Domestic equity markets are set to open lower on Thursday, amid the host of negative cues from the global markets. Asian stocks tanked at the opening tick amid the deepening concerns over China and global financial health. US stocks extended their gains after the US Fed minutes of meeting. Dollar continues to gain strength and a weaker rupee may trigger FIIs selling of Indian equities. Here's what you should know before the opening bell:
Nifty outlook A small positive candle was formed on the daily chart with minor upper and lower shadow. This pattern indicates a side-by-side bull candle type pattern, but the placement of the pattern is not ideal. One may expect minor upside bounce from here, but the sustainability of this bounce could be a big question on the market, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
"The negative chart pattern like lower tops and bottoms is intact. The odds of Nifty forming another lower top could be high in the short term. Currently, the strong cluster resistance is placed around 19,550-19,600 levels and one may possibly expect weakness from the highs for this week. Immediate support is placed around 19,250-19,300 levels," he said.
GIFT Nifty signals a negative start Nifty futures on the Nifty International Exchange traded 14 points, or 0.07 per cent, lower at 19,398, hinting at a negative start for the domestic market on Thursday.
Asian stocks fall in early trade Asian shares opened with big cuts on Thursday amid mix of caution and nervousness, with familiar roots: a supercharged dollar and rising US bond yields, tightening financial conditions, and deepening concern over China. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.03 per cent. Japan's Nikkei tanked 1.17 per cent; Australia's ASX 200 dropped 0.79 per cent; New Zealand's DJ plunged 1.51 per cent; China's Shanghai fell 0.36 per cent; Hong Kong's Hang Seng crashed 1.74 per cent and South Korea's Kospi tumbled 0.91 per cent.
Oil prices drop Oil prices fell in early trade on Thursday, extending losses to a fourth consecutive session on fears of slowing growth in China and possible further US interest rate hikes weakening fuel demand in the world's two biggest economies. Brent crude futures fell 37 cents, or 0.44 per cent, to $83.08 a barrel, while US West Texas Intermediate crude was down 39 cents, or 0.49 per cent, to $78.99 a barrel.
Dollar shines on US economic resilience The dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates, while a strikingly ultra-dovish Bank of Japan struggled to defend its policy stance. The US dollar index touched a two-month high of 103.59. The yen bottomed out at 146.565 per dollar in early Asia trade. Elsewhere, the euro fell 0.07 per cent to $1.08695, while sterling dipped 0.1 per cent to $1.27195.
US stocks settle lower Wall Street ended Wednesday lower and oil continued a downward slide as concerns over more Federal Reserve rate hikes and China's laggard economy weighed on investors. US stocks accelerated losses after minutes of the Fed's July rate-setting meeting showed officials were divided on the need for more interest rate hikes. The Dow Jones Industrial Average ended the day down 0.52 per cent, the S&P 500 was 0.76 per cent lower and the Nasdaq Composite (.IXIC) dipped 1.15 per cent.
Stocks in F&O ban As many as 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, August 17. New entrants- Hindustan Copper and SAIL- have joined the rententions like Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Chambal Fertilisers & Chemicals, Delta Corp, Balrampur Chini Mills, Indiabulls Housing Finance, Granules India, Indiabulls Housing Finance, India Cements Manappuram Finance and Zee Entertainment Enterprises.
Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
FPIs buy shares worth Rs 723 cr Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 722.76 crore on Wednesday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 2,406.19 crore. Rupee market remained shut on Wednesday The currency market was closed on Wednesday on the account of Navroz, the Parsee new year. The rupee depreciated 26 paise to settle at an all-time low of 83.08 against the US dollar on Monday, weighed down by a strong greenback overseas and firm crude oil prices in the international markets. Foreign fund outflows also weighed on the local unit, analysts said.
Note: With inputs from PTI, Reuters and other agencies
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August 17, 2023 at 09:29AM
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GIFT Nifty down 14 points: Asian markets, crude oil prices, dollar movement & more - Business Today
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