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

Domestic stock indices are likely to open higher on Friday despite a host of negative global cues. Asian stocks dropped in the early trade while US stocks settled mixed overnight. US-China tensions and macroeconomic data will sway the market segment  in the near term. Here's what you should know before the Opening Bell:

Nifty outlook
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said Nifty formed  along bull candle on the daily chart and surpassed the immediate resistance of 19,650 level.

“The overall chart pattern is indicating a larger upside breakout of broader consolidation of the last five weeks. This is opening potential pattern upside target for Nifty around 20,000-20,200 levels over the next couple of weeks. Any intra-week dips down to 19,550-19,600 levels could be a ‘buy on dips’ opportunity," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 24.50 points, or 0.12 per cent, higher at 19,792, hinting at a positive start for the domestic market on Friday.

Asian stocks tumble in early trade
Asia's stock markets dipped on Friday, with tech shares tumbling on deepening Sino-US tensions, while the dollar was set to seal its longest winning streak in nine years as investors braced for US interest rates to stay higher for longer. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.21 per cent. Japan's Nikkei tanked 1.05 per cent; China's Shanghai declined 0.40 per cent; Hong Kong's Hang Seng slipped 0.70 per cent and South Korea's Kospi shed 0.29 per cent.

Oil prices ease on demand concerns
Oil prices fell for a second session on Friday, weighed down by lingering concerns over slower global demand, but were still headed for a second consecutive weekly gain amid expectations of tightening supplies. Brent crude futures slid 33 cents, or 0.4 per cent, to $89.59 a barrel, while US West Texas Intermediate crude (WTI) futures declined 33 cents, or 0.4 per cent, to $86.54.

Dollar eyes longest winning run in 9 years

The dollar was headed for its longest weekly winning streak in nine years on Friday, bolstered by a resilient run of US economic data that has also put the end of the Federal Reserve's rate-hike cycle into question. The US dollar index steadied at 105.02 in early trade. The euro, the largest component in the dollar index, was last marginally higher at $1.0701. Sterling similarly languished and last bought $1.2484. A struggling yen rose 0.15 per cent to 147.06 per dollar.

US stocks settle mixed
The S&P 500 and Nasdaq fell on Thursday, with the biggest drag from Apple and a sell-off in chip stocks over concerns about China's iPhone curbs, while a fall in weekly US jobless claims fed worries about interest rates and sticky inflation. The Dow Jones Industrial Average rose 57.54 points, or 0.17 per cent, to 34,500.73, the S&P 500 lost 14.34 points, or 0.32 per cent, to 4,451.14 and the Nasdaq Composite dropped 123.64 points, or 0.89 per cent, to 13,748.83.

EMS IPO opens today
The initial public offering of EMS will kick-off for subscription on Friday and issue can be subscribed till Tuesday, September 12. The company is offering its shares in the range of Rs 200-211 apeice with a lot size of 70 equity shares to raise over Rs 321 crore. Incorporated in 2012, EMS is engaged in the business of providing water and wastewater collection, treatment, and disposal services.

Stocks in F&O ban
As many as nine stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, September 8. New entrants, namely Punjab National Bank (PNB) will join the retentions including including new entrants like Manappuram Financne, Steel Authority of India (SAIL), Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Delta Corp, Hindustan Copper, Indiabulls Housing Finance, and India Cements.

FPIs sell shares worth Rs 759 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 758.55 crore on Thursday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 28.11 crore.

Rupee falls 10 paise against dollar
The rupee depreciated for the fourth straight day to settle 10 paise lower at its lifetime low of 83.23 against the US dollar on Thursday amid a firm American currency and foreign capital outflows. Besides, elevated crude oil prices in the international market weighed on investor sentiments, according to forex traders.

Note: With inputs from PTI, Reuters and other agencies

Also read: Adani Power, YES Bank, Kaynes Technology: Trading strategies for these buzzing stocks

Also read: Mazagon Dock shares in news on signing MSRA with US government. Key details