Indian benchmark indices witnessed strong selling pressure during Wednesday's session, with Brent crude oil prices rising above the $100 per barrel mark amid heightened geopolitical uncertainty, further weighing on investor sentiment. Analysts say immediate bias in the index continues to remain down and only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the current down trend.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 20 points, or 0.09 per cent, at 23,470.5, signaling that Dalal Street was headed for a muted start on Thursday.
Tech View: Though the trend remains weak, if the Nifty manages to hold above 23,500 on Thursday, a meaningful recovery could be seen. However, a fall below 23,400 might trigger further correction in the index.
India VIX: India VIX, which is a measure of the fear in the markets, was rose 6.81% to settle at 11.92.
Asian stocks were poised to decline Thursday, tracking losses on Wall Street as surging oil prices and Treasury yields stoked inflation concerns ahead of key US price data. US oil extended its rally to an eighth straight session.
S&P 500 futures were little changed as of 10 a.m. Tokyo time
Hang Seng futures fell 0.9%
Nikkei 225 futures (OSE) fell 1.3%
Japan’s Topix fell 0.4%
Australia’s S&P/ASX 200 fell 1.7%
Euro Stoxx 50 futures were little changed
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.
Foreign portfolio investors net sold shares worth Rs 583 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 1,509 crore.
The rupee slumped 34 paise to close at 95.08 against the American currency on Wednesday as crude prices crossed the USD 100 per barrel mark, stoking concerns over inflation and high forex outflows.
