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

Indian markets have seen relief over the past three sessions, driven by Brent's retreat as progress on Saudi pipeline repairs and alternative export routes eased fears of a prolonged supply disruption. Analyst say, with the Fed hike now behind us, moderating Treasury yields, crude off its highs and strong domestic liquidity, the market is likely to maintain a cautiously positive bias.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a muted start

GIFT Nifty on the NSE IX traded lower by 16 points, or 0.07 per cent, at 23,345, signaling that Dalal Street was headed for a muted start on Monday.


Tech View: In the coming days, if Brent crude remains below $96, we might see a sustained uptrend in the Indian market in the short term. For Nifty, support is placed at 23,000–23,100 on the lower end, while on the higher end, the current recovery might take the index towards 23,550.

India VIX: India VIX, which is a measure of the fear in the markets, was fell 7% to settle at 11.38.

Asian stocks edge higher

Asian stocks and US equity-index futures advanced with traders looking to a US-China summit later this week for signs of progress on trade between the world’s two biggest economies. Oil fell for a fourth day.

• S&P 500 futures rose 0.4% as of 9:40 a.m. Tokyo time
• Hang Seng futures fell 0.2%
• Nikkei 225 futures (OSE) were little changed
• Australia’s S&P/ASX 200 fell 0.2%
• Euro Stoxx 50 futures rose 0.3%

Oil slips

Oil prices slid on Monday as investors eyed a recovery in shipments from Saudi Arabia despite ongoing attacks by Yemeni Houthis that have escalated tension in the Middle East while the US and Iran remain in a stalemate.

Gold eases

Gold prices slipped in early Asian trading on Monday as the latest tensions in the Middle East added to inflation concerns and reinforced expectations of higher interest rates.

Read more: Ahead of Market: 10 things that will decide stock market action on Monday

Stocks in F&O ban today

1) SAIL

2) Manappuram

3) Inox Wind

4) Bandhan Bank

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.

Read more: Dividends and stock splits: IRCTC, BEML among 150+ stocks with record dates this week. Check full list

FII/DII action

Foreign portfolio investors net sold shares worth Rs 600 crore on Friday. DIIs, meanwhile, were net buyers at Rs 1,020 crore.

Rupee

The rupee pared initial gains to close unchanged at 95.89 against the US dollar on Friday amid a strong American currency.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.