GIFT Nifty up 24 points: Asian markets, crude oil prices, dollar movement & more

Domestic benchmark indices are set to open higher on Wednesday amid the mild positive cues from the global cues. Asian stocks were trading mixed, mostly up, in the early trade, while US stocks betted on optimism as Fed signaled rate cuts. The US dollar continued to slide. Back home, IREDA will make its listing at the bourses today. Here's what you should know before the opening bell:

Nifty outlook
Rupak De, Senior Technical analyst at LKP Securities said that the Nifty has risen above the recent consolidation high, indicating increased optimism among market participants.

"Furthermore, it has held steady above the critical near-term support level of 19,700. The sentiment is expected to stay positive, potentially leading to a new lifetime high in the short term. At the lower end, 19,700 could remain a crucial short-term support level," he said.

Nifty Bank outlook
VLA Ambala, Co-Founder at Stock Market Today. said that the Nifty Bank underperformed Nifty50 on Tuesday and is expected to remain bearish as long as it trades below the 44,000 level. "Major support levels for Bank Nifty are projected around 43820 and 43700, with significant resistance points at 44,050 and 44,200 for the upcoming day", she said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 23.50 points, or 0.12 per cent, higher at 20,032, hinting at a positive start for the domestic market on Wednesday.

Asian stocks open mixed
Asian shares opened mixed on Wednesday, ahead of Interest rate decisions, inflation figures, and guidance from key markets as a curiously directionless week for risk assets reaches the midway point. The MSCI's broadest index of Asia-Pacific shares outside Japan was up only 0.02 per cent. Japan's Nikkei added 0.15 per cent; Australia's ASX 200 gained 0.42 per cent; New Zealand's DJ surged 0.84 per cent; China's Shanghai shed 0.12 per cent; Hong Kong's Hang Seng tanked 1.11 per cent; South Korea's Kospi fell 0.02 per cent.

Oil prices rise after storm disruptions
Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts. Brent crude futures gained 33 cents, or 0.4 per cent, at $82.01 a barrel at 0127 GMT. US West Texas Intermediate (WTI) crude futures climbed 45 cents, or 0.6 per cent, to $76.86 a barrel.

Dollar slides on Fed cut bets
The dollar slid across the board to hit a more than three-month low against its major peers on Wednesday, while the New Zealand dollar surged after its central bank suggested that more rate hikes could be in the offing. The dollar index bottomed at 102.46. The dollar tumbled more than 0.5 per cent to 146.675 yen. The euro was back above $1.10 to an over three-month high of $1.1017. Sterling similarly scaled a three-month top of $1.2733

Wall Street ends slightly up
US stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift. All three major US stock indexes lost momentum as the session progressed, but ended the range-bound session in the green. The Dow Jones Industrial Average rose 83.51 points, or 0.24 per cent, to 35,416.98, the S&P 500 gained 4.46 points, or 0.10 per cent, at 4,554.89 and the Nasdaq Composite added 40.73 points, or 0.29 per cent, at 14,281.76.

IREDA Listing today
Shares of Indian Renewable Energy Development Agency (IREDA) is set to make its Dalal Street debut on Wednesday. IREDA sold its IPO in the range of Rs 30-32 apiece with a lot size of 460 shares between November 21=23. The state-run PSU player raised a total of Rs 2,150.21 crore via IPO route. The issue was overall subscribed 38.80 times during the bidding process.

Stocks in F&O ban
Four stocks- Bharat Heavy Electricals (BHEL), Balrampur Chini Mills, Indiabulls Housing Finance and Granules India have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, November 29. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs buy worth Rs 784 crore
Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of 783.82 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 1,324.98 crore.

Rupee gains 6 paise lower against US dollar
The rupee on Tuesday rebounded from record low levels, gaining 6 paise to settle at 83.34 against the US dollar amid positive sentiment in the equity markets and inflow of foreign funds. Forex traders said a weak American currency against major rivals and crude prices hovering close to USD 80 per barrel level also supported the Indian currency.

Note: With inputs from PTI, Reuters and other agencies

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