D-St set for a positive opening as GIFT Nifty signals firm start

On Thursday, the Nifty gained 1.7% to close at 22,997, while the Sensex surged 2.1% to 74,140. Analysts say Indian equities are likely to consolidate within a broader range in the near term, with intermittent recoveries and bounds of selling pressure. The Nifty’s move back above 23,000 has improved domestic sentiment, while resilient domestic demand, strong tax collections and the ongoing Q2 earnings season provide a positive backdrop.

Read more: Stocks in news: RIL, Wipro, Jio Financial, Tata Communications, YES Bank, PNB

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 90 points, or 0.39 per cent, at 23,078, signaling that Dalal Street was headed for positive start on Friday.

• Tech View: A cautious stance is advisable, treating the current move as a relief rally until the index reclaims its 50 DMA. Immediate support is placed at 22,800, with resistance at 23,200.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 4% to settle at 14.02 levels.

US stocks end higher

The Dow, S&P 500 ended higher on Thursday, springing back from early losses as investors concerned about AI stocks shifted into Eli Lilly, UnitedHealth and other healthcare and consumer stocks.

Asian shares gain

Asian equities rose, tracking gains on Wall Street as dip buyers stepped in following a chip-stock selloff fueled by concerns about the artificial intelligence trade.

• S&P 500 futures were little changed as of 10:03 a.m. Tokyo time
• Hang Seng futures rose 0.9%
• Japan’s Topix rose 1.7%
• Australia’s S&P/ASX 200 rose 0.9%
• Euro Stoxx 50 futures rose 0.4%

Oil slips

Oil prices edged down on Friday morning as investors weighed Middle East risks and possible US steps to ease restrictions on the world’s "shadow fleet" of tankers.

Dollar dips

The dollar headed for its first weekly fall in five weeks on Friday, lifting the euro from a 17-month low as wobbles in AI investment and drop in US yields put the brakes on recent gains.

Gold eases

Gold prices inched lower during early Asia trade on Friday after rising more than 1% in the previous session, while market participants tried to gauge the Federal Reserve's future policy trajectory.

Stocks in F&O ban today

1) Ambuja Cement
2) Kaynes
3) 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.

FII/DII action

Foreign portfolio investors net sold shares worth Rs 5,285 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 3,319 crore.

Rupee

The rupee logged the fifth straight session of gains on Thursday, appreciating 18 paise to close at 94.99 against the US dollar, supported by the ongoing impact of the Reserve Bank of India's structural forex interventions.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘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 disclosures here