GIFT Nifty up 65 points: Asian markets, crude oil prices, dollar movement, & more

Domestic stock indices are may open higher on Friday, tracking positive global cues. Asian stocks were up in the early trade, tracking strong overnight gains in US stocks. Here's what you should know before the opening bell:

Nifty outlook
Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21,000, affirming a bullish sentiment, said Kunal Shah of  LKP Securities. "The index closed above its 10-day moving average, signaling positive momentum. Key levels to monitor include 21,000 as immediate support and 21,300 as initial resistance."

Nifty Bank outlook
Om Mehra, Technical Analyst at SAMCO Securities said Nifty Bank formed a piercing pattern on the daily chart, which is considered a bullish pattern, indicating a short-term bullish signal. The index has rebounded from the critical 23.6 per cent Fibonacci retracement level and is holding steady at 47,000 level. The resistance point is identified at 48,220.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 65 points, or 0.30 per cent, higher at 21,382, hinting at a positive start for the domestic market on Friday.

Asian stocks inch higher
Asian stocks were poised to eke out gains for the final full trading week of the year on Friday, while the dollar eyed a loss as investors look to 2024 as a year of steep US rate cuts. Markets have been in a festive mood for weeks. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.29 per cent. Japan's Nikkei gained 0.22 per cent; Australia's ASX 200 added 0.01 per cent; New Zealand's DJ rose 0.19 per cent; China's Shanghai shed 0.29 per cent; Hong Kong's Hang Seng jumped 0.42 per cent; South Korea's advanced 0.25 per cent.

Oil climbs as Red Sea tension persists
Oil prices rose in early trade on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola's decision to leave OPEC raised questions over the group's effectiveness in supporting prices. Brent crude futures were up 23 cents, or 0.3 per cent, to $79.62 a barrel by 0121 GMT, while US West Texas Intermediate crude futures were up 22 cents, also 0.3 per cent, at $74.11 a barrel.

Dollar sinks ahead of US inflation test
The dollar languished near a more than four-month low on Friday ahead of a reading on a key US inflation gauge due later in the day, which will provide further clarity on how much room the Federal Reserve has to cut interest rates next year. Against a basket of currencies, the greenback was last at 101.76. Sterling was little changed at $1.26905, while the euro peaked at $1.10125. In Asia, the yen last stood at 142.09 per dollar,

Wall Street stocks end higher
US stocks closed higher on Thursday, winning back much of the previous day's losses, as economic data fueled optimism that the Federal Reserve would ease monetary policy and revived investor risk appetite. All three major US stock posted gains as chips surged. The Dow Jones Industrial Average rose 322.35 points, or 0.87 per cent, to 37,404.35, the S&P 500 gained 48.4 points, or 1.03 per cent, at 4,746.75 and the Nasdaq Composite added 185.92 points, or 1.26 per cent, at 14,963.87.

FPIs sell shares worth Rs 1,636 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 1,636.19 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,464.70 crore.

Rupee falls 9 paise against dollar
The rupee fell by 9 paise to settle at 83.27 against the US dollar on Thursday as withdrawal of foreign funds amid concerns over global trade disruption through the Red Sea route dented investor sentiment. According to forex analysts, despite positive sentiment in the domestic equity markets and a weak American currency against major global currencies, the Indian unit was weighed down by the volatile crude oil prices.

Note: With inputs from PTI, Reuters and other agencies

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