“With the US steadily marching towards the presidential elections in November, the equity market is also taking cues from the favourable performance in global markets. Volatility has declined over the month, helping the near-term trend,” said Siddhartha Khemka, head of retail research at Motilal Oswal.
The breakdown of pre-market transactions is as follows:
Market situation
Gift Nifty (formerly SGX Nifty) is off to a strong start.
GIFT Nifty futures rose 72 points to trade at 23,663.
Tech View
Nagaraj Shetty of HDFC Securities said that having surpassed the hurdle of 23,515 levels (1.382% Fib extension), Nifty is expected to move towards the next resistance at 1.786% Fib extension at 23,950 levels in the near term, with immediate support at 23,450.
India VIX
India’s VIX index, which gauges market fears, rose 1.68 percent to close at 13.04.
Global Market Summary S&P 500 futures were little changed as of 9:16 a.m. Tokyo time. Hang Seng Index futures were up 0.8%. Japan’s Topix was up 0.5%. Australia’s S&P/ASX 200 was up 0.1%. Euro Stoxx 50 futures were up 0.2%.
Dollar Falls
The dollar weakened on Wednesday after weak U.S. retail sales data raised speculation of upcoming interest rate cuts by the Federal Reserve, while the pound weakened modestly in anticipation of U.K. inflation data due later in the day.
Recent reports suggest that U.S. retail sales grew only slightly in May, a sharp downward revision from the previous month’s data, signaling weak economic performance in the second quarter.
Rising oil prices
Oil prices rose slightly early Wednesday as fears of escalating conflict in Europe and the Middle East outweighed demand concerns following an unexpected rise in U.S. crude inventories.
Brent crude futures for August delivery rose a modest 6 cents to $85.39 a barrel as of 0016 GMT, while U.S. West Texas Intermediate crude for June delivery added 10 cents to $81.67 a barrel.
Today’s F&O Prohibited Stocks
1) Balrampur Chini Mills
2) Sail
3) India Cements
4) GMR Infrastructure
5) Hindustan Copper
6) Sun Television
7) GNFC
Securities under prohibition in the F&O segment include companies whose securities exceed 95% of the market-wide position limit.
FII/DIIAction
Foreign portfolio investors were net buyers of Rs 2,569 crore on Tuesday, while domestic institutional investors bought shares worth Rs 1,557 crore.
Rs.
The rupee rose 13 paisa to settle at Rs 83.42 against the US dollar on Tuesday, buoyed by fresh foreign capital inflows and a robust performance in the domestic equity market, helping the benchmark index hit fresh highs.
FII Data
FII net shortfall fell to Rs 12,852 crore on Monday from Rs 24,415 crore on Friday.
