D-St set for a cautious opening as GIFT Nifty signals muted start

On Thursday, Nifty extended gains for the second consecutive session as easing of Brent oil offered some relief. Analysts expect Indian equities to remain cautiously positive, with the US Federal Reserve's first-rate hike now largely priced in.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a muted start

GIFT Nifty on the NSE IX traded lower by 11 points, or 0.05 per cent, at 23,344, signaling that Dalal Street was headed for a muted start on Friday.


Tech View: The RSI is also seen coming out of the oversold zone, indicating an improvement in momentum. Resistance is placed at 23,300; sustained trading above this level might induce a rally towards 23,500. On the lower end, support is placed at 23,200, below which the trend might weaken.

India VIX: India VIX, which is a measure of the fear in the markets, was rose 7% to settle at 12.29.

Asian share edges up

Asian stocks and bonds edged up as a pullback in oil prices eased inflation concerns. The yen was mostly steady ahead of the Bank of Japan’s interest-rate decision, with traders expecting a hike.

• S&P 500 futures were little changed as of 10 a.m. Tokyo time
• Hang Seng futures rose 0.4%
• Japan’s Topix fell 0.4%
• Australia’s S&P/ASX 200 rose 0.1%
• Euro Stoxx 50 futures fell 0.5%

Yen declines

The yen got off to a weak start against the dollar and the euro at the start of Asian trading on Friday, with currency markets in a subdued mood ahead of an expected rate hike from the Bank of Japan later in the trading session.

Gold inches higher

Gold inched higher on Friday as lower oil prices and a subdued US dollar offered support, while market participants kept their focus on developments in the Middle East and the outlook for global monetary policy.

Oil prices fall

Oil prices fell about 1%, extending losses for a third session, but stayed above $100 on Friday, as hopes of alternate ways for barrels from the Middle East to reach markets outweighed concerns about strikes between Saudi Arabia and Yemen's Houthis.

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

Stocks in F&O ban today

1) SAIL

2) Manappuram

3) Inox Wind

4) Kaynes

5) Bandhan Bank

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.

Read more: Sebi bars Kore Digital promoters over alleged Rs 541 crore revenue misstatement

FII/DII action

Foreign portfolio investors net sold shares worth Rs 3,209 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 3,618 crore.

Rupee

The rupee, which slipped below the 96 level in intraday trade, ended Thursday's session with a loss of just 3 paise at 95.94 (provisional) against the US dollar, paring initial losses on likely RBI intervention.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.