truncated week on a negative note on Tuesday, thanks to rising US bond yield and firm dollar. Asian stocks plunged in the early trade while US stocks settled mixed overnight. Back home, all eyes would be on the maket debut of JSW Infra and Manoj Vaibhav Gems 'N' Jewellers. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty has not witnessed follow-through selling pressure. It managed to close above 19,600 on Friday, which is a positive sign. On the hourly chart, one observe an Impulse- a five-wave advance, which suggests that the low of 19,492 is a short-term bottom in place, said Jatin Gedia, Technical Research Analyst at Sharekhan.

"The positive divergence and crossover on the hourly time frame also suggests that the probability of a pullback is high. Thus, both price and momentum indicators suggest there can be positive momentum over the next few trading sessions. In terms of levels, 19,500-19,480 is the crucial support zone while 19,780-19,840 shall act as an immediate hurdle zone," he added

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 41 points, or 0.21 per cent, lower at 19,572.50 hinting at a negative start for the domestic market on Tuesday.

Asian stocks open sharply lower
Asian shares opened with big cuts on Tuesday morning amid a surge in bond yields. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.25 per cent. Japan's Nikkei plunged 1.34 per cent; Australia's ASX 200 cracked 1.19 per cent; New Zealand's DJ tanked 0.79 per cent; China's Shanghai added 0.10 per cent; Hong Kong's Hang Seng crashed 3.11 per cent; South Korea's Kospi 0.09 per cent.

Oil prices drop on firm dollar
Oil prices dipped in early Asian trade on Tuesday after falling to a three-week low in the previous session on a strengthening dollar and traders taking some money off the table from the last quarter's chunky gains. Brent futures for December delivery fell 34 cents, or 0.4 per cent, to $90.37 a barrel. US West Texas Intermediate crude (WTI) , declined 29 cents, or 0.3 per cent, to $88.53 per barrel.

Dollar index tops 107 level
The dollar held on to fresh highs on Tuesday, pushing the yen down closer to an intervention zone, after strong US economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer. The dollar index rose around 0.5 per cent to 107.06. The euro also hit over a one-year low against the greenback, dropping below January's 1.0482 nadir, while the sterling was last at $1.20790. The yen was last at 149.80 against the dollar.

US stocks settle mixed
The S&P 500 ended nearly flat on Monday with utilities falling sharply and investors weighing the likelihood the Federal Reserve will need to hold interest rates higher for longer. The Dow Jones Industrial Average fell 74.15 points, or 0.22 per cent, to 33,433.35, the S&P 500 gained 0.34 points, or 0.01 per cent, at 4,288.39 and the Nasdaq Composite (.IXIC) added 88.45 points, or 0.67 per cent, at 13,307.77.

JSW Infra shares to debut today
Shares of JSW Infrastructure will make its Dalal Street debut on Tuesday. The JSW Group arm raised a total of Rs 2,800 crore via its intial stake sale that ran from  September 25 to September 27. The company had offered its shares in the range of Rs 113-119, with a lot size of 126 equity shares in its multiples thereafter.

Manoj Vaibhav Gems 'N' Jewellers to list today
Shares of Manoj Vaibhav Gems 'N' Jewellers will also get listed at the bourses today. The South India-based Jewelry player offered its shares in the range of Rs 204-215 per share between September 25 and September 27. The company offered its shares in the multiples of 69 shares and raised a little more than Rs 270 crore.

Stocks in F&O ban
No stock has been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, October 3 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 1,686 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 1,685.70 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 2,751.49 crore. Overseas investors pulled out Rs 14,768 crore from the Indian equites in the month of September 2023.

Rupee rises 13 paise against dollar
The rupee appreciated 13 paise to settle at 83.06 against the US dollar on Friday, boosted by a firm trend in equity markets and a sharp correction in the greenback against major rivals overseas. However, selling pressure from foreign equity investors and rising crude oil prices in international markets weighed on the domestic unit, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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