GIFT Nifty up 34 points: Asian markets, crude oil prices, dollar movement, & more

Domestic stock indices are likely open higher on Monday but upside may be capped as Asian shares were trading cautiously in the early trade ahead of crucial US economic data this week. Back home, three IPOs will open for public bidding today. Here's what you should know before the Opening Bell:

Nifty outlook
Jatin Gedia, Technical Research Analyst at Sharekhan said Nifty has been stretching higher towards 21,500 on the daily chart. The rally has been perpendicular in nature and still we see no signs of weakness on the price front. "The daily momentum indicator has a positive crossover however it has not registered a new high indicating that a negative divergence is in process. However, until we get signs of weakness on the price front, we shall continue to ride the up move. On the upside, the short-term target is placed at 21,500," he said.

Nifty Bank outlook
Nifty Bank maintained its robust momentum, pushing the index beyond the 48,000 level. The overall market sentiment remains bullish, supported by a strong base at 47,500, said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. "Any retracements towards this support level are seen as buying opportunities. The upside potential for the index is projected to reach 50,000," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 33.50 points, or 0.16 per cent, lower at 21,488, hinting at a positive start for the domestic market on Monday.

Asian stocks mixed in early trade

Asia stocks got off to a cautious start on Monday in a week where Japan's central bank might edge further away from its uber-easy policies, while a key reading on US inflation is expected to underpin market pricing of interest rate cuts there. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.37 per cent. Japan's Nikkei tanked 1.20 per cent; Australia's ASX 200 shed 0.45 per cent; New Zealand's DJ gained 0.19 per cent; China's Shanghai added 0.19 per cent; Hong Kong's Hang Seng dropped 0.63 per cent; South Korea's rose 0.09 per cent.

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Oil prices climb on drop in Russia exports
Oil prices rose nearly 1 per cent in early Asian trade on Monday, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption. Brent crude futures climbed 69 cents, or 0.9 per cent, to $77.24 a barrel by 0037 GMT, while US West Texas Intermediate crude was at $72.08 a barrel, up 65 cents, or 0.9 per cent.

Dollar index edges lower, Yen falls amid BOJ meet
The yen dipped slightly on Monday as the Bank of Japan (BOJ) kicked off its two-day monetary policy meeting, with traders nervously awaiting a decision on whether the dovish central bank could finally unwind its ultra-loose monetary settings. In the broader market, currencies started the week on a cautious note after large swings. The dollar index was last 0.05 per cent lower at 102.57. The yen fell 0.2 per cent to 142.41 per dollar in early Asian trade. Sterling last bought $1.2678; the euro was last 0.07 per cent higher at $1.0900.

US stocks see settle mixed on Friday
Wall Street stocks wobbled to a mixed close and the dollar bounced back on Friday as market participants caught their breath at the end of a week loaded with central bank policy decisions and crucial economic data. Treasury yields edged down past multi-month lows. The Dow Jones Industrial Average rose 56.81 points, or 0.15 per cent, to 37,305.16, the S&P 500 lost 0.36 points, or 0.01 per cent, to 4,719.19 and the Nasdaq Composite added 52.36 points, or 0.35 per cent, to 14,813.92.

Muthoot Microfin IPO to kick off today
The Rs 960 crore- initial public offering (IPO) of Muthoot Microfin will open for bidding on Monday, December 18, 2023. The shadow lender is offering its shares in the range of Rs 277-291 per share, with a lot size of 51 equity shares. The three-day bidding for the issue will conclude on Wednesday, December 20, 2023.

Suraj Estate Developers IPO to open today
The Rs 400 crore-initial public offering (IPO) of Suraj Estates Developers will open for bidding on Monday, December 18, 2023. The realty player is offering its shares in the range of Rs 34-360 per share with a lot size of 41 shares and its multiples thereafter. The bidding for the issue shall conclude on Wednesday, December 20.

Motisons Jewellers IPO to kick off today

The Rs 151.09 crore-initial public offering (IPO) of Motisons Jewellers will open for bidding on Monday, December 18, 2023. The Jewellery firm is selling his shares in the range of Rs 52-55 apiece with a lot size of 250 equity shares and its multiples thereafter. The bidding for the issue will conclude on Wednesday, December 20.

Stocks in F&O ban
Seven stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, December 18. Shares of Hindustan Copper, Balrampur Chini Mills, India Cements, Zee Entertainment Enterprises and Delta Corp have been put under ban. 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 shares worth Rs 9,239 crore
Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of 9,239.42 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 3,077.43 crore. Overseas investors have pumped Rs 42,733 in the local equities in the month of December 2023 so far.

Rupee jumps 27 paise against dollar
The rupee jumped by 27 paise to close at 83.03 against the US dollar on Friday following unabated foreign fund inflows and a record-breaking rally in domestic stocks. At the interbank foreign exchange market, the rupee opened flat at 83.30 against the dollar. After touching the day’s low of 83.32 in early trade, the rupee reversed the losses and surged to a high of 82.94.

Note: With inputs from PTI, Reuters and other agencies

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