SGX Nifty drops 10 points: Asian markets firm, dollar flat, oil prices edge higher on last session of March quarter

Domestic stocks are likely to see a flat to positive start, as Asian peers were trading mostly higher and headed for a second quarterly gain on Friday. Oil prices edged higher while dollar was flattish after data showed German inflation eased significantly in March, even as it came in higher than expectations. Here's what you should know before the Opening Bell:

Nifty outlook

Nifty on Wednesday settled below the resistance level of 17,250. The critical short-term moving average, the 50 DMA (17,571), is sitting well above the current value of the index. Analysts said the on-going sideways trend may persist until there is a decisive breakout above 17,250.

"A decisive breakout above 17,250 may take the index for a ride to the 17,500–17,600 zone. On the lower end, 16,900 may continue to act as crucial support," said Rupak De of LKP Securities.

SGX Nifty signals a flat start

Nifty futures on the Singapore Exchange traded 10 points, or 0.05 per cent, lower at 17,249.50, hinting at a flat start for the domestic market on Friday.

Asian shares gain in early trade

Asian stocks advanced on Friday on the last session of March quarter. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.17 per cent. Japan's Nikkei rose 0.77 per cent; China's Shanghai Composite advanced 0.38 per cent; Hong Kong's Hang Seng surged 1.98 per cent and Korea's Kospi gained 1.06 per cent.

Wall Street stocks settle higher

Overnight, Wall Street was boosted by gains in technology-related shares, although regional bank shares fell after Treasury Secretary Janet Yellen said banking regulation and supervisory rules need to be re-examined. Dow Jones jumped 0.4 per cent, the S&P500 index gained 0.6 per cent while the Nasdaq Composite settled 0.7 per cent higher.

Oil prices edge higher, dollar flat

Oil prices were a touch higher on Friday, but were still down more than 3 per cent for the month. US crude futures edged up to $74.42 per barrel, while Brent crude futures rose 0.2 per cent to $79.42 per barrel, Reuters reported. The dollar index, on the other hand, was flat at 102 .15.The US dollar has declined 2.6 per cent against its peers so far in March, with the euro surging 3 per cent to $1.0903 and the yen gaining 2.2 per cent to 133.3 per dollar amid the safe-haven flows into the Japanese currency.

Stocks in F&O ban

No stock was under F&O ban by National Stock Exchange (NSE) for Friday, March 31. Derivative contracts in a security are banned when it crosses 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 buy shares worth Rs 1,245 cr

Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 1,245.39 crore on Wednesday. Domestic institutional investors (DIIs) turned net buyers of equities to the tune of Rs 822.99 crore.

Rupee falls 18 paise against dollar

The rupee declined 18 paise to close at 82.34 against the US dollar on Wednesday amid a rise in crude prices and a firm greenback in the overseas market.

Note: With inputs from PTI, Reuters and other agencies

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