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

On Wednesday, Nifty closed with the gains of 0.8% at 25,255, after retreating from the day's highs amid profit booking and selling pressure in IT and realty stocks. Analysts say Indian equities are likely to retain their positive momentum, supported by an improving earnings trajectory, a sharp correction in crude prices and a strong resurgence in foreign investors flows. Q2FY27 earnings are increasingly coming in ahead of expectations, strengthening confidence in corporate earnings recovery and providing fundamental support to the ongoing rally.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a muted start

GIFT Nifty on the NSE IX traded higher by 23 points, or 0.09 per cent, at 25,248, signaling that Dalal Street was headed for a muted start on Thursday.


Tech View: In terms of levels the 25100-25050 band is an immediate support, followed by a stronger support in the 24850-24750 band. On the flipside, 25250-25300 is likely to act as immediate hurdle, followed by a stronger hurdle in the 25450-25500 zone.

India VIX: India VIX, which is a measure of the fear in the markets, rose 0.77% to settle at 17.56 levels.

Asian stocks edge higher

Asian stocks edged higher as investors largely shrugged off a leadership crisis at Nvidia Corp. that sent shares of the chipmaker at the heart of this year’s artificial-intelligence boom tumbling in after-hours trading.

• S&P 500 futures fell 0.4% as of 10:38 a.m. Tokyo time
• Nikkei 225 futures (OSE) rose 0.2%
• Japan’s Topix rose 0.5%
• Australia’s S&P/ASX 200 fell 0.4%
• Hong Kong’s Hang Seng fell 1%
• The Shanghai Composite was little changed
• Euro Stoxx 50 futures rose 0.2%

US stocks end higher

US stocks closed higher on Wednesday, with the S&P 500 and the Nasdaq each rallying more than 1% as earnings from neocloud firm CoreWeave cooled investor concerns about the durability of the AI trade, while Nvidia stabilized after two straight sessions of sharp declines.

Gold slips

Gold prices edged lower on Thursday as hotter-than-expected US inflation data and hawkish Federal Reserve commentary lifted the dollar to near a one-month high and reinforced expectations of an interest-rate increase next month, weighing on bullion.

Dollar near one-month high

The dollar held near a one-month high against major peers in early Asian trading on Thursday, supported by growing expectations of a Federal Reserve rate hike, while the yen edged toward the psychologically important 160-per-dollar level.

Oil prices drop

Oil prices dropped more than $1 on Thursday as hopes for progress in peace talks over the Middle East and the Russia-Ukraine wars pressured the market.

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

Stocks in F&O ban today

Kaynes

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: Tata Power Q2 Results: PAT jumps 33% YoY to Rs 1,652 crore, revenue rises 26%

FII/DII action

Foreign portfolio investors net bought shares worth Rs 12,563 crore on Wednesday. DIIs, meanwhile, were net sellers at Rs 8434 crore.

Rupee

The rupee gained 7 paise to close at 93.7 against the US dollar on Wednesday, driven by domestic market strength and foreign capital inflows, alongside potential support from declining global crude oil prices.

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