GIFT Nifty up 44 points: Asian markets, crude oil prices, dollar movement & more

Domestic equity indices are likely to open higher on Wednesday. Asian stocks were trading lower in the early trade while US stocks settled with cuts overnight, ahead of the key economic data due later in the day. Crude prices are hovering near a 10-month high. Back home, the IPO of RR Kabel will open for bidding on Wednesday. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty formed a long bearish candle on the daily chart at an all- time high of 20,110 level. It closed near the previous sessions close. “Though, this market action indicates minor reversal in nature, but we need confirmation by the way of more weakness in Wednesday’s session to call this as a top reversal, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities

"A decline below 19,850 levels could confirm a short term top reversal pattern for the market. Any upside rally from here could find strong resistance around 20,100 levels," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 43.50 points, or 0.22 per cent, higher at 20,073.50, hinting at a positive start for the domestic market on Wednesday.

Asian stocks fall in early trade
Asian shares were subdued after Wall Street wobbled overnight with markets bracing for key US inflation data on Wednesday. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent. Japan's Nikkei shed 0.27 per cent; Australia's ASX 200 tanked 0.81 per cent; New Zealand's DJ dropped 0.78 per cent; and China's Shanghai declined 0.29 per cent; Hong Kong's Hang Seng fell 0.21 per cent and South Korea's Kospi retreated 0.24 per cent.

Oil prices near 10-month high
Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China. The international benchmark Brent futures rose 8 cents, or 0.1 per cent, to $92.14 a barrel by 0054 GMT, while US West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2 per cent, to $88.98 a barrel.

Dollar recovers against yen
The US dollar recovered some of its recent losses on the yen, up 0.2 per cent to 147.35 yen after comments from Japan's top central banker on a possible early exit from its negative interest rate policy sent the yen soaring. The euro firmed 30 pips to $1.0765 on the Reuters story while markets moved to favour a rate hike from the ECB on Thursday with a 75 per cent probability, compared with a split chance previously.

US stocks settle lower
Wall Street stocks ended lower on Tuesday, as Oracle shares tumbled more than 13 per cent after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. The S&P 500 declined 0.57 per cent to end the session at 4,461.91 points. The Nasdaq declined 1.04 per cent to 13,773.62 points, while Dow Jones Industrial Average declined 0.05 per cent to 34,645.99 points.

RR Kabel IPO to kick off today
The Rs 1,964 crore initial public offering (IPO) of Gujarat based wires & cables manufacturer and FMEG player RR Kabel will open for bidding today. The issue will be sold in the range of Rs 983-1035 apiece with a lot size of 14 equity shares and its multiples thereof. The three-day bidding will conclude on Friday, September 15.

Stocks in F&O ban list
As many as 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, September 13. New entrants, namely Indian Energy Exchange (IEX) and National Aluminium Company (Nalco) will join the retentions including including new entrants like Bharat Heavy Electricals (BHEL), Manappuram Finance, Steel Authority of India (SAIL), Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, Indiabulls Housing Finance and India Cements.

FPIs sell shares worth Rs 1,047 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,047.19 crore on Tuesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 259.48 crore.

Rupee rises 8 paise against dollar
The rupee appreciated 8 paise to close at 82.95 against the US dollar on Tuesday amid suspected RBI intervention. Forex traders said the rupee appreciated on Tuesday as domestic markets hit fresh record highs after Nifty breached the 20,000 mark for the first time on Monday.

Note: With inputs from PTI, Reuters and other agencies

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