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

Domestic equities rebounded on Thursday, with the Nifty gaining 0.6%. Analysts say Indian equities are expected to remain sideways with a marginal recovery bias, supported by value buying after seven consecutive sessions of decline and firm global cues. Broader market action and sector-specific opportunities are likely to remain in focus.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 53 points, or 0.22 per cent, at 24,350, signaling that Dalal Street was headed for a positive start on Friday.


Tech View: Overall, the short-term sentiment looks positive, and the Nifty is expected to move towards higher levels. On the higher end, resistance is seen at 24,350/24,500, while on the lower end, support is placed at 24,150.

India VIX: India VIX, which is a measure of the fear in the markets, fell 5.01% to settle at 10.76 levels.

US stocks sink

The three main US equity indexes closed lower on Thursday as rising Treasury yields dented risk appetite, disappointing results from retail bellwether Walmart soured investors on the consumer sector and rallying oil prices fanned inflation worries.

Asian shares decline

Most Asian share indices ​were heading for weekly falls on Friday as stress in global bond markets showed little sign of abating, while a diplomatic deadlock ​in the Gulf lifted oil prices to one-month highs and kept inflation risks to the fore.

• S&P 500 futures were little changed as of 9:50 a.m. Tokyo time
• Hang Seng futures were little changed
• Nikkei 225 futures (OSE) fell 1%
• Japan’s Topix fell 0.2%
• Australia’s S&P/ASX 200 fell 0.2%
• Euro Stoxx 50 futures were little changed

Gold held steady

Gold held steady on Friday but was on track for a third straight ​weekly gain, buoyed by a ​weaker dollar and U.S. Treasury Department efforts to hold down longer-term ​yields.

Oil prices little changed

Oil prices were little changed on Friday, but were on track ​for a second weekly ​rise as the stalemated US-Iran war continues to disrupt supply ​from the key Middle East producing region.

Dollar wobbles

The dollar was on shaky ground and set for a weekly loss on Friday, as investors viewed the ​US Treasury's bond buyback gambit as merely a ​temporary fix, while raising fresh concerns about officials' increasingly interventionist approach.

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

Stocks in F&O ban today

1) Bandhan Bank

2) Manappuram

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 583 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 3,538 crore.

Rupee

The rupee pared initial gains and settled for the day with gains of just 3 paise at 95.70 against the US dollar on Thursday, as the support from the weaker dollar index was negated by elevated crude oil prices.

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