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

On Wednesday, the Nifty declined for the third consecutive session, closing 0.6% lower at 23,914. India VIX rose over 5% indicating rise in domestic volatility. Analysts say markets are likely to remain under pressure as concerns over rising crude oil prices, bond yields and dollar index keep investor sentiments cautious.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 124 points, or 0.52 per cent, at 24,089, signaling that Dalal Street was headed for a positive start on Thursday.


Tech View: The current bearish sentiment is likely to continue in the short term, and a sell-on-rise strategy may remain the preferred approach as long as the index remains below 24,000. On the lower end, the correction may extend towards 23,700–23,730.

India VIX: India VIX, which is a measure of the fear in the markets, rose 3.6% to settle at 11.59.

Asian shares rise

Asian stocks followed Wall Street higher, while oil slipped after President Donald Trump played down the prospect of a prolonged conflict with Iran. The yen remained in focus after its sudden strengthening.

• S&P 500 futures were little changed as of 9:48 a.m. Tokyo time
• Hang Seng futures rose 0.5%
• Japan’s Topix rose 0.6%
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures were little changed

US stocks climb

US stock indexes mostly rose on Wednesday after three days of declines as investors watched for new developments in the US-Iran conflict, while the ​Japanese yen rose sharply against the US dollar.

Oil edges lower

Oil prices edged lower on Thursday as ​investors weighed the uncertainty of ​renewed military strikes between the US and Iran that risk ​disrupting supplies from the Middle East.

Gold holds steady

Gold held steady in early Asian trade on Thursday as investors awaited ​US nonfarm payrolls data that could ​help shape expectations for the Federal Reserve's next policy move.

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

Stocks in F&O ban today

1) SAIL

2) LIC Housing Finance

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 6,688 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 2,813 crore.

Rupee

The Indian rupee ended little changed on Wednesday after moving in a narrow range, as continued support from the Reserve Bank of India offset rising dollar demand from importers and the impact of a spike in oil prices and Treasury yields.

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