Analysts said key geopolitical developments, corporate earnings reports, and macroeconomic data from the US are likely to be closely watched, with the potential for short-term consolidation depending on how these factors unfold.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 5.50 points, or 0.02 per cent, at 24,423.50.50, signaling that Dalal Street was headed for muted start on Thursday.
- Tech View: A decisive breakout above 24,550 could potentially trigger a rally toward higher levels. On the downside, immediate support is placed at 24,200; a break below this level may extend the correction toward 24,000.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.5% to settle at 19.06 levels.
US stocks gain
US stocks advanced on Wednesday in choppy trading, buoyed as semiconductor stocks rallied late on a report that regulations on artificial intelligence chips would be loosened. For most of the session, stocks bounced around, and trading remained choppy after the Federal Reserve kept U.S. interest rates unchanged in a move that market participants expected.
- Dow up 0.7%,
- S&P 500 gains 0.43%,
- Nasdaq rises 0.27%
Asian shares cautious
Asian stocks traded in a tight range at the open after the Federal Reserve reiterated it isn’t in a rush to lower interest rates, and investors awaited the trade negotiations between China and the US before taking risky bets.
- S&P 500 futures were little changed as of 9:36 a.m. Tokyo time
- Hang Seng futures fell 0.6%
- Japan’s Topix fell 0.5%
- Australia’s S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures rose 0.3%
Gold climbs
Gold prices climbed on Thursday after the Federal Reserve warned of rising inflation and labor market risks fuelling economic uncertainty, while investors awaited the U.S.-China trade talks.Oil steady
Oil prices steadied on Thursday after falling more than $1 in the previous session as uncertainty over the outcome of trade talks between the U.S. and China, the world’s two largest oil consumers, weighed on investor sentiment.
Stocks in F&O ban today
1) RBL Bank
2) CDSL
3) Manappuram
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 net bought shares worth Rs 2,585 crore on Wednesday. DIIs, meanwhile, were net sellers at Rs 2,378 crore.
Rupee
The rupee depreciated 42 paise to close at 84.77 against the US dollar on Wednesday, as heightened cross-border tensions following India’s military strikes against terrorist camps in Pakistan weighed on the domestic currency.
