GIFT Nifty up 25 points; here's the trading setup for today's session

Notwithstanding FIIs outflows, India's strong growth prospects and hopes of a majority win for the ruling party in the upcoming elections has been drawing a lot of domestic investors to take exposure to equities, Tapse said.

Here's breaking down of the actions:

STATE OF THE MARKETS
(Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 25 points, or 0.11 per cent, at 22,680, signaling that Dalal Street was headed for positive start on Friday.

• Tech View: Volatility increased On Thursday as traders rolled over holdings in the F&O segment from April to May series. Technically, the index has crossed a bearish gap of roughly 22,500 levels and maintained above it. Thus, the index will likely continue its upward trend and may attempt to break its all-time high of 22,776. The Nifty's short-term support levels are 22,500 and 22,300, with resistance around 22,780 and 23,000," Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta Investment Interrmediates said.
• India VIX: India VIX, which is a measure of the fear in the markets, gained 4.42% to settle at 10.73 levels.

dip
Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected U.S. economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms.

• Dow down 0.98%,
• S&P dips 0.46%,
• Nasdaq falls 0.64%

Oil rises
Oil prices rose in early trade on Friday, as players took stock of the U.S. Treasury secretary's comments that the country's economy is likely in a stronger position than indicated by weak first-quarter data, coupled with supply concerns as conflict continues in the Middle East.

Yen slips
The yen was parked by a 34-year low on the dollar and decade lows on other crosses ahead of a Bank of Japan meeting where interest rates are expected to stay low, while the dollar dipped elsewhere on softer-than-expected U.S. growth data.

FII/DII action
Foreign institutional investors (FIIs) were net sellers of Indian equities on Thursday as they sold shares worth Rs 2,823.33 while the domestic institutional investors (DIIs) bought shares worth Rs 6,167.56 crore.


Rupee
The Indian rupee ended largely unchanged on Thursday, wedged between a decline in most of its Asian peers and interbank dollar sales after the local unit managed to hold above a key support level, traders said. The rupee closed at 83.3150 against the U.S. dollar, barely changed from its close of 83.3225 in the previous session.

The dollar index was down 0.2% at 105.6, while Asian currencies slipped, pressured by an uptick in U.S. bond yields.


Q4 results
, , , and will be among 41 companies that will announce their fourth quarter earnings on Friday.