GIFT Nifty up 16 points: Asian markets, crude oil prices, dollar movement, & more

Domestic benchmark indices are likely to open flat on Friday with a positive bias amid a slew of global cues. Asian stocks were choppy in the early trade, as US stocks settled mixed tone overnight. Traders will be looking for global cues for directions. Back home, Q3 updates for listed companies will fuel stock-specific actions. Here's what all you know to know before the Opening Bell:

Nifty outlook
VLA Ambala, Co-Founder of Stock Market Today said Nifty trend stays bullish, with the 21,500 level serving as a significant support level. The market faced selling pressure but a recovery was witnessed in the last trading session. "Key support levels for Nifty are identified at 21620 and 21550, while major resistance points are noted at 21750 and 21840," she said.

Nifty Bank outlook
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said Nifty Bank witnessed a robust comeback by the bulls, decisively surpassing the hurdle at 48,000 on a closing basis. "The breakthrough confirms the resumption of the uptrend, indicating a potential move towards the target of 50,000. The bullish crossover in the RSI further supports the positive momentum. In case of any pullback, the index has a solid support at 47,700, serving as a cushion," he said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 16 points, or 0.07 per cent, higher at 21,774, hinting at a flattish start for the domestic market on Friday.

Asian shares see a mixed start
Asian stocks wobbled on Friday, keeping global equities on track to snap a nine-week winning streak, while the dollar was poised for its strongest weekly advance since mid-July as bets on aggressive Federal Reserve rate cuts were rolled back. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.12 per cent. Japan's Nikkei jumped 0.43 per cent; Australia's ASX 200 added 0.08 per cent; New Zealand's DJ dropped 0.64 per cent; China's Shanghai shed 0.05 per cent; Hong Kong's Hang Seng rose 0.14 per cent; South Korea's KOSPI declined 0.11 per cent.

Oil prices nudge higher
Oil ticked slightly higher following declines on Thursday, when massive weekly gasoline and distillate stock builds overshadowed a larger-than-expected crude stock draw. Brent crude futures were up 0.18 per cent at $77.73 per barrel, after settling down 0.8 per cent overnight. US West Texas Intermediate crude futures added 0.43 per cent to $72.50 on Friday following a 0.7 per cent decline in the previous session.

Dollar set for a strong week
The dollar was steady on Friday, heading for its strongest weekly performance since July on scaled back expectations of steep and early interest rate cuts this year ahead of closely watched US payrolls data later in the day. The US currency was last at 102.39 in early trade on Friday. The euro was last up 0.09 per cent at $1.0953. Sterling was last at $1.2694, up 0.12 per cent on the day. The yen weakened 0.06 per cent to 144.72 per dollar.

Wall Street shares settle mixed
The S&P SPX and Nasdaq Composite closed lower on Thursday, extending their losing streak that kicked off 2024, although the Dow Jones Industrial eked out a win on the back of financial stocks and strong jobs data. The S&P 500 lost 16.13 points, or 0.34 per cent, to end at 4,688.68 points, while the Nasdaq Composite lost 81.91 points, or 0.56 per cent, at 14,510.3. The Dow Jones Industrial Average rose 10.15 points, or 0.03 per cent, to 37,440.34.

Stocks in F&O ban list
As many as 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, January 05. The new addition namely-Chambal Fertilisers & Chemicals, Escorts Kubota, Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) and India Cements - will join the existing retentions including Balrampur Chini Mills, Delta Corp, Indian Energy Exchange, National Aluminium Company (Nalco), Steel Authority of India (SAIL), Zee Entertainment Enterprises (ZEEL) and Hindustan Copper. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs buy shares worth Rs 1,513 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of 1,513.41 crore on Thursday.. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 1,387.36 crore.

Rupee rises 6 paise against dollar
The rupee appreciated 6 paise to close at 83.24 against the US dollar on Thursday, helped by a bullish trend in domestic equities and weakness of the American currency in the overseas market. However, rising crude oil prices capped sharp gains for the local unit, forex traders said.


Note: With inputs from PTI, Reuters and other agencies

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