GIFT Nifty down 10 points; here's what changed for market while you were sleeping
Investors would closely watch the GDP data due later in the evening.
«Given mixed global cues and derivatives monthly expiry, Nifty is likely to remain in consolidation mode while sector rotation would lead to stock-specific action,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded 10 points, or 0.05 per cent, lower at 19,468.50, signaling that Dalal Street was headed for muted start on Thursday.
- Tech View: In terms of technical levels, the index's immediate support on the downside is evident in the range of 19300-19250. A failure to sustain above this level could potentially trigger a continuation of the downward movement.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 3.48% to settle at 11.80 levels.
US stocks gain
The S&P 500 and Nasdaq closed higher on Wednesday as fresh economic data signaled a cooling U.S. economy, reinforcing expectations the Federal Reserve will pause rate hikes in September.
- S&P 500 up 0.38%,
- Nasdaq rises 0.54%
- Dow gains 0.11%
Asian shares up
Shares in Asia followed Wall Street higher as US economic reports pointed to slowing growth, adding to bets the Federal Reserve is nearing the end of its tightening cycle.
- S&P 500 futures were little changed as of 9:13 a.m. Tokyo time. The S&P 500 rose 0.4%
- Nasdaq 100 futures were little changed. The Nasdaq 100 rose 0.6%
- Hang Seng futures rose 0.9%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200 was little changed
- Euro Stoxx 50 futures fell 0.2%
Oil rises
Global oil prices were up in early trade on Thursday backed by tighter U.S. supply, with a focus on
