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

Domestic stock indices are likely to open higher on Friday amid positive global cues. Asian stocks hovered near a four-month high, thanks to an overnight rise in US stocks. A dovish commentary from the US Fed boosted the investor sentiment. At home, all eyes will be on the listing of IKIO Lighting. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty formed  a Bearish Engulfing pattern, indicating a potential reversal of its previous bullish trend. Additionally, it formed a Double Top on the hourly chart, which suggests a potential downturn, said Rupak De, Senior Technical at LKP Securities. "The RSI is showing a negative divergence, indicating weakening bullish momentum. In the near term, Nifty may decline towards 18,550 level. On the higher end, there is a resistance placed at 18,750 level," he said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 44 points, or 0.23 per cent, higher at 18,804, hinting at a positive start for the domestic market on Friday.

Asian stocks rise in early trade
Asian shares rose to a near four-month high on Friday as resilient US economic data stoked expectations that the Federal Reserve is near the end of its rate-hike campaign, with investor focus switching to the Bank of Japan's policy meeting. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.38 per cent. Japan's Nikkei fell 0.53 per cent; Australia's ASX 200 gained 0.58 per cent; New Zealand's DJ jumped 0.61 per cent; China's Shanghai rose 0.31 per cent; Hong Kong's Hang Seng advanced 0.66 per cent and South Korea's Kospi added 0.25 per cent.

Oil prices edge lower
Oil prices edged lower in early trade on Friday, taking a pause from the previous session when futures gained steeply on optimism around higher energy demand from top crude importer China. Brent futures dipped 13 cents to $75.54 a barrel by 00:08 GMT, while US West Texas Intermediate (WTI) crude dropped 10 cents to $70.52 a barrel. Both benchmarks surged about 3% during the prior session.

Soft US data hits dollar
The yen languished near a 15-year low against the euro and around a seven-month trough against the dollar on Friday, ahead of a closely-watched policy decision by the Bank of Japan, where it is set to stay ultra-dovish in the face of its hawkish peers. The Japanese yen was last just over 0.1 per cent higher at 140.09 per dollar. Against the euro, the yen last bought 153.40, not far from Thursday's 15-year low of 153.685 per euro. Sterling rose to an over one-year peak of $1.2794 in early Asia trade, while the euro stood near a one-month high at $1.0947.

Wall Street stocks settled higher
US main indices rallied sharply. The S&P 500 and Nasdaq surged on Thursday to close at their highest in 14 months, as investors cheered economic data that fueled bets that the US Federal Reserve is nearing the end of its aggressive interest-rate hike campaign. The S&P 500 climbed 1.22 per cent to end the session at 4,425.84 points. The Nasdaq increased 1.15 per cent to 13,782.82 points, bringing its gain this week to almost 4 per cent. The Dow Jones Industrial Average rose 1.26 per cent to 34,408.06 points.

IKIO Lighting listing today
IKIO Lighting will make its Dalal Street debut today. The company had raised about Rs 607 crore from its initial stake sale between June 6-8. The company sold its shares in the range of Rs 270-285 apiece, a lot size of 52 equity shares. The issue garnered a strong response from the investors during the three-day bidding process and was overall subscribed 66.30 times.

Stocks in F&O ban
Nine stocks- L&T Finance Holdings, Tata Chemicals, Zee Entertainment (ZEEL), Bharat Heavy Electricals (BHEL), Manappuram Finance, Delta Corp, Indiabulls Housing Finance, India Cements and Indian Energy Exchange (IEX) - has been put under the ban by National Stock Exchange (NSE) for Friday, June 16. Derivative contracts in a security are banned when they cross 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 3,086 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 3,085.51 crore on Thursday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 297.88 crore.

Rupee falls 20 paise against dollar
The rupee fell 20 paise to close at 82.25 against the US dollar on Thursday, pulled down by a strong greenback overseas and a negative trend in domestic equities. Forex traders said the rupee depreciated slightly on recovery in the US dollar after the US Fed left the key interest rate unchanged, but hinted at more rate hikes this year.

Note: With inputs from PTI, Reuters and other agencies

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