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

Domestic stock indices are likely to open higher on Wednesday, tracking firm global cues. US stocks settled near record highs overnight while Asian stocks rally in the early trade. Back home, three new companies- Happy Forgings, Credo Brands Marketing and RBZ Jewellers- will make their stock market debuts today. Here's what you should know before the Opening Bell:

Nifty outlook
VLA Ambala, co-founder at Stock Market Today said that there is a high probability that Nifty50 could reclaim its 21,500-level in the December F&O series. Key support levels for Nifty are placed at 21,380 and 21,320 while notable resistance points are identified at 21,550 and 21,680, she said.

"To capitalise on this market movement, it is advisable to stay invested in resilient stocks, utilising trailing techniques to maximise gains in highly surging stocks. It is crucial to closely monitor the situation, as Nifty is expected to approach the 21,500 level again in December 2023," she added.

Nifty Bank outlook
Rupak De, Senior Technical Analyst at LKP Securities said sentiment at Nifty Bank has again turned positive, as the index moves back above the 47,500 level. "A small green bodied candle within the previous red candle indicates a potential bullish trend ahead. A support is established at 47,500 while the index resistance is observed at 48,000-48,250 on the higher side," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 44 points, or 0.20 per cent, higher at 21,546, hinting at a positive start for the domestic market on Wednesday.

Asian stocks rally at open
Asian markets surged on Wednesday, tracking overnight rise in US stocks, as investors bet that the Federal Reserve will cut interest rates as early as March. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.71 per cent. Japan's Nikkei surged 1.14 per cent; Australia's ASX 200 soared 1.04 per cent; New Zealand's DJ added 0.08 per cent; China's Shanghai shed 0.24 per cent; Hong Kong's Hang Seng jumped 1.10 per cent; South Korea's declined 0.11 per cent.

Oil prices fall in early trade
Oil prices fell in early Asian trade on Wednesday, trimming strong gains from the previous session as major shipping firms began returning to the Red Sea despite continued attacks and escalating tensions in the Middle East. Brent crude futures fell 18 cents, or 0.22 per cent, to $80.89 a barrel. US WTI crude futures were down 22 cents, or 0.29 per cent, at $75.35 a barrel.

Dollar under pressure on rate cut hopes
The dollar remained under pressure on Wednesday, while the euro flirted with a four-month peak, as expectations that the Federal Reserve would soon cut interest rates take hold in the market, with thin year-end flows keeping movements limited. The dollar index was at 101.54. The euro was down 0.07 per cent to $1.1034. The Japanese yen weakened 0.17 per cent to 142.64 per dollar.

Wall Street stocks end higher
US stocks extended rally on Tuesday, kicking off the final week of 2023 with expectations that the Federal Reserve will begin cutting interest rates as soon as March. All three major US stock indices rose in light trading a day after the Christmas holiday. The Dow Jones Industrial Average rose 159.36 points, or 0.43 per cent, to 37,545.33, the S&P 500 gained 20.12 points, or 0.42 per cent, to 4,774.75 and the Nasdaq Composite added 81.60 points, or 0.54 per cent, to 15,074.57.

Happy Forgings shares to list today
Shares of Happy Forgings will debut on Dalal Street today. The issue was sold at Rs 850 apiece. The company raised a total of Rs 1,008.58 crore, which included a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) 71,59,920 equity shares. The company is commanding a premium of Rs 235-250 per share in the grey market.

Credo Brands Marketing to make debut
Shares of Credo Brands Marketing will make debut on Dalal Street today. The issue was sold at Rs 280 apiece. The company raised about Rs 550 crore, which was entirely an offer-for-sale of 1,96,34,960 equity shares. The company is commanding a premium of Rs 80-90 per share in the grey market.

RBZ Jewellers shares listing today
Shares of RBZ Jewellers will make debut on Dalal Street today. The issue was sold at Rs 100 apiece. The company raised a total of Rs 100 crore which was entirely a sale of 1,00,00,000 equity shares. The company is commanding no premium in the grey market ahead of its listing

FPIs sell shares worth Rs 95 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 95.20 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 167.04 crore.

Rupee falls 3 paise against dollar
The rupee slipped 3 paise to settle at 83.19 against the US dollar on Tuesday amid a strong American currency and outflow of foreign funds. A positive equity market sentiment and softer crude oil prices, however, provided a cushion and restricted the fall in the Indian currency, forex traders said.

Also Read: ICICI Bank, Infosys, ITC: Key support and resistance levels for these largecap stocks


Note: With inputs from PTI, Reuters and other agencies