“After 8% fall from all-time high, Nifty is witnessing some pull back ahead of Diwali, as investors get into festive mood. Overall, we expect the markets to remain range bound amid uncertainty with regard to US elections to be held next week. However we could continue to see sector and stock specific action as more companies announce their quarterly earnings,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
Here’s breaking down the pre-market actions:
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 0.04 per cent, at 24,439, signaling that Dalal Street was headed for muted start on Wednesday.
Tech View: Nifty could take support from the above band while on upmoves it can face resistance in the 24,567-24,694 band in the near term, said Deepak Jasani of HDFC Securities.
India VIX: India VIX, which is a measure of the fear in the markets, rose 1.6% to settle at 14.52 levels.
US stocks mixed
The Nasdaq scored a record closing high and the S&P 500 rose on Tuesday, while the Dow fell as investors digested a host of corporate earnings and awaited Google-parent Alphabet’s results that came after the market close.
- Nasdaq up 0.78%,
- S&P up 0.16%,
- Dow down 0.36%
Asian shares gain
Asian stocks eked out gains following mixed results from Wall Street tech companies and as traders prepare for next weekβs US election and Federal Reserve rate decision.
- S&P 500 futures rose 0.3% as of 9:42 a.m. Tokyo time
- Hang Seng futures fell 0.2%
- Nikkei 225 futures (OSE) rose 0.7%
- Japanβs Topix rose 0.5%
- Australiaβs S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures were little changed
- Nasdaq 100 futures rose 0.3%
Oil steady
Oil prices stabilised on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East.
Dollar rally pauses
The dollar hovered close to a three-month peak on Wednesday in a big week for macroeconomic data that could reveal the path for U.S. monetary policy.
Stocks in F&O ban today
1) PNB
2) RBL Bank
3) Manappuram
4) LT Finance
5) IDFC First Bank
6) Indiamart
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 turned net sellers at Rs 548 crore on Tuesday. DIIs bought shares worth Rs 730 crore.
Rupee
The rupee gained 2 paise to settle at 84.05 against the US dollar on Tuesday, helped by a positive trend in domestic equities and lower global crude prices.
FII data
The net short of FIIs reduced from Rs 93,792 crore on Monday to Rs 91,404 crore on Tuesday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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