“We expect this range-bound move (Nifty hovering around the 24400-24500 zone) to continue in the absence of any major triggers, while the earning season would drive sectorial rotation. Key results tomorrow – BEL, Chola Investment, JSW Steel, HPCL, Coal India, and BPCL,” 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 1.5 points, or 0.01 per cent, at 24,460.50, signaling that Dalal Street was headed for muted start on Friday.
- Tech View: A sustainable move above 24,600-24,700 levels could confirm the quantum of upside bounce in the market. However, a slide below 24300 could trigger more weakness in the near term, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 4.46% to settle at 13.97 levels.
US stocks up
The Nasdaq and the S&P 500 gained on Thursday, driven by Tesla’s positive earnings forecast and a decline in Treasury yields from a three-month high, which buoyed market sentiment despite declines from some corporate results.
Asian shares flat
Asian equities were little changed on Friday after Wall Street rallied for the first time this week as Tesla Inc. shares jumped.
- S&P 500 futures were little changed as of 9:10 a.m. Tokyo time
- Japanβs Topix fell 0.6%
- Australiaβs S&P/ASX 200 rose 0.4%
- Euro Stoxx 50 futures rose 0.3%
Oil prices rise
Oil prices rose on Friday and are on track for a weekly gain of more than 1%, as tensions in the world’s top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge.
Stocks in F&O ban today
1) NMDC
2) RBL Bank
3) Manappuram
4) Aarti Industries
5) Escorts
6) Indiamart
7) IEX
8) PEL
9) 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.
FII/DII action
Foreign portfolio investors turned net sellers at Rs 5,062 crore on Thursday. DIIs bought shares worth Rs 3620 crore.
Rupee
The rupee stayed stuck at its near-record low of 84.07 against the US dollar on Thursday as surging crude oil prices and persistent foreign fund outflow weighed on the local unit.
FII data
The net short of FIIs reduced from Rs 1.69 lakh crore on Wednesday to 1.47 lakh crore on Thursday.
(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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