GIFT Nifty up 25 points: Asian markets, crude oil prices, dollar movement & more

Domestic stock indices are likely to open higher on Wednesday, tracking firm global cues. Asian stocks rallied in the early trade while the US stocks settled higher overnight. A strong economic data sparked the rally in the global equity markets. Back home, the initial public offering by Rishabh Instruments will open for bidding today. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty formed a small negative candle on the daily chart with a minor lower wick. This pattern indicates minor upside bounce in the market with a range-bound action. The lower tops and bottoms continued on the daily chart and the present upmove of the last two sessions is expected to form a new lower top of the sequence, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"The short-term trend of Nifty remains choppy. The market could encounter strong resistance around 19,450-19,500 levels in the next 1-2 sessions," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 24.5 points, or 0.13 per cent, higher at 19,535.50, hinting at a positive start for the domestic market on Wednesday.

Asian stocks rally in early trade
Asian markets opened on a fairly strong note on Wednesday as a substantial softening of the near-term US interest rate outlook following a US jobs indicator on Tuesday sparked a rally in stocks. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.94 per cent. Japan's Nikkei surged 1.02 per cent; Australia's ASX 200 soared 1.30 per cent; China's Shanghai Composite rose 0.36 per cent; Hong Kong's Hang Seng jumped 1.33 per cent and South Korea's Kospi gained 0.83 per cent.

Oil prices trade higher
Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the US, the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October rose 17 cents, or 0.2 per cent, to $85.66 a barrel. US West Texas Intermediate crude futures gained 24 cents, or 0.3 per cent, to $81.40, logging its fifth session of gains.

US stocks settle with gains
Wall Street stocks surged overnight amid light, pre-holiday trading, as a smattering of weak data had investors rejiggering their expectations regarding US monetary policy. All three major US stock indices ended the session sharply higher. The Dow Jones Industrial Average rose 292.69 points, or 0.85 per cent, to 34,852.67, the S&P 500 gained 64.32 points, or 1.45 per cent, to 4,497.63 and the Nasdaq Composite added 238.63 points, or 1.74 per cent, to 13,943.76.

Rishabh Instruments IPO to open today
The initial public offering of Rishabh Instruments will open for subscription on Wednesday, August 30. The company will be looking to sell its shares in the range of Rs 418-441 apiece with a lot size of 34 equity shares and its multiples thereof. The three-day bidding process will conclude on Friday, September 1. Incorporated in 1982, Rishabh Instruments is engaged in the business of manufacturing, design, and development of test and measuring instruments and industrial control products.

Stocks in F&O ban
As many as seven stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, August 30 including Indiabulls Housing Finance, Escorts Kubota, Sun TV Network, GMR Airports Infrastructure, Hindustan Copper, Manappuram Finance and RBL Bank.

FPIs buy shares worth Rs 61 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 61.51 crore on Tuesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 305.09 crore.

Rupee falls 8 paise against dollar
The rupee declined by 8 paise to settle at 82.71 against the US currency on Tuesday due to a rebound in crude oil prices and greenback in the global markets. Foreign fund outflows from the equity markets also weighed on the rupee sentiment, forex dealers said.

Note: With inputs from PTI, Reuters and other agencies

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