GIFT Nifty down 5 points; here's the trading setup for today's session
"In the near term, we expect the market to remain volatile until the Iran-Israel tension eases. US Chair Powell’s speech late today will hold importance with the ongoing uncertain environment," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Equity markets remained in negative territory for the third consecutive day as escalating tension in the middle east has turned sentiments sour."In the near term, we expect the market to remain volatile until the Iran-Israel tension eases. US Chair Powell’s speech late today will hold importance with the ongoing uncertain environment," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 5 points, or 0.02 per cent, at 22,148.50, signaling that Dalal Street was headed for muted start on Thursday.
- Tech View: The short-term trend remains weak. But, having placed near the cluster support of around 22000 levels, one may expect upside bounce from the lows in coming sessions. Immediate resistance is at 22260 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.18% to settle at 12.62 levels.
decline
U.S. stocks fell in choppy trading on Wednesday as investors assessed the Federal Reserve's interest rate stance and a batch of soft earnings early in the financial reporting season.
- Dow down 0.12%,
- S&P 500 dips 0.58%,
- Nasdaq falls 1.15%
mixed
Asian stocks were mixed at the open after US shares extended their losing streak to the longest since January.
- S&P 500 futures were little changed as of 9:03 a.m. Tokyo time
- Japan’s Topix fell 0.3%
- Australia’s S&P/ASX 200 rose 0.2%
- Hang Seng futures fell 0.5%
Oil rises
Oil prices rose in early trade on Thursday, slightly paring the previous session's losses after the United States said it would reinstate oil sanctions Venezuela, while the European Union talked of fresh curbs on Iran.
FII/DII action
Foreign portfolio investors were net sellers at Rs 4,468 crore for third straight day on Tuesday. DIIs, meanwhile, bought shares worth Rs 2,040 crore.
Rupee
The Indian rupee ended at a record closing low at 83.5 on Tuesday as rising geopolitical tensions in the Middle East and worries that the Federal Reserve will delay interest rate cuts triggered a selloff in risky assets.
The rupee ended at 83.5350 to the U.S. dollar, its weakest close on record, compared with 83.4500 in the previous session
FII data
The net short of FIIs increased from Rs 5,007 crore on Monday to Rs 36,391 crore on Tuesday.
Q4 results
, , among others will announce their fourth quarter earnings on Thursday.
Source: Stocks-Markets-Economic Times
