SGX Nifty up 121 points: Asian markets, crude oil prices, dollar movement, Nifty outlook & more

After a day's hiatus, domestic equity markets are set to open with big gains on Friday amid positive bias of the global cues. Asian stocks opened majorly higher, while US stocks ended with mostly gains in the overnight session. FPI buying is a big positive for the Indian equities. GQG Partners invested over $1 billion in Adani Group. Back home, ample action awaits in the primary markets as IPOs of ideaForge Technology and Cyient DLM will close for subscription, while PKH Ventures primary sale will kick off. Here's what you should know before the opening bell:

Nifty outlook
A long bull candle was formed on the daily chart with a gap up opening. Technically, this pattern indicates sharp upside momentum to surpass the crucial overhead resistance of 18,900 levels and to zoom into new all-time highs. The positive chart pattern like higher tops and bottoms is intact, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

"The short-term trend of Nifty continues to be positive. Having surpassed above the crucial overhead resistance of 18,900 levels on Wednesday, there is a possibility of more upside towards 19,100-19,200 levels in the next few sessions before shifting into consolidation/minor weakness from the highs. Immediate support is at 18,830 levels," he added.

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SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 121 points, or 0.63 per cent, higher at 19,207, hinting at a positive start for the domestic market on Friday.

Asian stocks open mostly up
Asian stocks opened mostly higher on Friday with investors bracing for a raft of top tier economic data, particularly from China and Japan, and digesting yet another leg-up in global interest rate expectations. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.04 per cent. Japan's Nikkei tanked 0.59 per cent; Australia's ASX 200 shed 0.02 per cent; New Zealand's DJ rose 0.20 per cent; China's Shanghai added 0.21 per cent; Hong Kong's Hang Seng advanced 0.33 per cent and South Korea's Kospi jumped 0.31 per cent.

Oil prices fall slightly
Brent crude oil prices were little changed in early trading on Friday, but were set to notch their first monthly gain this year as a steep drawdown in oil stocks and OPEC+ plans to cut output outweighed demand fears stemming from rising interest rates. Brent crude futures for September delivery fell 19 cents, or 0.3 per cent, to $74.32 at 0015 GMT. The less-traded front month contract , which expires on Friday, was down 12 cents at $74.22. US West Texas Intermediate crude (WTI) was down 21 cents, or 0.3 per cent, to $69.65.

Dollar firms, Yen weakens further
The US dollar was firmer in early Asia trade but the yen weakened past 145 per dollar on Friday, a level which kept speculators wary of potential intervention from Japanese authorities, while a faltering economic recovery in China also kept pressure on the yuan. The yen bottomed at 145.07 per dollar in early Asia trade, while the onshore yuan fell to its lowest since November at 7.2615 per dollar. The dollar index steadied at around 103.33. Sterling was last 0.06 per cent higher at $1.2619 and The euro edged 0.11 per cent higher to $1.0874.

Wall Street settles mostly up
The Dow and the S&P 500 advanced on Thursday as bank shares rallied after major lenders cleared the Federal Reserve's annual stress test, while strong economic data stoked expectations of further interest rate hikes from the central bank. The Dow Jones Industrial Average rose 269.76 points, or 0.8 per cent, to 34,122.42, the S&P 500 gained 19.58 points, or 0.45 per cent, to 4,396.44 and the Nasdaq Composite dropped 0.42 points to 13,591.33.

PKH Ventures' IPO kicks off
The Rs 379.35 crore-initial public offering (IPO) of PKH Ventures kicks off for subscription on Friday, June 30. The fixed construction and development solutions provider will sell its shares in the range of Rs 140-148 apiece, with a lot size of 100 equity shares until July 4.

Stocks in F&O ban
Since we are in the beginning of the new series, no stocks have been put under the ban list by the National Stock Exchange (NSE). 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 12,350 cr
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 12,350 crore on Wednesday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 1,021.01 crore.

Rupee slips one paisa against US dollar
The rupee slipped one paisa to settle at 82.03 against the US currency on Wednesday amid firm oil prices in the international market and a rebound in the greenback. However, fresh foreign portfolio investments into equities and a record-breaking rally in domestic equities restricted the rupee’s decline, analysts said.

Note: With inputs from PTI, Reuters and other agencies

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