GIFT Nifty up 37 points: Asian markets, crude oil prices, dollar movement & more

Domestic equity markets are likely to see positive start to Monday’s trade, tracking firm global cues. Asian stocks rallied in the early trade while US stocks settled higher on Friday following the US Fed chair Jerome Powell’s comments and measures by China to boost flagging markets. Here's what you should know before the Opening Bell:

Nifty outlook
 Nifty closing last week below the support level of 19,300 suggests that bears are likely to have an upper hand going in to the monthly expiry next week, said Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities. “If 19,300 is not crossed, there is a high probability of the bears pushing the index closer to 18,800-19,000 levels. These levels will act as very strong support for the markets, as they worked as a previous high resistance earlier," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 37 points, or 0.19 per cent, higher at 19,274.50, hinting at a positive start for the domestic market on Monday.

Asian stocks rally in early trade
Asian shares rallied on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on US jobs and inflation that could decide whether interest rates have to rise again. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.21 per cent. Japan's Nikkei surged 1.55 per cent; Australia's ASX 200 gaine 0.57 per cent; New Zealand's DJ rose 0.30 per cent; China's Shanghai surged 2.46 per cent; Hong Kong's Hang Seng advanced 1.88 per cent and South Korea's Kospi added 0.76 per cent.

Oil prices ticks higher
Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand. Brent crude rose 22 cents, or 0.3 per cent, to $84.70 a barrel while US West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3 per cent.

Dollar soft as investors digest Powell's comments
The dollar eased from a 12-week peak on Monday as traders weighed the US monetary path after the Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months. The dollar index eased 0.115 per cent to 104.05, while the yen weakened 0.03 per cent to 146.45 per dollar. Meanwhile, the euro and the sterling came off two-month lows touched on Friday. The single currency was up 0.04 per cent to $1.0804, while the pound was last at $1.2599, up 0.17 per cent on the day.

US stocks settle higher

US stocks ended a volatile session higher on Friday as investors digested comments from Federal Reserve Chair Jerome Powell that the US central bank may need to raise interest rates further to ensure inflation is contained. The Dow Jones Industrial Average rose 247.48 points, or 0.73 per cent, to 34,346.9, the S&P 500 gained 29.4 points, or 0.67 per cent, to 4,405.71 and the Nasdaq Composite added 126.67 points, or 0.94 per cent, to 13,590.65.

Stocks in F&O ban
As many as eight stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, August 25. Escorts Kubota and Sun TV Network are the new additions, who will join the retentions including Bharat Heavy Electricals (BHEL), Delta Corp, GMR Airports Infrastructure, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Hindustan Copper, India Cements, Manappuram Finance and RBL Bank.

FPIs sell shares worth Rs 4,638 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 4,638.21 crore on Friday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,414.35 crore. Overseas investors have pumped in Rs 10,690 in the Indian equity markets in August so far.

Rupee falls 8 paise against the dollar
The rupee on Friday declined by 8 paise to settle at 82.64 against the US dollar, snapping its three-day rally due to forex outflows, a strong American currency and negative equity markets. Rising crude oil prices also weighed on the domestic unit, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

Also read: Vedanta shares in news as Anil Agarwal firm wins arbitration against govt in $1.1 billion case

Also read: Brightcom Group shares news on CMD, CFO resignations; stock in focus after ED raids