D-Street braces for weak opening on negative GIFT Nifty cues

Benchmark Nifty extended its gains for the fourth consecutive session on Tuesday, rising 1.6% to close at 23,810. The rally was supported by easing crude prices, continued foreign fund inflows and optimism around a potential review of LTCG taxation for foreign investors. Analysts say Indian equities are likely to consolidate with a positive bias after the Nifty gained 4.3% over the last four sessions, following a sharp recovery.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a negative start

GIFT Nifty on the NSE IX traded lower by 50 points, or 0.21 per cent, at 23,710, signaling that Dalal Street was headed for a negative start on Wednesday.


Tech View: The next major hurdle is placed at 24,000, where the 200 DMA is positioned. On the downside, 23,600 will act as immediate support. Traders may consider partial profit booking near 24,000 while holding the remaining long positions with a stop-loss at 23,600.

India VIX: India VIX, which is a measure of the fear in the markets, rose 1.4% to settle at 15.72 levels.

Asian shares inch higher

Asian markets inched higher as beaten-down tech stocks found favour after strong results from chipmaker AMD eased some concerns over the durability of the AI trade.

• S&P 500 futures fell 0.3% as of 10 a.m. Tokyo time
• Hang Seng futures fell 0.5%
• Nikkei 225 futures (OSE) fell 1.5%
• Japan’s Topix fell 0.6%
• Australia’s S&P/ASX 200 fell 0.5%
• Euro Stoxx 50 futures fell 0.8%

US stocks end mixed

The Nasdaq closed higher on Tuesday as investors rotated back into chipmakers and other AI linked stocks, helping the technology heavy index recover some ground ahead of the US midterm election results. However, losses in Apple weighed on sentiment after the iPhone maker flagged further pressure on margins from rising memory chip costs, Reuters reported.

Gold prices edge higher

Gold prices edged higher in early Asian trade on Wednesday as softer oil prices eased inflation concerns, while investors awaited US midterm election results and key labour market data for policy cues.

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

Stocks in F&O ban today

1) Kaynes
2) 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.

Read more: NSE Q2 Results: Profit jumps 23% to Rs 2,578 crore, revenue rises 9%

FII/DII action

Foreign portfolio investors net bought shares worth Rs 6,836 crore on Tuesday. DIIs, meanwhile, were net sellers at Rs 3,679 crore.

Rupee

The rupee settled with a gain of 9 paise at 94.75 against the US dollar on Tuesday, supported by inflow of foreign funds amid massive buying in domestic equity markets.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘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. Brokerage disclosures here