Domestic markets snapped their four-session winning streak on Tuesday, with the Nifty ending marginally lower at 24,399 after paring early gains. Profit booking following the recent rally, weakness in Realty and Metals stocks weighed on sentiment. Analysts say Indian equities are expected to maintain a gradual positive bias, with investor focus remaining on June-quarter business updates, progress on the India–United States interim trade agreement and the southwest monsoon.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 173 points, or 0.71 per cent, at 24,210.50, signaling that Dalal Street was headed for a negative start on Wednesday.
- Tech View: On the downside, immediate support is placed at 24,300. A break below this level could weaken the near-term momentum. Conversely, a sustained move above 24,400 may provide the strength needed for the index to resume its upward trajectory.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 1.44% to settle at 11.65 levels.
S&P 500 ends lower
The S&P 500 ended lower on Tuesday, weighed down by losses in Micron Technology and other chipmakers due to mounting doubts about the sustainability of Wall Street's AI-driven rally. Chip stocks in Asia and the United States dropped after memory chip giant Samsung Electronics' blowout earnings report failed to satisfy investors with sky-high expectations.
Asian stocks steady
Oil prices rose and Asian stocks were little changed as investors assessed the implications of renewed geopolitical tensions for energy supplies and risk assets.
- S&P 500 futures rose 0.1% as of 9:46 a.m. Tokyo time
- Hang Seng futures rose 0.1%
- Japan’s Topix fell 0.4%
- Australia’s S&P/ASX 200 fell 1.2%
- Euro Stoxx 50 futures were little changed
Gold eases
Gold eased on Wednesday to its lowest level in nearly a week, as U.S. strikes on Iran boosted oil prices and the dollar, raising concerns that inflation could keep interest rates higher for longer and weigh on non-yielding bullion.
Oil climbs
Oil prices climbed nearly 2% on Wednesday after the U.S. military launched airstrikes against Iran and reimposed crude sales sanctions, raising fears their fragile truce was unravelling and Middle East supplies could be disrupted again.
Dollar gains
The dollar clung to its highest levels of the week against most of its peers at the start of trading in Asia on Wednesday as the U.S. renewed strikes on Iran, renewing geopolitical tensions and sending oil prices higher.
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 Indian rupee notched its biggest single-session gain in three weeks at 94.96 on Tuesday, boosted by a spurt in dollar selling in the non-deliverable forward market, which also prompted traders wagering against the currency to exit positions.
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