GIFT Nifty down 8 points: Asian markets, crude oil prices, dollar movement, Nifty outlook & more

Domestic stock indices are likely to kick off the new week on a muted note despite positive cues from global markets. US stocks settled with big gains on Friday. Asian markets also opened higher amid waning fears of recession globally. Nifty futures ceased to trade on Singapore Exchange, but have started trading on NSE International Exchange (NSE IX) in GIFT City earlier today. Here's what you should know before the Opening Bell:

Nifty outlook
After breaking out from the 18,500-18,900 range, Nifty has been witnessing follow through buying interest. The daily momentum indicator, which was lagging, has triggered a bullish crossover and is now in sync with the price action, said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

"Both price and momentum indicators suggest a further upside on the index. The short-term and medium-term targets have been achieved and, hence, we are revising the target to 19,500 and 20,200 respectively. In terms of level, the 19,000-19,050 range shall act as a crucial support zone while the 19,380 - 19,400 range should act as a crucial resistance zone," he said .

GIFT Nifty signals a flat start
Nifty futures on the Nifty International Exchange traded 8 points, or 0.04 per cent, lower at 19,337, hinting at a flattish start for the domestic market on Monday.

Asian markets open higher
Asian shares advanced on Monday as demand for tech stocks buoyed Japan's market, while a data-packed week promises to be pivotal in the outlook for the Chinese economy and US interest rates. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.29 per cent. Japan's Nikkei surged 1.47 per cent; Australia's ASX 200 gained 0.17 per cent; China's Shanghai added 0.01 per cent; Hong Kong's Hang Seng surged 1.15 per cent and South Korea's Kospi jumped 1.34 per cent.

Oil prices drops to $75.2 a barrel
Oil prices slipped in Monday’s trade as global macroeconomic headwinds and a possible interest rate hike from the US Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures dropped 20 cents, or 0.3 per cent, to $75.21 a barrel by 0044 GMT after settling up 0.8 per cent on Friday. US West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3 per cent, after closing 1.1 per cent higher in the previous session.

Dollar index edges higher
The prospect of at least one more US rate rise continues to underpin the dollar against the yen, given the Bank of Japan shows little sign of abandoning its super-easy policies. The dollar index rose slightly to 102.653, while the dollar stood at 144.27 yen on Monday. The euro was likewise firm at 157.40 yen but was range-bound on the dollar at $1.0985. Sterling was little changed at $1.2692.

Wall Street stocks settle higher
Wall Street's three major indexes advanced solidly on Friday, with the tech-heavy Nasdaq boasting its biggest first-half gain in 40 years as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time. The Dow Jones Industrial Average rose 285.18 points, or 0.84 per cent, to 34,407.6, the S&P 500 gained 53.94 points, or 1.23 per cent, to 4,450.38 and the Nasdaq Composite added 196.59 points, or 1.45 per cent, to 13,787.92.

Stocks in F&O ban
One stock - Indiabulls Housing Finance- has been put under the F&O segment ban by the National Stock Exchange (NSE). Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs buy shares worth Rs 6,397 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 6,397.13 crore on Friday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,197.64 crore. Overseas investors pumped in more than Rs 47,148 crore in the Indian equities in the month of June 2023.

Rupee slips 7 paise against dollar
The rupee declined 7 paise to end at 82.10 against the US dollar in a restricted trade on Friday, as a firm US dollar in global markets and gains in crude oil prices weighed on investor sentiments. However, a rally in the domestic equities and FII inflows into equities supported the rupee and restricted the fall, analysts said.

Note: With inputs from PTI, Reuters and other agencies

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