“Markets are facing pressure and tend to remain volatile amid uncertainty around US presidential elections slated to be held on November 5th. The second leg of Q2 results will resume in the next week post-Diwali. Market seems to have taken support at lower levels and is likely to consolidate over the next few days,” 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 negative start
GIFT Nifty on the NSE IX traded lower by 68.50 points, or 0.28 per cent, at 24,305, signaling that Dalal Street was headed for negative start on Thursday.
- Tech View: If the index sustains above 24,500, it may extend gains to the 24,600β24,700 range, with 24,070 acting as key support. As long as it holds above this level, a “buy on dips” approach remains viable, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 6.9% to settle at 15.51 levels.
US stocks slip
U.S. stock indexes closed lower on Wednesday as chip stocks tumbled and investors awaited a host of corporate earnings. Microsoft and Meta Platforms reported earnings after the bell, with both beating quarterly revenue estimates.
- Dow dips 0.22%,
- S&P falls 0.33%,
- Nasdaq slips 0.56%
Asian shares decline
Asian equities fell Thursday after US stocks and government bonds dropped as robust economic data blurred the picture for imminent Federal Reserve rate cuts.
- S&P 500 futures fell 0.4% as of 9:04 a.m. Tokyo time
- Japanβs Topix fell 0.3%
- Australiaβs S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures fell 1.3%
Oil rises
Oil prices rose on Thursday, extending the previous day’s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.
Yen under pressure
The yen remained under pressure on Thursday as the Bank of Japan looked set to keep ultra-low interest rates steady, while the U.S. dollar paused ahead of jobs data later this week and the U.S. presidential election next week.
Stocks in F&O ban today
1) PNB
2) RBL Bank
3) Indiamart
4) IDFC First 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 4,613 crore on Wednesday. DIIs bought shares worth Rs 4518 crore.
Rupee
Rupee depreciated 3 paise to close at 84.08 against US dollar on Wednesday, weighed down by weak domestic markets and month-end dollar demand from importers.
FII data
The net short of FIIs increased from Rs 91,404 crore on Tuesday to Rs 1.22 lakh crore on Wednesday.
(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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