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

Domestic equity markets are likely to open lower on Friday amid a lack of decisive global cues. Asian stocks were trading mixed in the early trade, tracking a lack of directional cues from US stocks. Domestic investors, though, could take heart from India’s GDP print, which suggested the economy grew at 7.8 per cent in the June quarter. Here's what you should know before the Opening Bell:
Nifty outlook
Nifty has faced a persistent resistance at the 21-EMA, which resulted in a market correction. Two consecutive unsuccessful attempts to surpass this level has led to intensifying of selling pressure. The overall sentiment remains pessimistic, as upward rallies could be met with selling activity, said Rupak De, Senior Technical analyst at LKP Securities.

GIFT Nifty signals a negative  start
Nifty futures on the NSE International Exchange traded 40 points, or 0.21 per cent, lower at 19,389, hinting at a negative start for the domestic market on Friday.

Asian stocks trade mixed in early trade
Asian markets opened on a mixed note on Friday even as a crucial data on US economy suggested that inflation on the wane. The MSCI broadest index of Asia-Pacific shares outside Japan was up 018 per cent. Japan's Nikkei jumped 0.71 per cent; Australia's ASX 200 shed 0.36 per cent; New Zealand's DJ dropped 0.33 per cent; China's Shanghai advanced 0.74 per cent; Hong Kong's Hang Seng gained 0.28 per cent and South Korea's Kospi added 0.06 per cent.

Oil prices nudge higher
Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year. Major benchmarks rose slightly in early Asian trade, with the US West Texas Intermediate crude (WTI) up 7 cents, or 0.1 per cent, at $83.70 a barrel, while Brent crude was also up 7 cents at $86.90/bbl.

US stocks end with gains
Wall Street lost earlier momentum, as closely-watched inflation data offered few surprises and investors turned their focus to Friday's crucial employment report. The tech-laden Nasdaq closed modestly higher, while the S&P 500 joined the Dow in negative territory. The Dow Jones Industrial Average fell 168.33 points, or 0.48 per cent, to 34,721.91, the S&P 500 lost 7.21 points, or 0.16 per cent, to 4,507.66 and the Nasdaq Composite added 15.66 points, or 0.11 per cent, to 14,034.97.

Stocks in F&O ban
Since it is the beginning of the new series, no stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, September 1. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs sell shares worth Rs 2,973 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 2,973.10 crore on Thursday. Domestic institutional investors (DIIs) were buyers of Indian equities to the tune of Rs 4,382.76 crore. Data showed overseas investors pumped Rs 12,262 crore in the Indian equity markets in the month of August.

Rupee falls 16 paise against US dollar
The rupee depreciated by 16 paise to settle at 82.79 against the US dollar on Thursday, tracking a firm American currency and rising crude oil prices. Forex traders said that negative sentiment in the equity market and outflow of foreign funds also weighed on the domestic unit. Investors were also awaiting the domestic GDP data which is scheduled to be announced later in the day.

Note: With inputs from PTI, Reuters and other agencies

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