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

Benchmark indices witnessed heightened volatility on Wednesday amid the ongoing Q1 earnings season. After touching an intraday high of 24,220, the market witnessed profit booking during the latter half of the session. A weaker rupee and firm crude oil prices kept investor sentiment cautious, limiting the upside. Analysts expect the index to extend the recent consolidation and trade in the range of 23,800-24,350. Within the consolidation last Friday's gap area and Monday's low of 24,000-23,950 will act as immediate support.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 62 points, or 0.26 per cent, at 24,104, signaling that Dalal Street was headed for a positive start on Thursday.

• Tech View: Short term support is placed at 23,800-23,900 levels being the confluence of the almost identical low of the last 4 weeks and 50 days EMA. While only a breakout above 24,350 will signal strength and open upside towards 24,600 levels being the high of April 2026.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 3.5% to settle at 13.27 levels.

US stocks gain
Wall Street stocks gained ground as softening inflation data and a robust beginning of second-quarter earnings season put investors in a buying mood.

Asian shares down
Asian stocks declined as fresh selling in semiconductor stocks renewed concerns over the sustainability of the artificial intelligence trade. Crude oil climbed.

• S&P 500 futures rose 0.1% as of 9:06 a.m. Tokyo time
• Hang Seng futures rose 0.7%
• Japan’s Topix fell 0.8%
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures fell 0.3%

Gold steady
Gold prices held steady on Thursday as recent U.S. data showed inflationary pressures easing before a fresh escalation in the Middle East war drove oil prices higher, reviving concerns over elevated energy costs and potential interest rate hikes.

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 rupee fell 16 paise to close at 96.32 (provisional) against the US dollar on Wednesday, weighed down by heightened tensions in West Asia and a rise in global crude oil prices.

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