Equity markets declined on Thursday amid selling pressure. Even though normal trading is closed on Friday, a special Muhurat trading session will be conducted by the exchanges for an hour.
Analysts said Nifty, after four weeks of decline, took support at lower levels in the Diwali week and consolidated in a range.
"We expect this range-bound move to continue with an increase in volatility as we enter an eventful week. Investor’s focus would remain on the ongoing result season as several index heavy-weights are set to announce their quarterly results next week," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal.
Here's breaking down the pre-market actions:
Tech View
Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.
India VIX
India VIX, which is a measure of the fear in the markets, rose 0.26% to settle at 15.55 levels.
Asian Markets
Asian markets mostly fell Friday, tracking a global slide in stocks fuelled by tame tech earnings and investor jitters less than a week before neck-and-neck US elections. In Asia trade, Tokyo's Nikkei was down more than two percent.
Hong Kong was up while Shanghai fell following healthy gains by mainland Chinese markets Thursday, after a forecast-beating manufacturing report.
Taiwan stocks were down as markets reopened after one of the biggest typhoons to hit the island in decades killed at least two people, caused flooding and landslides and shuttered schools and offices.
Seoul, Sydney, Wellington, Singapore, Jakarta and Manila were all down while Kuala Lumpur ticked up. Bangkok was flat.
Oil
Oil prices rose more than 2% on Friday after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days, though benchmarks were still set for a weekly decline.
Brent crude futures were up $1.72, or 2.4%, at $74.53 a barrel by 1024 GMT. U.S. West Texas Intermediate crude rose $1.76, or 2.5%, to $71.02.
Dollar
The dollar steadied on Friday, as investors awaited the U.S. jobs report, which could confirm the economy remains robust ahead of the Federal Reserve's monetary policy meeting and a close-call U.S. presidential election next week.
October witnessed the dollar's best monthly performance in more than two years, boosted by investors lowering their expectations for aggressive rate cuts from the Federal Reserve.
US Markets
U.S. stock futures rose on Friday, buoyed by strong Amazon results offsetting the previous session's tech selloff, with investors awaiting nonfarm payrolls data for insights on the Federal Reserve's key policy rate trajectory.
Amazon.com soared 6.8% in premarket trading, as strong retail sales increased its profit above Wall Street estimates.
That lifted market morale after a tech-driven slump in Thursday's session, as cost warnings on AI-related infrastructure from Meta Platforms and Microsoft saw the Nasdaq tumble 2.7% on its worst day in nearly two months.
European stocks
European shares climbed on Friday, buoyed by a rally in energy stocks, but remained on track for their worst week in nearly two months as a tightly contested U.S. presidential election kept investors on edge.
The pan-European STOXX 600 index rose 0.5% to 508.05, after falling more than 1% in the previous session.
The benchmark was poised to record a drop of about 2% this week, marking its second consecutive weekly decline.
FII/DII action
Foreign portfolio investors turned net sellers at Rs 5,813 crore on Thursday. DIIs bought shares worth Rs 3514 crore.
Rupee
The rupee edged up 1 paisa to 84.07 against the US dollar on Thursday even as persistent foreign fund outflows and month-end dollar demand from importers weighed on the local unit.
FII data
The net short of FIIs increased from Rs 1.22 lakh crore on Wednesday to Rs 1.53 lakh crore on Thursday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Analysts said Nifty, after four weeks of decline, took support at lower levels in the Diwali week and consolidated in a range.
"We expect this range-bound move to continue with an increase in volatility as we enter an eventful week. Investor’s focus would remain on the ongoing result season as several index heavy-weights are set to announce their quarterly results next week," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal.
Here's breaking down the pre-market actions:
Tech View
Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.
India VIX
India VIX, which is a measure of the fear in the markets, rose 0.26% to settle at 15.55 levels.
Asian Markets
Asian markets mostly fell Friday, tracking a global slide in stocks fuelled by tame tech earnings and investor jitters less than a week before neck-and-neck US elections. In Asia trade, Tokyo's Nikkei was down more than two percent.
Hong Kong was up while Shanghai fell following healthy gains by mainland Chinese markets Thursday, after a forecast-beating manufacturing report.
Taiwan stocks were down as markets reopened after one of the biggest typhoons to hit the island in decades killed at least two people, caused flooding and landslides and shuttered schools and offices.
Seoul, Sydney, Wellington, Singapore, Jakarta and Manila were all down while Kuala Lumpur ticked up. Bangkok was flat.
Oil
Oil prices rose more than 2% on Friday after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days, though benchmarks were still set for a weekly decline.
Brent crude futures were up $1.72, or 2.4%, at $74.53 a barrel by 1024 GMT. U.S. West Texas Intermediate crude rose $1.76, or 2.5%, to $71.02.
Dollar
The dollar steadied on Friday, as investors awaited the U.S. jobs report, which could confirm the economy remains robust ahead of the Federal Reserve's monetary policy meeting and a close-call U.S. presidential election next week.
October witnessed the dollar's best monthly performance in more than two years, boosted by investors lowering their expectations for aggressive rate cuts from the Federal Reserve.
US Markets
U.S. stock futures rose on Friday, buoyed by strong Amazon results offsetting the previous session's tech selloff, with investors awaiting nonfarm payrolls data for insights on the Federal Reserve's key policy rate trajectory.
Amazon.com soared 6.8% in premarket trading, as strong retail sales increased its profit above Wall Street estimates.
That lifted market morale after a tech-driven slump in Thursday's session, as cost warnings on AI-related infrastructure from Meta Platforms and Microsoft saw the Nasdaq tumble 2.7% on its worst day in nearly two months.
European stocks
European shares climbed on Friday, buoyed by a rally in energy stocks, but remained on track for their worst week in nearly two months as a tightly contested U.S. presidential election kept investors on edge.
The pan-European STOXX 600 index rose 0.5% to 508.05, after falling more than 1% in the previous session.
The benchmark was poised to record a drop of about 2% this week, marking its second consecutive weekly decline.
FII/DII action
Foreign portfolio investors turned net sellers at Rs 5,813 crore on Thursday. DIIs bought shares worth Rs 3514 crore.
Rupee
The rupee edged up 1 paisa to 84.07 against the US dollar on Thursday even as persistent foreign fund outflows and month-end dollar demand from importers weighed on the local unit.
FII data
The net short of FIIs increased from Rs 1.22 lakh crore on Wednesday to Rs 1.53 lakh crore on Thursday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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