D-Street set for a positive start as GIFT Nifty trades firmly higher

On Tuesday, the Nifty recovered 0.5% to close at 24,334 after touching a low of 24,115, supported by buying at lower levels, positive global cues and FII buying ahead of the monthly F&O expiry. Analysts say Indian equities are expected to see some recovery following the decline in crude oil prices. Brent crude fell 3.2% to around $89 per bbl, its lowest level in a week, as hopes of easing US-Iran tensions provided some relief to oil markets, while developments around Iran and the Strait of Hormuz remain key monitorable for oil prices, the rupee and foreign flows.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 80 points, or 0.32 per cent, at 24,560, signaling that Dalal Street was headed for a positive start on Wednesday.

• Tech View: The RSI has entered a bullish crossover, indicating that momentum is improving. In the short term, the trend may remain strong, with the possibility of further upside. On the higher side, resistance is placed at 24,400/24,480. On the lower side, immediate support is placed at 24,240.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 3.9% to settle at 11.08 levels.

Asian shares rise

Futures contracts for the Nasdaq 100 Index dropped 0.4%, with the chip bellwether set to report later Wednesday. Asian stocks edged up 0.2%.

• S&P 500 futures fell 0.2% as of 9:48 a.m. Tokyo time
• Hang Seng futures rose 0.4%
• Japan’s Topix rose 0.3%
• Australia’s S&P/ASX 200 rose 0.3%
• Euro Stoxx 50 futures were little changed

US stocks end higher

Wall Street regained some ground on Tuesday as technology stocks bounced back from their recent selloff, giving investors a brief reprieve before Nvidia's closely watched earnings report.

Oil prices slide

Oil prices dropped about 2% on Wednesday, adding to the previous session's ​losses, on fresh hopes the Strait ​of Hormuz could reopen after Iran said it had resumed talks with ​neighbour Oman on managing the strategic waterway.

Gold steady

Gold was little changed in early Asian trade on Wednesday as ​investors awaited key U.S. inflation ​data for clues on the Federal Reserve's interest-rate path.

Dollar flat

The dollar was rangebound in early Asian trading on Wednesday as an uneasy calm ​hung over currency markets, with investors awaiting ​inflation reports from major economies including the U.S. ahead of the Jackson Hole symposium ​this weekend.

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

Stocks in F&O ban today

NIL

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 bought shares worth Rs 1,594 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 230 crore.

Rupee

The rupee pared initial losses and settled for the day higher by 24 paise at 95.46 (provisional) against the US dollar on Tuesday, driven by positive domestic markets, a weaker greenback, and a fall in crude oil prices.

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