GIFT Nifty up 11 points: Asian markets, crude oil prices, dollar movement & more

Domestic stock markets are likely to open higher on Thursday, tracking a host of positive global cues. US stocks settled sharply higher overnight while Asian stocks were trading firm in the early trade, as dollar eased and crude prices retreated. Back home, IPO of Vishnu Prakash R Punglia will open for bidding today. A couple of stocks will hog the spotlight after the successful Chandrayaan 3 mission. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty has formed a ‘Doji’ or High Wave-type candle pattern at high, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Nifty is currently placed at the crucial resistance of down sloping trend line around 19,450-19,500 levels and is struggling to break decisively above the hurdle, he said.  “At the same time, the market is not willing to show any reasonable weakness from near the resistance. Immediate support is placed at 19360 levels," he added.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 11.50 points, or 0.06 per cent, higher at 19,516, hinting at a positive start for the domestic market on Thursday.

Asian stocks trade higher
Asian shares rallied on Thursday as blockbuster results from Nvidia lifted Wall Street and a retreat in US bond yields eased pressure on borrowing costs globally. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.04 per cent. Japan's Nikkei rose 0.38 per cent; Australia's ASX 200 gained 0.33 per cent; Hong Kong's Hang Seng rallied 1.07 per cent and South Korea's Kospi surged 0.98 per cent. China's Shanghai Composite index was flat.

Oil prices fall on weak economic data
Oil prices slipped in early Asian trade on Thursday as weak manufacturing data in major economies outweighed optimism around a larger-than-expected drop in US crude stocks. Brent crude fell 27 cents, or 0.3 per cent, to $82.94 a barrel, while US West Texas Intermediate crude dropped 31 cents, or 0.4 per cent, to $78.58. a barrel.

Soft data drags dollar
The dollar nursed a sharp pullback against Asian currencies on Thursday, after softer-than-expected global economic data muddied the interest rate outlook and pushed down US yields ahead of the Federal Reserve's Jackson Hole symposium. The dollar index remained higher for the month, but dipped about 0.2 per cent overnight. Sterling steadied around $1.2717. The euro held at $1.0865 in early Asia trade. The yen firmed slightly to 144.64 per dollar.

US stocks settle higher
US stocks ended sharply higher on Wednesday as shares of Nvidia gained ahead of quarterly results from the company whose chips are widely used for artificial intelligence (AI) computing. The Dow Jones Industrial Average rose 184.15 points, or 0.54 per cent, to 34,472.98, the S&P 500 gained 48.46 points, or 1.10 per cent, to 4,436.01 and the Nasdaq Composite added 215.16 points, or 1.59 per cent, to 13,721.03.

Vishnu Prakash IPO opens today
The Rs 308.88-crore IPO of Vishnu Prakash R Punglia opens for subscription on Thursday as the company is looking to sell its shares in the range of Rs 94-99 apiece, with a lot size of 150 equity shares and in multiples thereafter. The issue can be subscribed till August 28. The issue is entirely a fresh offering of up to 3.12 crore equity shares.

Stocks in F&O ban
As many as 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, August 24. Sun TV Network is the new additions, who will join the retentions including Bharat Heavy Electricals (BHEL), Escorts Kubota, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank (PNB) and Metropolis Healthcare.
 

FPIs buy shares worth Rs 495 crore
Provisional data available with NSE suggest that FPIs turned net  buyers of domestic stocks to the tune of Rs 614.32 crore on Wednesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 125.03 crore.
 
Rupee rises 27 paise against dollar
The rupee strengthened for the second consecutive session and appreciated by 27 paise, registering the highest single-day gain in nearly two months, to close at 82.72 against the US dollar on Wednesday. Forex traders said IPO-driven inflows and positive tone in the domestic markets supported the upward move. Softening of crude oil prices also aided the domestic unit.

Note: With inputs from PTI, Reuters and other agencies

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