Analysts say markets are expected to react to the domestic political developments, as exit polls after the second phase of state elections give slight edge to BJP in West Bengal and Assam. Investor sentiment will be influenced by these outcomes, while the final results next week are likely to add to market volatility on Monday. Meanwhile, elevated crude oil prices and the lack of clarity on US–Iran negotiations continue to remain key overhangs.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 73.50 points, or 0.30 per cent, at 24,182.50, signaling that Dalal Street was headed for a negative start on Thursday.
- Tech View: The overall sentiment remains unclear, with the possibility of the trend turning in either direction. Additionally, the BSE monthly expiry could keep the market volatile.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 3.4% to settle at 17.44 levels.
US Stocks end flat
Wall Street oscillated on Wednesday, as investors juggled spiking crude prices, the U.S. Federal Reserve’s interest rate decision, and a quartet of high-profile earnings to be released after the closing bell.
Asian shares trade lower
Asian shares fell, but US equity-index futures advanced, lifted by late-session gains in tech giants, as the artificial intelligence trade remained a key driver of markets, while oil prices surged on escalating uncertainty over the Iran war.
- S&P 500 futures rose 0.4% as of 9:02 a.m. Tokyo time
- Hang Seng futures fell 0.8%
- Japan’s Topix fell 1%
- Australia’s S&P/ASX 200 fell 0.4%
- Euro Stoxx 50 futures fell 0.5%
Gold rebounds
Gold prices rebounded on Thursday from a one-month low hit the day before, helped by a softer U.S. dollar, although elevated oil prices kept fears alive of inflation and higher-for-longer interest rates.
Oil extend gains
Oil prices extended gains on Thursday on concerns supply from the key Middle East producing region will remain bottled up for longer as talks to end the U.S.-Israeli war against Iran have deadlocked. Brent crude futures for June rose $1.91, or 1.62%, to $119.94 a barrel as of 0057 GMT after gaining 6.1% in the previous session.
Stocks in F&O ban today
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.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 2,468 crore on Monday. DIIs, meanwhile, were net buyers at Rs 2,262 crore.
Rupee
The Indian rupee fell to a record closing low on Wednesday, pressured by rising oil prices as efforts to end the Iran conflict remained stalled, while persistent foreign selling of Indian assets added to the strain.
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