GIFT Nifty down 8 points: Asian markets, crude oil prices, dollar movement & more
Nifty futures on the NSE International Exchange traded 7.50 points, or 0.04 per cent, lower at 19,591.50, hinting at a negative start for the domestic market on Tuesday.
SUMMARY
- Indian markets are likely to open lower, signals GIFT Nifty and as it futures on the NSE International Exchange traded 7.50 points.
- Asian stocks fell in early trade; Wall Street was shut overnight.
- Shares of Vishnu Prakash R Punglia will make market debut today.
Domestic equity indices are likely to see a muted start to Tuesday’s trade due to a lack of directional cues from global cues. Asian stocks were trading in the red in the early session while US stocks were shut overnight on the account of Labor Day. At home, Vishnu Prakash R Punglia will make its market debut today. Here’s what you should know before the Opening Bell:
Nifty outlook
Nifty continues to stay in the bullish territory, as the index maintained its position above the channel breakout level. The trend is expected to stay positive as long as Nifty remains above 19,525. “On the upside, the index could potentially extend its gains towards 19,750. If it falls below 19,400, we may witness a period of consolidation,” said Rupak De, Senior Technical analyst at LKP Securities.
GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 7.50 points, or 0.04 per cent, lower at 19,591.50, hinting at a negative start for the domestic market on Tuesday.
Asian stocks trade mostly up in early trade
Asian shares dropped lower on Tuesday amid the absence of decisive global cues and host of regional triggers directing the specific markets. The return of US markets after the Labor Day holiday really kicks September trading into gear. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.84 per cent. Japan’s Nikkei shed 0.13 per cent; China’s Shanghai slipped 0.68 per cent; Hong Kong’s Hang Seng tanked 1.68 per cent and South Korea’s Kospi declined 0.27 per cent.
Oil prices trade mixed
Oil prices were mixed on Tuesday morning as support from China’s measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11 per cent, to $88.90 a barrel. US West Texas Intermediate crude (WTI) October futures rose 33 cents, or 0.39 per cent, to $85.88.
Dollar steady against yen
The dollar was firm on Tuesday and the Aussie under a little pressure as traders watched out for the Reserve Bank of Australia’s interest rate decision with bets that rates may have peaked. The yen dipped overnight and analysts see it grinding toward 150 per dollar. The euro drifted higher from recent lows and was steady at $1.0793 early in the Asia session. Sterling hovered at $1.2624.
US stocks to resume trade today
Wall Street will resume trade on Tuesday after a public holiday on Monday on the account of Labor day. Key US stock indices settled on a mixed close on Friday after a US jobs report showed an uptick in unemployment, cementing expectations that the Federal Reserve will let interest rates stay constant at its September meeting. The Dow Jones Industrial Average rose 115.8 points, or 0.33 per cent, to 34,837.71, the S&P 500 gained 8.11 points, or 0.18 per cent, to 4,515.77 and the Nasdaq Composite dropped 3.15 points, or 0.02 per cent, to 14,031.82.
Vishnu Prakash R Punglia to list today
Shares of Vishnu Prakash R Punglia is set to make its Dalal Street debut on Tuesday, September 5. The primary offering of Vishnu Prakash R Punglia was open for bidding between August 24-26. The company raised Rs 309 crore from the sale of 3.12 crore fresh equity shares and sold its shares for Rs 99 apiece, with a lot size of 130 equity shares. The issue was overall subscribed 87.82 times.
Stocks in F&O ban
Five stocks, including new entrants like Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Hindustan Copper, and The India Cements, who will join Indiabulls Housing Finance, have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, September 5. 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 sell shares worth Rs 3,368 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 3,367.67 crore on Friday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 2,563.48 crore.
Rupee falls 9 paise against dollar
The rupee depreciated by 9 paise to close at 82.71 against the US dollar on Monday, weighed down by a surge in crude oil prices and strength of the American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 82.71 against the US dollar and moved in a range of 82.67 to 82.77 in the day trade.
With Thanks Reference to: https://www.businesstoday.in/markets/market-commentary/story/gift-nifty-down-8-points-asian-markets-crude-oil-prices-dollar-movement-more-396853-2023-09-05
