GIFT Nifty down 8 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic stock indices are likely to open with mild cuts on Friday despite positive global cues. Asian stocks surged in early trade while US stocks settled higher overnight after inflation data suggested an end to the US Fed's rate hike cycle. Back home, the recent strength in the rupee and the ongoing June quarter earnings season will sway the domestic sentiment. Senco Gold will make its market debut at Dalal Street today. Here's what you should know before the opening:

Nifty outlook
Nifty hit a new record high of 19,567 on Thursday but exhibited high volatility, said Rupak De, Senior Technical analyst at LKP Securities. "The daily Relative Strength Index (RSI) indicated a bearish crossover. Currently, the trend appears to be sideways in the short term. The support for the index is expected at 19,300. Resistance is seen at 19,600," 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 19,550, hinting at a flattish start for the domestic market on Friday.

Asian stocks open with gains
Asian equities are on course Friday to round off their best week this year on a high, after the latest sign that US inflation is slowing cemented hopes that Federal Reserve rate hikes are almost over and triggered a strong rally across world markets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.69 per cent. Japan's Nikkei gained 0.21 per cent; Australia's ASX 200 surged 0.69 per cent; New Zealand's DJ rose 0.29 per cent; China's Shanghai added 0.15 per cent; Hong Kong's Hang Seng advanced 0.45 per cent and South Korea's Kospi rallied 1.13 per cent.

Oil prices rise on tighter supply
Oil prices rose on Friday on support from tighter supply amid issues in Libya and Nigeria and easing US inflation, which markets hope may bring an end to interest rate hikes in the world's biggest economy. Brent crude futures rose 27 cents, or 0.3 per cent, to $81.63 per barrel at 0028 GMT. US West Texas Intermediate crude futures rose 35 cents, or 0.5 per cent, to $77.24.

Dollar drops to 15-month low
The dollar hovered at 15-month lows on Friday after a steep dive overnight, as markets wagered the Federal Reserve was close to the end of its rate hike cycle due to easing inflation. The dollar index stood at 99.71 in early Asian hours, its lowest since April 2022.  The euro touched a fresh 16-month peak of $1.1229 in Asian hours before easing to $1.1222, while sterling last fetched $1.3119, down 0.11 per cent on the day. The Japanese yen strengthened 0.23 per cent to 137.71 per dollar.

Wall Street stocks end higher
US stocks extended recent gains to end higher on Thursday, with the Nasdaq rising more than 1 per cent for a second straight day, as data showed the annual increase in Us producer inflation was the smallest in nearly three years. The data provided more evidence that inflation pressures were subsiding. Wednesday's CPI report showed US consumer prices registered their smallest annual increase in more than two years. The Dow Jones Industrial Average rose 47.71 points, or 0.14 per cent, to 34,395.14, the S&P 500 gained 37.88 points, or 0.85 per cent, to 4,510.04 and the Nasdaq Composite added 219.61 points, or 1.58 per cent, to 14,138.57.

Senco Gold to make market debut today
Shares of Senco Gold will debut at Dalal Street on Friday. The pan-India jewelry retailer raised Rs 405-crore from primary markets, which was overall subscribed 77.25 times. The issue was open for subscription between July 4-6 in the price range of Rs 301-317 per share.

Q1 results today
JSW Energy, Bandhan Bank, CCL Products India, Just Dial, VST Industries, Tata Steel Long Products, Unichem Laboratories, Kesoram Industries, GTPL Hathway and Den Networks are among the companies that will announce their earnings for the June 2023 quarter during the day.

Stocks in F&O ban
Seven stocks - Delta Corp, Hindustan Copper, Manappuram Finance, Indiabulls Housing Finance, Punjab National Bank, Zee Entertainment and India Cements - have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, July 14. Derivative contracts in a security are banned when they cross 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 sell shares worth Rs 2,238 cr
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,237.93 crore on Thursday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,196.68 crore.

Rupee rises 10 paise against dollar
The rupee strengthened further by 10 paise to close at 82.08 against the US dollar on Thursday, marking its fourth straight session of gain following a firm trend in domestic equities and a weak greenback against major crosses overseas. However, strengthening crude prices in the international market restricted the upside move in the local unit, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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