GIFT Nifty up 18 points: Asian markets, crude oil prices, dollar movement & more

Domestic equity indices are likely to open higher on Thursday amid mixed global cues. Asian stocks were trading indecisively while US stocks settled higher overnight.  Stock specific action is likely on account of the MSCI rejig. Monthly expiry of F&O contracts will only add to volatility. All eyes will be on Ashish Kacholia-backed Aeroflex Industries, which will make its debut at bourses. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty faces resistance at 19,430-19,450 level, which is the confluence of the 20-day moving average and also the 61.82 per cent Fibonacci retracement level (19,449) of the fall from 19,584-19,229. The daily and hourly momentum indicators have made a positive crossover, which is a sell signal, said Jatin Gedia, Technical Research Analyst, Sharekhan.

"Both price and momentum indicators suggest that Nifty has started the next leg of the fall," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 17.5 points, or 0.09 per cent, higher at 19,373.50, hinting at a positive start for the domestic market on Thursday.

Asian stocks trade mixed in early trade

Asian markets opened on a mixed note on Thursday as investors await a deluge of top-tier Asian economic indicators on Thursday, including the latest official Chinese purchasing managers index reports and India's GDP number for June quarter. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02 per cent. Japan's Nikkei jumped 0.52 per cent; China's Shanghai fell 0.28 per cent; Hong Kong's Hang Seng gained 0.28 per cent and South Korea's Kospi shed 0.42 per cent.

Oil prices up on tighter supply
Global oil prices were up in early trade on Thursday backed by tighter US supply, with a focus on China factory activity due later in the day amid recent weak economic expansion data in the world's second-biggest economy. Brent crude futures contract for October and which expires on Thursday, was up 14 cents, or 0.16 per cent, at $86 per barrel and the more active November contract was up 10 cents, or 0.12 per cent, at $85.34 at 0039 GMT.

Dollar index drops, euro strengthens  
The euro stood at a 15-year high on the yen on Thursday on signs of sticky inflation in Europe, while the dollar was squeezed ahead of consumption, inflation and jobs data that could add to evidence of a softening economy. The euro rose 0.4 per cent to $1.0923. Sterling rose along and was last holding gains at $1.2713. The dollar index, while still up more than 1 per cent for August, has fallen 1 per cent.

US stocks settle higher
The S&P 500 and Nasdaq closed higher on Wednesday as fresh economic data signaled a cooling US economy, reinforcing expectations the Federal Reserve will pause rate hikes in September. The Nasdaq logged its highest close since August 1. The S&P 500 climbed 0.38 per cent to end at 4,514.87 points. The Nasdaq gained 0.54 per cent at 14,019.31 points, while the Dow Jones Industrial Average rose 0.11 per cent to 34,890.24 points.

Aeroflex Industries to list today
Shares of Aeroflex Industries will make its Dalal Street debut on Thursday, August 31. The Ashish Kacholia backed company raised Rs 351 crore from its primary stake sale by selling its shares for Rs 108 apiece. The issue, which was open for bidding between August 22-24, was overall booked 97.11 times.

Stocks in F&O ban
Only two stocks- Bharat Heavy Electricals (BHEL) and Indiabulls Housing Finance- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, August 31. However, Escorts Kubota, Sun TV Network, GMR Airports Infrastructure, Hindustan Copper, Manappuram Finance and RBL Bank have been removed from the list just a day before the final expiry.

FPIs sell shares worth Rs 495 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 494.68 crore on Wednesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,323.24 crore.

Rupee rebounds 17 paise against dollar
The rupee rebounded by 17 paise to settle at 82.63 against the US currency on Wednesday following weakness in the US dollar in global markets on easing concerns over interest rate hikes. FII inflows into the capital market and firm equity markets supported the local unit while gains in crude oil prices restricted the rupee upside, according to analysts.

Note: With inputs from PTI, Reuters and other agencies

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