GIFT Nifty down 5 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices may open flat on Friday but are likely to dance to the global tune as the session progresses. Asian markets were sharply up at open, tracking an overnight rally in  US stocks after a slew of economic data. Dollar took a breather and US bond yields eased. Back home, the IPO of ESAF Small Finance Bank will open for bidding today. Here's what you should know before the opening bell:

Nifty outlook
Kunal Shah of  LKP Securities said Nifty has formed a ‘Doji’ candle on the daily chart, reflecting a state of indecision as a battle between the bulls and the bears unfolds.

"Downside support is apparent in the 19,000-18,900 range, with visible fresh put writing for the upcoming weekly expiry. Immediate resistance is situated at the 19,200 level, and a breakthrough at this point could trigger fresh short covering, potentially propelling the index towards 19,300-19,350," he said.

Nifty Bank outlook
Jay Thakkar of Sharekhan said Nifty Bank has bounced quite well. "However, it saw some profit booking from the higher levels, however, 42700 to 42500 are crucial support levels in the near term whereas 43500 to 43700 are crucial resistance levels," he said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 5 points, or 0.03 per cent, lower at 19,355, hinting at a flattish start for the domestic market on Friday.

Asian shares open higher
Asian shares on Friday were headed for their biggest weekly rise in a year,  following the release of US economic data overnight. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.32 per cent. Japan's Nikkei jumped 1.20 per cent; Australia's ASX 200 gained 1.13 per cent; New Zealand's DJ surged 0.79 per cent; China's Shanghai added 0.94 per cent; Hong Kong's Hang Seng rallied 2.04 per cent; South Korea's Kospi surged 1.01 per cent.

Oil prices little changed
Oil prices were little changed on Friday, heading for their second straight week of losses as the US central bank left the door open for possible future rate hikes and worries that the Middle East conflict would disrupt supply eased. Brent crude futures rose 6 cents to $86.91 a barrel by 0010 GMT, while US West Texas Intermediate crude futures gained 12 cents, or 0.2 per cent, to $82.58 a barrel

Dollar eases as Fed likely done with hikes
The dollar stayed on the back foot on Friday and was on course for a weekly decline against a basket of currencies as traders wagered that the US Federal Reserve was most likely done with rate increases, lifting risk sentiment. The dollar index was at 106.22. The Japanese yen was 150.41 per dollar. The euro was down 0.03 per cent to $1.0617, while Sterling was trading at $1.2189, down 0.10 per cent on the day.

US stocks settle sharply higher
Wall Street's three main stock indexes rallied nearly 2% on Thursday on hopes that the US Federal Reserve has reached the end of its interest rate hiking campaign and a batch of upbeat quarterly financial updates added to the bullish mood. The Dow Jones Industrial Average rose 564.5 points, or 1.7 per cent, to 33,839.08, the S&P 500 gained 79.92 points, or 1.89 per cent, at 4,317.78 and the Nasdaq Composite added 232.72 points, or 1.78 per cent, at 13,294.19.

ESAF SFB IPO to open today
The initial public offering of ESAF Small Finance Bank will open for bidding today. The Kerala-based lender is looking to raise a total of Rs 463 crore via primary stake sale, offering its shares in the range of Rs 57-60 apiece and a lot size of 250 equity shares. The issue can be subscribed till Tuesday, November 7.

Q2 results today
Titan Company Ltd, InterGlobe Aviations Ltd, Zomato Ltd, MRF Ltd, Uco Bank Ltd, Aditya Birla Capital Ltd, JSW Infrastructure Ltd, Thermax Ltd, Escorts Kubota Ltd, Gujarat Fluorochemicals Ltd, Punjab & Sind Bank, Sundram Fasteners Ltd, Bayer Cropscience Ltd and Whirlpool of India Ltd are among the companies which announced their earnings for the quarter ended on September 2023.

Stocks in F&O ban
Only one stock Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) continue to be under the F&O segment ban by the National Stock Exchange (NSE) for Friday, November 3. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs sell shares worth Rs 1,261 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 1,261.19 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,380.15 crore.

Rupee rises 6 paise against dollar
The rupee rose by 6 paise to close at 83.22 against the US dollar in a range-bound trade on Thursday as the American currency retreated from its elevated levels after the US Federal Reserve was a bit dovish in its policy meeting. Forex traders said the local unit got support from positive domestic equity markets and risk-on sentiments.

Note: With inputs from PTI, Reuters and other agencies

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