D-Street poised for positive start as GIFT Nifty signals gains

Indian equity benchmarks closed higher on Monday with the NSE Nifty 50 settling at 23,414, higher by 68 points or 0.29%, as easing crude oil prices and broad-based buying lifted sentiment. Investors focus, analysts said, shifts to core-sector data, the direction of crude prices and global bond yields for clues on whether the rebound can gather further momentum.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 68.5 points, or 0.29 per cent, at 23,508, signaling that Dalal Street was headed for a positive start on Tuesday.


Tech View: Following support around the previous swing low on the daily chart, the index staged a very slow recovery. According Rupak De, Senior Technical Analyst at LKP Securities, the RSI has moved out of the oversold zone and is also showing a hidden positive divergence on the daily timeframe. Overall, the sentiment, De believes, might remain positive in the short term. On the higher end, the index might move towards 23,760, while on the lower end, support is placed at 23,300.

India VIX: India VIX, which is a measure of the fear in the markets, fell 1.07% to settle at 11.26 levels.

Asian Shares rise

Asian stocks rose in early trading as the region’s heavyweight technology shares tracked US peers higher on optimism around Meta Platforms Inc.’s new artificial intelligence agent.

• S&P 500 futures were little changed as of 9:11 a.m. Tokyo time
• Hang Seng futures rose 0.3%
• Australia’s S&P/ASX 200 rose 0.5%
• Euro Stoxx 50 futures rose 1.4%

US chip stocks rally

The Nasdaq hit a record closing high on Monday, lifted by gains in Advanced Micro Devices and other AI heavyweights, while falling oil prices and long-dated Treasury yields also boosted risk sentiment.

Chip stocks rallied, with Intel and Arm Holdings surging over 12%, and the PHLX semiconductor index jumping 4.3%.

Gold ticks up

Gold prices edged higher on Tuesday as US Treasury yields eased, although expectations of higher interest rates limited gains.

Oil gains

Oil prices gained on Tuesday as the market steadied after several days of declines, with investors awaiting developments on potential US-Iran talks at the United Nations General Assembly this week.

Yen under pressure

The yen was under pressure from a firm dollar on Tuesday as traders wagered on policymakers in Japan struggling to keep up with a hawkish turn by global central banks, leaving the country's interest rates at a wide gap with major peers.

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

Stocks in F&O ban today

1) BANDHANBNK

2) INOXWIND

3) LICHSGFIN

4) MANAPPURAM

5) SAIL

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: Pine Labs block deal: Mastercard Asia may divest 4.3% equity worth Rs 892 crore

FII/DII action

Foreign portfolio investors net sold shares worth Rs 576 crore on Monday, while DIIs added shares worth Rs 2797 crore.

Rupee

The Indian Rupee traded higher by around 0.11% at 95.81, supported by a nearly 7% decline in crude prices over the last 2–3 sessions to around $91.50, keeping the currency supported near the 96.00 level.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘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. Brokerage disclaimers here.