GIFT Nifty Futures down 42 points; markets are likely to start on a cautious note
The Indian equity market is bracing for a potentially negative opening on Thursday, as indicated by GIFT Nifty futures trading down 42 points or 0.18 percent at 23,713. Mixed global indicators, rising bond yields, and concerns about a Federal Reserve rate cut are expected to keep markets volatile.
A technical perspective
A key move above 23,800 could trigger an upward bounce, while immediate support is at 23,496 levels, according to Nagaraj Shetti of HDFC Securities. Markets may remain range-bound unless strong signs of a breakout develop.
India VIX is simple
India VIX, a volatility index that gauges market sentiment, fell slightly by 1.33 percent to settle at 14.46, indicating an easing of fears.
A summary of the US market
US stocks ended mixed on Wednesday as investors weighed rising jobs data against inflation concerns. The Dow and S&P 500 closed up 0.16 percent, while the Nasdaq shed 0.66 percent.
Asian markets are trading weak
Asian stocks echo Wall Street’s cautious tone. Japan’s Topix was down 0.5 percent, Australia’s S&P/ASX 200 was down 0.6 percent, and Hang Seng futures were down 0.2 percent.
FII/DII activity
Foreign institutional investors (FIIs) continued as sellers, offloading shares worth Rs 2,575 crore on Wednesday. Domestic institutional investors (DIIs), however, provided support with purchases totaling Rs 5,749 crore.
Rupee under pressure
The rupee fell for the second straight session, closing at a record low of 85.87 against the US dollar on higher crude oil prices and a stronger greenback.
Stocks on F&O ban
Manappuram, RBL Bank, Hindustan Copper, LT Finance, and Bandhan Bank are on the F&O ban list on Thursday as they have crossed 95 percent of their market-wide limits.
What to expect today
Analysts expect broad-based trading and stock-specific movements driven by pre-Q3 business updates and cautious global trends. Traders are advised to focus on risk management and wait for broader market clarity.
