GIFT Nifty up 174 points: Asian markets, crude oil prices, dollar movement, & more

Domestic benchmark indices, after a day's hiatus, are set to open with big gains on Wednesday, tracking strong global cues. Asian stocks rallied at open while US stocks posted big gains overnight. Expectations that the US Fed is done with rate hikes following the fresh inflation reading supported the sentiment. Back home, ASK Automotive will make its market debut today. Here's what you should know before the Opening Bell:

Nifty outlook
Commenting on Nifty50, Jatin Gedia of Sharekhan believes that until the extremes of the range 19,300-19,550 are not breached decisively, the ongoing consolidation is likely to continue. "In terms of levels, 19,310-19,290 is the crucial support zone while 19,470-19,500 is the immediate hurdle zone from a short term perspective," he said.

Nifty Bank outlook
VLA Ambala  of Stock Market Today said that Nifty Bank may receive support around 43,800 and 43,630 levels in the scenario of a flat or slightly gapped opening, with major resistance levels seen at 43,950, 44,050 and 44,120 levels. "Notably, Nifty Bank demonstrated a robust rejection of lower prices by forming a 'Bullish Pin Bar' in the previous trading session," he said.

GIFT Nifty signals a strong start
Nifty futures on the NSE International Exchange traded 174 points, or 0.89 per cent, higher at 19,731.50, hinting at a positive start for the domestic market on Wednesday.

Asian stocks rise at open
Stocks in Asia rallied on Wednesday as risk assets and investor sentiment around the world soaring after cooling US inflation data on Tuesday looked to close the door on more rate hikes and pave the way for the fabled economic 'soft landing' and positive news on the Geopolitical front. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.97 per cent. Japan's Nikkei surged 1.98 per cent; China's Shanghai Composite added 0.47 per cent; Hong Kong's Hang Seng rallied 2.44 per cent; South Korea's Kospi soared 2.03 per cent.

Oil prices rise on Middle-East tensions
Oil prices rose in early Asian trade on Wednesday on Middle East tensions and a weaker dollar, while investors focused on inventory data after a two week delay in reporting. Brent futures rose 8 cents to $82.55 a barrel by 0013 GMT, while US West Texas Intermediate (WTI) crude rose 2 cents to $78.28.

Dollar drops to near two-month low
The dollar stuttered at broadly lower levels on Wednesday after slumping overnight as a surprisingly softer US inflation reading bolstered bets that the Federal Reserve has reached the end of its monetary tightening cycle. The sell-off in the dollar drove a rally for many of its peer currencies. The dollar index was just off Tuesday's two-month low of 103.98. The pound was fetching $1.2484, while the euro settled around $1.0873. with dollar/yen last around 150.54.

US stocks up on inflation data
The S&P 500 and Nasdaq posted their biggest daily percentage gains since April 27 on Tuesday as softer-than-expected inflation data supported the view that the Federal Reserve may be done raising interest rates. The Dow Jones Industrial Average rose 489.83 points, or 1.43 per cent, to 34,827.7; the S&P 500 gained 84.15 points, or 1.91 per cent, at 4,495.7; and the Nasdaq Composite added 326.64 points, or 2.37 per cent, at 14,094.38.

ASK Automotive shares to list today
Shares of ASK Automotive will be listed at the bourses on Wednesday, November 15. The auto ancillary player raised a total of Rs 834 crore via its initial stake sale by selling its shares for Rs 268-282 apiece between November 7 to November 9. The issue was overall subscribed 44.52 times during the three-day bidding process.

Stocks in F&O ban
Seven stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, November 15. The new additions namely- Hindustan Copper, Indiabulls Housing Finance and Steel Authority of India (SAIL)- will join the existing retentions including Chambal Fertilisers and Chemicals, Delta Corp, Manappuram Finance, and Zee Entertainment India. 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 1,244 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 1,244.44 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 830.40 crore.

Rupee falls 5 paise against dollar
The rupee declined by 5 paise to settle at its all-time low of 83.33 against the US dollar on Monday, tracking a negative trend in domestic equities. Persistent foreign fund outflows also weighed on the local unit, forex traders said.


Note: With inputs from PTI, Reuters and other agencies

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