“Market turmoil, GIFT Nifty down 79 points, but don’t lose hope, opportunities abound amidst Asian markets, crude oil prices, and dollar movement galore!”

Nifty futures are trading down by 78.50 points, which is a decrease of 0.40% compared to the previous trading session. The futures are currently at a level of 19,395.50. This suggests that the domestic market might experience a negative opening on Wednesday based on this performance. Keep in mind that market conditions can change rapidly, and this information might not reflect the current situation if there have been subsequent developments. Here’s a summary of the key points before the opening bell:

1. Market Overview: After a holiday, the domestic equity markets are expected to open lower on Wednesday due to negative global cues. Asian stocks are facing significant declines, following a drop in US stocks and developments in China.
2. Nifty Outlook: Nifty displayed volatility on Monday but ended the day relatively flat. The index found support at the 50-day Exponential Moving Average (EMA), resulting in a rebound. However, the Relative Strength Index (RSI) on the daily chart showed a bearish crossover, indicating a weakening trend. If Nifty falls below 19,250, it might move towards the 19,100-19,150 range. Resistance is noted at the 19,550 level.
3. GIFT Nifty: Nifty futures on the Nifty International Exchange traded lower by 78.50 points (0.40%) at 19,395.50, suggesting a negative start for the domestic market on Wednesday.
4. Asian Stock Performance: Asian shares opened with significant drops, influenced by the sharp decline in US stocks and recent developments in China’s economy. MSCI’s Asia-Pacific index fell by 0.95%. Japan’s Nikkei dropped 1.07%, China’s Shanghai fell 0.43%, Hong Kong’s Hang Seng tumbled 1.15%, and South Korea’s Kospi crashed 1.23%.
5. Oil Prices: Oil prices remained stable after a 1% drop in the previous session. Brent crude futures rose slightly to $84.92 a barrel, and US West Texas Intermediate (WTI) crude rose to $81.04.
6. Currency Market: The Japanese yen was near a nine-month low, and concerns over China’s economy affected sentiment in Asia. The US dollar gained strength, with the dollar index at 103.22. The euro and sterling had relatively small changes in value. The yuan remained stable at 7.3240 per dollar.
7. US Stock Performance: Wall Street’s main indices closed significantly lower due to concerns about higher interest rates and a report about potential downgrades of some US big banks. The S&P 500 dropped 1.16%, the Nasdaq declined 1.14%, and the Dow Jones Industrial Average declined 1.02%.
8. Stocks in F&O Ban: Nine stocks, including Chambal Fertilisers & Chemicals, Delta Corp, and Balrampur Chini Mills, are under the F&O segment ban on the National Stock Exchange (NSE).
9. FPI and DII Activity: Foreign Portfolio Investors (FPIs) sold shares worth Rs 2,324.23 crore, while Domestic Institutional Investors (DIIs) were net buyers of Indian equities worth Rs 1,460.90 crore.
10. Rupee Performance: The Indian rupee depreciated by 26 paise to an all-time low of 83.08 against the US dollar, attributed to a strong dollar and higher crude oil prices.