GIFT Nifty signals muted start for Dalal Street amid cautious trade

Domestic markets remained resilient on Thursday, with the Nifty closing with gains of 82 points. Investor sentiment continued to be supported by lower crude oil prices, a stable rupee and optimism surrounding the potential US-Iran agreement. Analysts say Indian equities are expected to sustain their positive bias and continue their gradual uptrend in anticipation of US-Iran MoU being formally signed on Friday, while lower crude oil prices could further ease geopolitical concerns and bolster investor confidence.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 26 points, or 0.11 per cent, at 24,015, signaling that Dalal Street was headed for a muted start on Friday.

• Tech View: On the downside, 24,000 is expected to act as immediate support. A breach below this level could trigger a correction towards 23,800. Conversely, a decisive move above 24,100 may pave the way for a rally towards 24,300 and higher. Additionally, the weekly BSE options expiry is likely to add to market volatility.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 4% to settle at 12.67 levels.

Asian shares gain
Stocks in Asia climbed to a record high as optimism that the reopening of the Strait of Hormuz will restore oil flows and curb inflation pressures buoyed risk appetite.

• S&P 500 futures fell 0.1% as of 9:25 a.m. Tokyo time
• Japan’s Topix fell 0.3%
• Australia’s S&P/ASX 200 fell 1%
• Euro Stoxx 50 futures rose 0.5%

US stocks end higher
U.S. stock indexes closed higher on Thursday, with a strong boost from semiconductor shares and easing inflation fears, although investors still priced in interest rate hikes this year from the Federal Reserve.

Gold slips
Gold prices edged lower on Friday and were on track for a third consecutive weekly decline, as a stronger dollar and hawkish signals from the U.S. Federal Reserve weighed on the non-yielding metal.

Yen falls
The yen was pinned near four-decade lows on Friday, with markets on heightened intervention watch as neither a U.S.-Iran peace deal nor a rate hike in Japan managed to arrest its prolonged slide.

Stocks in F&O ban today

1) Kaynes

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 higher against the US dollar for a fifth consecutive session on Thursday, logging its longest winning streak in a year at 94.33, as lenders and exports cut dollar positions aggressively.

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