“We expect this ongoing momentum to continue in the near term. Indian Equities today would react to the release of US Fed meeting minutes and US, Europe, and Asia -Service and Composite PMI data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Gift Nifty (Earlier SGX Nifty) signals a positive start.
Nifty futures on the Gift Nifty traded 75 pts higher at 24,461.
Tech View
A decisive move above 24400 levels could open the next upside target of 24900 levels (1.786% Fib. Extension) in the coming week. Immediate support is placed at 24110 levels, said Nagaraj Shetti of HDFC Securities
India VIX
India VIX, which is a measure of the fear in the markets, fell 3.19% to settle at 13.20 levels.
Global Markets
- S&P 500 futures were little changed as of 9:46 a.m. Tokyo time
- Hang Seng futures rose 0.9%
- Nikkei 225 futures (OSE) rose 0.5%
- Japan’s Topix rose 0.6%
- Australia’s S&P/ASX 200 rose 1.1%
- Euro Stoxx 50 futures were little changed
Dollar on the defensive after soft data
The dollar was on the back foot on Thursday after U.S. economic data continued to point to slowing growth, although that gave little relief to the yen, which was pinned around a 38-year low that kept the market on alert for government intervention.
The euro held not far off a three-week high against the greenback, and sterling firmed ahead of UK elections later in the day.
Oil falls
Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world’s top oil consuming nation.
Brent crude futures were down 30 cents, or 0.34%, at $87.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.38%, to $83.56 by 0030 GMT, with activity thinned by the U.S. Fourth of July holiday.
Stocks in F&O ban today
1) India Cements
2) Hindustan Copper
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 buyers at Rs 5,483 crore on Wednesday. DIIs, meanwhile, bought shares worth Rs 924 crore.
Rupee
The rupee settled 1 paisa lower at 83.49 against the US dollar on Wednesday, weighed down by elevated crude oil prices.
FII data
The net long of FIIs increased from Rs 3.46 lakh crore on Tuesday to Rs 3.78 lakh crore on Wednesday.
