Overall, analysts expect the markets to remain firm, tracking positive global cues, macro-economic data and domestic Q2 earnings.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 55 points, or 0.21 per cent, at 26,145, signaling that Dalal Street was headed for a positive start on Wednesday.
- Tech View: The RSI is in a bullish crossover and remains in the high momentum zone. In the short term, the index may witness a decent rally as momentum picks up above 26,000. On the higher end, resistance is seen at 26,300, while support is placed at 25,850.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.8% to settle at 11.95 levels.
US stocks end higher
All three major U.S. stock indexes posted record closing highs again on Tuesday as Nvidia shares gained following news it will build artificial intelligence supercomputers for the U.S. energy department, and as investors were optimistic about corporate earnings ahead of key results from megacaps this week. Nvidia CEO Jensen Huang said the company will build seven supercomputers for the U.S. Department of Energy, and said the company has $500 billion in bookings for its AI chips.
- Dow up 0.3%,
- S&P 500 up 0.2%;
- Nasdaq up 0.8%
Asian stocks gain
Asian stocks opened higher, buoyed by Wall Street optimism that artificial intelligence will keep fueling profits at major technology firms and growing bets of a Federal Reserve interest-rate cut.
- S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
- Hang Seng futures rose 0.9%
- Japan’s Topix fell 0.1%
- Australia’s S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures fell 0.1%
Dollar on backfoot
The U.S. dollar hovered close to a one-week low versus major peers on Wednesday ahead of a widely expected interest rate cut from the Federal Reserve later in the day.
Stocks in F&O ban today
1) Samman Capital
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 10,339 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 1081 crore.
Rupee
The rupee depreciated by 8 paise to close at 88.27 against the US dollar on Tuesday on weak domestic stock markets and foreign fund outflows.