GIFT Nifty down 41 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices are set to open lower on Friday amid negative global cues. Asian stocks dropped early in the session, tracking  an overnight fall in US stocks. The US Fed Chair signalled prevalence of higher interest rates for a longer period is likely in the backdrop of high inflation. Back home, LIC and a few other bluechips will announce earnings today. ESAF Small Finance Bank will also make its market debut. Here's what you should know before the opening bell:

Nifty outlook
Rupak De said that Nifty has slipped, as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening of bullish sentiment. The index slipped back below 21-EMA after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal.

“The sentiment now favours a bearish trend, as long as the Nifty remains below 19,500. All rallies till 19,500 are likely to be sold into. On the lower end, support is placed at 19,300, below which a serious correction may happen in the market," he said.

Nifty Bank outlook
VLA Ambala of Stock Market Today said Nifty Bank formed a ‘Dragon Fly Doji’ on the daily chart. It witnessed a strong lower price rejection. “There is a high probability of Nifty Bank moving towards 44,000 during the current week. Nifty Bank’s support levels are around 43,470 and 43,335, while it faces major resistance at 43,785, 43,980, and 44,130," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 41 points, or 0.21 per cent, lower at 19,381, hinting at a negative start for the domestic market on Friday.

Asian stocks fall at open
Asian share markets opened lower on Friday as US stocks sank overnight after Fed chief Jerome Powell warned the US interest rates may need to rise further to win the war on inflation. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.13 per cent. Japan's Nikkei tanked 1.02 per cent; Australia's ASX 200 shed 0.50 per cent; New Zealand's DJ tumbled 0.84 per cent; China's Shanghai declined 0.69 per cent; Hong Kong's Hang Seng plunged 1.77 per cent; South Korea's Kospi crashed 1.08 per cent.

Oil prices weaken
By most measures the oil market is the weakest it has been since late June before Saudi Arabia and its OPEC⁺ partners reduced by crude production by more than 1 million barrels per day. Some commentators have attributed the collapse to rising interest rates and a worsening outlook for the global economy cutting the outlook for crude consumption.

Dollar gains against yen

The dollar was headed for its best week against the yen in three months on Friday, after Federal Reserve Chair Jerome Powell and a chorus of Fed officials poured cold water on market expectations of a peak in US rates. The dollar stood near a one-year high at 151.38 yen on Friday. The euro steadied at $1.0668, while sterling slipped 0.02 per cent to $1.2218.

Wall Street stocks settle lower
US stocks closed lower on Thursday, snapping the longest winning streaks for the Nasdaq and S&P 500 in two years, as Treasury yields climbed after a disappointing auction of 30-year bonds and comments from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average fell 220.33 points, or 0.65 per cent, to 33,891.94, the S&P 500 lost 35.43 points, or 0.81 per cent, to 4,347.35 and the Nasdaq Composite lost 128.97 points, or 0.94 per cent, to 13,521.45.

Q2 results today
Life Insurance Corporation of India Ltd, Oil And Natural Gas Corporation Ltd, Coal India Ltd, Mahindra & Mahindra Ltd, Hindustan Aeronautics Ltd, Hindalco Industries Ltd, Eicher Motors Ltd, Steel Authority of India Ltd, 3M India Ltd, Biocon Ltd, BSE Ltd, Ipca Laboratories Ltd, Fortis Healthcare Ltd, Sun TV Network Ltd, Tata Chemicals Ltd and Glenmark Pharmaceuticals Ltd are among the companies which announced their earnings for the quarter ended on September 2023.

ESAF Small Finance Bank listing
Shares of ESAF Small Finance Bank will be listed at the bourses on Friday, November 10. The Kerala-based private lender raised a total of Rs 463 crore via its initial stake sale by selling its shares for Rs 57-60 apiece between November 3 to November 7. The issue was overall subscribed 73.15 times during the three-day bidding process.

Stocks in F&O ban list
Four stocks- Chambal Fertilisers and Chemicals, MCX India, Delta Corp and Gujarat Narmada Valley Fertilizers and Chemicals (GNFC)- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, November 10. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs sell shares worth Rs 1,713 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 1,712.33 crore on Thursday. On the other hand, domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,512.14 crore.

Rupee rises 1 paisa against dollar
The rupee stayed range-bound and settled 1 paisa higher at 83.29 against the US dollar on Thursday amid a negative trend in domestic equities and sustained foreign fund outflows. At the interbank foreign exchange, the rupee opened at 83.25 and finally settled at 83.29 against the greenback, registering a gain of 1 paisa from its previous close.


Note: With inputs from PTI, Reuters and other agencies

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