GIFT Nifty climbs over 150 points; here's the trading setup for today's session

Domestic stocks saw a significant bounce back as confidence surged following the reconfirmation of the NDA's third consecutive term in government. Yashovardhan Khemka, Senior Manager of Research & Analytics at Abans Holdings, noted that in the short term, the market will likely stay fixated on government formation, particularly watching for key cabinet appointments in Finance, Defense, Roads, Energy, Commerce, and Railways.

Domestic rebounded sharply as the sentiments got a boost post reconfirmation that is forming the government for the third consecutive term.

"In the very near term, we expect the to remain obsessed with exercises, with a keen eye on key such as , Defense, Roads, Energy, Commerce, and Railways. With overhang done, we expect the focus to revert to ," said Yashovardhan Khemka, , Research & Analytics at .

Here's breaking down the pre-market actions:

State of the Markets
(Earlier ) signals a positive start.

Nifty futures on the Gift traded 173 or 0.77% higher, at 22,682.

Tech View
The intraday range of movement has been big and above normal. We expect the range bound action to continue. The range is likely to be 21,300–23,000 from a short term perspective.

India VIX: India VIX, which is a measure of the fear in the markets, fell 29.4% to settle at 26.75 levels.\

Asian Markets

S&P 500 futures were unchanged as of 9:20 a.m. Tokyo time
Hang Seng futures rose 0.5%
Japan’s Topix rose 0.5%
Australia’s S&P/ASX 200 rose 0.6%
Euro Stoxx 50 futures rose 1.5%

US equities
The S&P 500 and Nasdaq indexes hit record closing highs on Wednesday, powered mainly by technology stocks as markets digested economic data that could support a much-expected start to the Federal Reserve's policy easing cycle.

Technology stocks led advances among the 11 S&P 500 sectors, followed by equities in communications and industrials sectors. Consumer staples stocks were the biggest losers.

Oil rises
Oil rose in early Asian trading on Thursday on rising expectations the Federal Reserve will cut interest rates in September, and as the market rebounded from a selloff related to growing U.S. inventories and an OPEC+ plan to increase supply.

Brent crude futures rose 27 cents, or 0.34%, to $78.68 a barrel by 0103 GMT, while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.49%, to $74.43.

Stocks in F&O ban today

ZEE
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit

FII/DII action
Foreign portfolio investors were net sellers at Rs 5,656 crore on Wednesday. DIIs too sold shares worth Rs 4,555 crore.

Rupee
The rupee recovered 7 paise to close at 83.44 against the US dollar on Wednesday, tracking strong buying in domestic equities and lower crude oil prices in international markets.

FII data
The net short of FIIs increased from Rs 3.55 lakh crore on Tuesday to Rs 3.11 lakh crore on Wednesday.

Poll Trackers

Source: Stocks-Markets-Economic Times