SGX Nifty up 39 points: Asian markets, crude oil prices, dollar movement, Nifty outlook & more

After a day's hiatus, domestic stock indices are likely to open with gains on Friday, tracking firm global cues. Asian markets ticked higher, tracking an overnight rise in US stocks. Dollar retreated while crude oil prices also fell on Friday morning. All eyes will be on inflation data globally and the US Fed's policy meeting next week. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty Put writers on Thursday succeeded in preventing the index from falling below the 18,600 level, said Rupak De, Senior Technical at LKP Securities. "If the Nifty manages to stay above this level, the trend is likely to remain sideways-to-positive. However, resistance will be observed at the 18,800-18,900 levels on the higher side," he said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 38.50 points, or 0.21 per cent, higher at 18,759, hinting at a positive start for the domestic market on Friday.

Asian stocks gain in early trade
Asian equities opened mostly higher on Friday but inflation data from China can puncture the confidence. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.42 per cent. Japan's Nikkei rallied 1.77 per cent; Australia's ASX 200 gained 0.31 per cent; New Zealand's DJ added 0.04 per cent; China's Shanghai Composite shed 0.06 per cent; Hong Kong's Hang Seng rose 0.09 per cent while South Korea's Kospi jumped 0.90 per cent.

Oil prices fall over demand fears
Oil prices fell in early Asia trade on Friday as demand concerns outweighed the prospect of tighter supply from global producers while investors remained sceptical that the United States and Iran could strike a nuclear deal. Brent crude futures dropped 36 cents, or 0.5 per cent, to $75.60 a barrel, while the US West Texas Intermediate crude futures eased 33 cents, or 0.5 per cent, to $70.96 a barrel.

Dollar index eases to 103 level
The dollar retreated on Friday, dragged by lower US Treasury yields after a spike in weekly jobless claims raised traders' hopes that a peak in US interest rates was near, as focus turned to the upcoming week packed with central bank meetings. The dollar index last stood at 103.35 in early Asia trade on Friday, Against the Japanese yen , the greenback dipped to a one-week low of 138.765, tracking a slide in US Treasury yields. Elsewhere, sterling touched a near one-month high of $1.2564, while the euro was last steady at $1.0782.

Wall Street stocks settle higher
US stocks closed higher on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Volatility dropped to record lows ahead of an eventful economic and policy calendar next week. Dow Jones Industrial Average rose 168.59 points, or 0.5 per cent, to 33,833.61. S&P500 index gained 26.41 points, or 0.62 per cent, to 4,293.93. Nasdaq Composite added 133.63 points, or 1.02 per cent, to 13,238.52.

Stocks in F&O ban
Three stocks- Indiabulls Housing Finance, India Cements and Manappuram Finance - have been put under the ban by National Stock Exchange (NSE) for Friday, June 9. 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 212 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 212.40 crore on Thursday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 405.01 crore.
 
Rupee gains 1 paisa against dollar
The rupee appreciated by 1 paisa to close at 82.51 against the US dollar on Thursday, after the Reserve Bank kept the key interest rate unchanged. At the interbank foreign exchange, the domestic unit opened at 82.59 against the dollar, and finally settled at 82.51, up 1 paisa from its previous close.

Note: With inputs from PTI, Reuters and other agencies

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