GIFT Nifty up 55 points; here's the trading setup for today's session

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India's equity benchmarks edged towards a one-month high on Wednesday, lifted by a broad-based rally as growing expectations of a US Federal Reserve rate cut and optimism over an earnings rebound buoyed sentiment. Analysts said the US 10-year yield declined while the rupee gained, indicating a momentum shift in FIIs to emerging markets like India, which may navigate the domestic market trajectory in the short to medium term.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start


GIFT Nifty on the NSE IX traded higher by 55.5 points, or 0.22 per cent, at 25,458, signaling that Dalal Street was headed for a positive start on Thursday.
  • Tech View: In the short term, the index may move towards 25,500–25,600. On the lower end, a fall below 25,250 might trigger a short-term correction.
  • India VIX: India VIX, which is a measure of the fear in the markets, fell 5.6% to settle at 10.53 levels.
US stocks gain

The S&P 500 ended higher on Wednesday, with Morgan Stanley and Bank of America rallying after solid quarterly results, while investors remained focused on the recent increase in China-U.S. trade tensions.

Asian shares riseAsian stocks rose at the open after US equities closed higher in a volatile session as investors weighed renewed US-China trade tensions.
  • S&P 500 futures were little changed as of 9:20 a.m. Tokyo time
  • Hang Seng futures fell 0.2%
  • Japan’s Topix rose 0.8%
  • Australia’s S&P/ASX 200 rose 0.4%
  • Euro Stoxx 50 futures rose 1.2%
Oil jumps

Oil prices rose by around 1% in early trade on Thursday after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, which supplies about one-third of its imports.

Gold hits a record high

Gold hit a record high on Thursday as investors sought refuge in the metal amid persistent geopolitical and economic uncertainties, with expectations of U.S. rate cuts and a weaker dollar adding support.

Stocks in F&O ban today

1) Samman Capital

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 net sold shares worth Rs 68 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 4,650 crore.

Rupee

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The rupee bounced back sharply by 73 paise to close at 88.08 against the US dollar on Wednesday, posting its biggest intraday gain in nearly four months, due to likely intervention by the RBI and a surge in domestic equities.
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