Indian equities ended mixed on Thursday as investors turned to profit booking after a recent rally and concerns over the premium valuation due to the subdued end of Q1 earnings. Investors remain cautious ahead of the Jackson Hole symposium today, and rising domestic bond yields due to fiscal concerns surrounding GST rationalization.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 27.5 points, or 0.11 per cent, at 25,094, signaling that Dalal Street was headed for a negative start on Friday.
Tech View: On the upside, a sustained move above 25,160 could open the path towards 25,250 and 25,350. However, chasing the index at higher levels is not advisable, as the risk-reward turns unfavourable. A buy-on-dips approach would be more prudent.India VIX: India VIX, which is a measure of the fear in the markets, fell 3.5% to settle at 11.37 levels.
US stocks close lower
Wall Street’s main indexes fell on Thursday as investors feared potentially hawkish remarks by the Federal Reserve chair on Friday that could spark volatility, while big-box retailer Walmart’s quarterly results dampened sentiment.
S&P down 0.4%, Nasdaq dips 0.34%, Dow falls 0.34%
Asian shares trade in narrow range
Asian equities traded within a narrow range after US stocks and bonds fell as traders pared back wagers on imminent Federal Reserve interest-rate cuts.
S&P 500 futures were little changed as of 9:32 a.m. Tokyo timeJapan’s Topix rose 0.2%Australia’s S&P/ASX 200 fell 0.2%Euro Stoxx 50 futures were little changed
Live EventsGold steady
Gold prices held steady on Friday as investors refrained from taking any big bets ahead of U.S. Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.
Stocks in F&O ban today
PGEL
RBL Bank
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 bought shares worth Rs 1,246 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 2,546 crore.
Rupee
The rupee pared initial gains and settled for the day lower by 18 paise at 87.25 against US dollar on Thursday, amid a strong American currency and a recovery in crude oil prices.
FII data
The position of FIIs in the futures market reduced from a net short of Rs 1.73 lakh crore on Wednesday to Rs 1.68 lakh crore on Thursday.