GIFT Nifty down 8 points: Asian markets, crude oil prices, dollar movement, & more

Domestic stock indices are likely to open with mild cuts on Tuesday amid muted global cues. Asian stocks opened on a flat note earlier today, even as US stock settled higher overnight. Crude oil prices were trading higher after Red Sea attacks. Back home, it would be a busy day for the primary market. Here's what you should know before the Opening Bell:

Nifty outlook
VLA Ambala, Co-Founder of Stock Market Today advised traders to avoid an aggressive 'sell on rise' approach, as the overall market sentiment remains bullish. Key supports for Nifty stands at 21,320-21,200, and 21200 level, with notable resistance levels seen at 21,510 and 21,600, respectively. "The market is poised for a potential upward movement, and there are expectations that the December 2023 series could surpass the 21,500 level," she said.

Nifty Bank outlook
Jatin Gedia, Technical Research Analyst at Sharekhan said Nifty Bank found support at the 46,900 level on Monday and witnessed a pullback that helped the index close off the intraday lows. "We expect the bank Nifty to be range bound in the 47,500-46,900 range from a short-term perspective. A decisive close above 47,500 can lead to a surge till 48,000-48,200," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 8 points, or 0.04 per cent, lower at 21,478, hinting at a negative start for the domestic market on Tuesday.

Asian stocks choppy in early trade
Asian shares were mostly flat on Tuesday, as the focus turned to Japan's central bank and whether it might edge further away from its ultra-easy monetary policy. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.06 per cent. Japan's Nikkei rose 0.14 per cent; Australia's ASX 200 jumped 0.73 per cent; New Zealand's DJ gained 0.36 per cent; China's Shanghai added 0.18 per cent; Hong Kong's Hang Seng dropped 0.44 per cent; South Korea's shed 0.06 per cent.

Oil prices extend gains
Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels. Brent crude futures rose 17 cents, or 0.2 per cent, to $78.12 a barrel. The front-month US West Texas Intermediate crude futures contract , which expires on Tuesday, rose 14 cents to $72.61 a barrel. The more active second-month contract rose 9 cents, or 0.1 per cent, to $72.91.

Dollar languishes, yen up ahead of BOJ meet
The yen rose broadly on Tuesday ahead of a policy decision from the Bank of Japan later in the day which some traders hope will prove crucial in determining if and when the central bank will move away from negative interest rates. The greenback languished as the risk-sensitive currencies got a leg up on the prospect that the US Federal Reserve could begin easing interest rates as soon as early next year. The yen rose more than 0.3 per cent to 142.31 against the US dollar. Sterling rose 0.07 per cent to $1.2656, while the euro slipped 0.01 per cent to $1.0921.

Wall Street stocks extend gains
US stocks gained ground on Monday as market participants parsed mounting expectations of interest rate cuts from the Federal Reserve in the coming year and looked ahead to a week of crucial economic data. A broad but modest rally boosted the S&P 500 and the Nasdaq to solid gains, while the Dow ended flat. The Dow Jones Industrial Average held steady at 37,306.02, the S&P 500 gained 21.37 points, or 0.45 per cent, to 4,740.56 and the Nasdaq Composite added 90.89 points, or 0.61 per cent, to 14,904.81.

Happy Forgings IPO to open today
The Rs 1,009 crore-initial public offering (IPO) of Happy Forgings will open for bidding on Tuesday, December 19, 2023. The auto anciliary player is offering its shares in the range of Rs 808-850 per share, with a lot size of 17 equity shares. The three-day bidding for the issue will conclude on Thursday, December 21, 2023.

RBZ Jewellers IPO to kick off today
The Rs 100 crore-initial public offering (IPO) of RBZ Jewellers will open for bidding on Tuesday, December 19, 2023. The jewellery player is offering its shares in the range of Rs 95-100 per share with a lot size of 150 shares and its multiples thereafter. The bidding for the issue shall conclude on Thursday, December 21.

Stocks in F&O ban list
As many as seven stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, December 19. New entrants- National Aluminium Company (Nalco)- have joined the rententions like Balrampur Chini Mills, Hindustan Copper, Steel Authority of India (SAIL), India Cements, Manappuram Finance and Zee Entertainment Enterprises (ZEEL). 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 34 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 33.51 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 413.88 crore.

Rupee falls 7 paise against dollar
The rupee surrendered its initial gains to settle 7 paise lower at 83.10 against the US dollar on Monday due to a spike in oil prices and a lacklustre trend in domestic equity markets. However, a weak greenback against major currencies overseas supported the local currency, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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