D-St set for a cautious opening as GIFT Nifty signals muted start

Domestic equities ended marginally higher, with the Nifty ending flat to close at 24,624, as gains in Metals, Automobiles and Realty offset profit booking in select index heavyweights. Analysts say Indian equities are expected to trade with a positive bias, supported by Brent crude prices at lower levels (US$80.5/bbl), which is expected to improve the outlook for inflation and corporate margins. With the RBI maintaining its policy stance and with the ongoing Q1 earnings season, stock-specific action is expected to remain the dominant market theme.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a muted start


GIFT Nifty on the NSE IX traded higher by 29 points, or 0.12 per cent, at 24,663.50, signaling that Dalal Street was headed for a muted start on Thursday.


Tech View: In the short term, we expect the Nifty to remain largely range-bound. Immediate support is placed at 24,400, while 24,800 remains the crucial resistance level. A decisive move above 24,800 could trigger a meaningful rally in the index.

India VIX: India VIX, which is a measure of the fear in the markets, fell 1.07% to settle at 12.06 levels.

Read Also: Ahead of Market: 10 things that will decide stock market action on Thursday

Asian shares slip
Asian stocks slipped Thursday after a recent tech-led rally on Wall Street paused. Crude oil edged lower as Iran reached an agreement with Oman on the Strait of Hormuz.

• S&P 500 futures rose 0.2% as of 9:02 a.m. Tokyo time
• Hang Seng futures fell 0.9%
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 rose 0.2%
• Euro Stoxx 50 futures fell 0.2%

US Stocks mixed
The Dow closed at a record on Wednesday on signs of progress for a peace deal with Iran, while the Nasdaq saw its first decline in five sessions as SpaceX and AMD stumbled following their quarterly earnings.

Oil down
Oil prices slipped on Thursday as investors assessed whether progress in ​Iran-Oman talks could pave the way for ​a U.S.-Iran peace deal to end the five-month war and reopen ​the Strait of Hormuz.

Gold rises
Gold rose for a fourth straight session on Thursday and touched ​its highest level in seven ​weeks, helped by a softer dollar and lower Treasury yields ​on growing hopes over the Strait of Hormuz reopening.



Stocks in F&O ban today
LIC

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.

Rupee
The Indian rupee ended at its highest level in a month on Wednesday, aided by lower crude oil prices, while the central bank's widely expected policy pause limited some of the currency's early gains.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)