Reflecting the weak global backdrop, domestic markets witnessed broad-based selling on Wednesday, with the Nifty declining 2.1% to close at 23,882. Analysts say Indian equities are expected to remain volatile in the near term as global risk sentiment has deteriorated following US President Donald Trump's comments on ending the ceasefire with Iran and withdrawing from the MoU.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 107 points, or 0.45 per cent, at 23,985, signaling that Dalal Street was headed for a positive start on Thursday.
- Tech View: Going forward, it will be crucial to watch whether the Nifty manages to hold the 23,800 support level. A decisive break below 23,800 could extend the ongoing corrective phase, while sustained trading above this level may pave the way for a meaningful recovery in the near term.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 26% to settle at 14.68 levels.
S&P 500 ends lower
The S&P 500 ended lower on Wednesday after U.S. President Donald Trump said an interim deal aimed at ending the war with Iran was "over," while Broadcom led gains among recently battered chip stocks.
Asian shares gain
Asian shares climbed for the first time in three days, following a rally in chipmakers. Oil extended its gains after the US said it struck Iran for a second straight day.
- S&P 500 futures were little changed as of 9:07 a.m. Tokyo time
- Hang Seng futures fell 0.2%
- Japan’s Topix rose 0.4%
- Australia’s S&P/ASX 200 fell 0.8%
- Euro Stoxx 50 futures fell 2.2%
The U.S. dollar held firm against most major currencies on Thursday as renewed Gulf tensions revived safe-haven bids while surging oil prices boosted rate hike bets, keeping the Japanese yen under pressure.
Oil rises
Oil prices rose on Thursday after the U.S. launched fresh strikes against Iran, denting hopes for an end to the Iran war and for the full reopening of the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies.
Stocks in F&O ban today
1) NIL
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.
Rupee
The rupee tanked 59 paise to settle at 95.55 against the US dollar on Wednesday as the US launched fresh strikes on Iran after Tehran struck three ships in the Strait of Hormuz, pushing up crude oil prices and strengthening the dollar.
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