On Wednesday, benchmark Nifty rose 0.5%, supported by broad-based buying. Analysts say Indian equities are likely to continue their gradual upmove in the near term as positive developments around a potential resolution of the war front improve sentiment. Developments in West Asia, movements in Brent crude, foreign flows and global cues will remain key near-term drivers.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a negative start

GIFT Nifty on the NSE IX traded lower by 162.5 points, or 0.69 per cent, at 23,283, signaling that Dalal Street was headed for a negative start on Thursday.

Tech View: On the derivatives front, strengthening PCR and Put writing at higher strikes indicate a gradual shift in the base. Immediate support is placed at 23,300, while resistance remains at 23,650–23,700. For September, 23,000 continues to be a strong support, with the broader trading range expected between 23,000 and 23,800.

India VIX: India VIX, which is a measure of the fear in the markets, fell 6% to settle at 10.34 levels.

Asian shares were mixed, as Wall Street suffered losses as rising oil prices and stronger-than-expected US economic data fueled inflation concerns and bets on further interest-rate hikes.

S&P 500 futures fell 0.1% as of 9:44 a.m. Tokyo time

Hang Seng futures fell 0.4%

Nikkei 225 futures (OSE) rose 1.2%

Japan’s Topix rose 0.2%

Australia’s S&P/ASX 200 fell 1.3%

Euro Stoxx 50 futures fell 0.3%

US shares fell and benchmark 10-year treasury yields climbed to their highest level since 2007 on Wednesday, after data showed US business activity racing to a more-than-five-year high in September, fueled by a surge in new orders.

Oil prices edged lower on Thursday, after climbing 4% in the previous session, as Iran said it remained open to diplomacy to end the US-Iran war, though the two countries remain far apart on ways to do so.

Gold prices were muted in early Asian trade on Thursday, with investors focussed on the prospect of further Federal Reserve interest rate hikes this year.

Read more: Ahead of Market: 10 things that will decide stock market action on Thursday

Stocks in F&O ban today

1) SAIL

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.

Read more: NSE IPO shares all set to list: GMP signals 2% listing gain ahead of market debut

Foreign portfolio investors net bought shares worth Rs 1,617 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 2,341 crore.

The rupee fell 11 paise to close at 95.73 against the US dollar on Wednesday, weighed down by the broad strength of the American currency and a slight recovery in crude oil prices from lower levels.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.