GIFT Nifty down 15 points; here's the trading setup for today's session
"Large caps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out. Key event to watch – BOE interest rate decision," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Indian markets recorded gains on Thursday, boosted by US Fed's hint at three rate cuts later this year. Analysts expect market recovery to sustain over the next few days."Large caps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out. Key event to watch – BOE interest rate decision," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier ) signals a muted start
GIFT Nifty on the NSE IX traded lower by 14.5 points, or 0.07 per cent, at 22,099, signaling that Dalal Street was headed for muted start on Friday.
- Tech View: Looking ahead, the Nifty could potentially extend its gains towards the range of 22250-25300. Moreover, a breakthrough above 22300 may initiate a rally towards 22500 and beyond. The buy-on-dips strategy is expected to remain viable as long as the Nifty maintains levels above 21840, said Rupak De of LKP Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 7.1% to settle at 12.51 levels.
gain
Wall Street's three major stock indexes on Thursday registered record closing highs for the second day in a row after the Federal Reserve reassured investors about the prospects for rate cuts this year while chip stocks rallied after Micron Technology's upbeat forecast.
- Dow up 0.68%,
- S&P gains 0.32%,
- Nasdaq rises 0.20%
mixed
Equities in Asia traded mixed Friday in a sign investors are rethinking the optimism that propelled the region’s shares higher in the prior session, as fresh signs of persistent inflation appeared in the US.
- S&P 500 futures rose 0.1% as of 9:12 a.m. Tokyo time
- Hang Seng futures fell 0.7%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures rose 1%
Dollar gains
The U.S. dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to dislodge it, as investors figure U.S. rates are high and not falling yet.
Oil eases
Oil prices sank in early Asian trading on Friday on the possibility of a nearing Gaza ceasefire, which could loosen global supply, at the same time a stronger U.S. dollar and faltering gasoline dampened demand sentiment.
Stocks in F&O ban today
1) ZEE
2) Balrampur Chini Mills
3) Biocon
4) Indus Tower
5) SAIL
6) PEL
7) Tata Chemicals
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 for second straight day at Rs 1,826 crore on Thursday. DIIs, meanwhile, bought shares worth Rs 3,208 crore.
Rupee
The rupee rose 6 paise to close at 83.13 against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets.
FII data
The net short of FIIs reduced from Rs 95,224 crore on Wednesday to Rs 89,349 crore on Thursday.
Source: Stocks-Markets-Economic Times
