Pre-market action: Here's the trade setup for today's session
«Though the market saw profit booking of late, the underlying sentiments remain positive given robust micro and macro domestic factors. Further the market is likely to move in a range as investor participation is expected to gradually decline globally ahead of the Christmas and New Year holiday,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: It would now be a daunting task for Nifty to go beyond the cluster of hurdles i.e. 21400 – 21500 – 21600. On the other hand, 21000 – 20950 has certainly proved its significance. Most probably, we would see benchmark index gyrating in this broad range now and one should avoid getting carried away at higher levels, said Sameet Chavan of Angel One.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 4.79% to settle at 13.76 levels.
US stocks up
U.S. stocks closed higher on Thursday, winning back much of the previous day's losses, as economic data fueled optimism that the Federal Reserve would ease monetary policy and revived investor risk appetite.
- Dow up 0.87%,
- S&P rises 1.03%,
- Nasdaq gains 1.26%
Asian shares gain
Shares in Asia headed for opening gains after US stocks resumed a rally fueled by fresh data underscoring the pressure on the Federal Reserve to deliver more 2024 interest rate cuts than it flagged last week.
- S&P 500 futures were little changed as of 8:14 a.m. Tokyo time
- Nasdaq 100 futures were little changed
- Nikkei 225 futures rose 0.3%
- Hang Seng futures rose 0.4%
- Australia’s S&P/ASX 200 was little changed
FII/DII action
Foreign portfolio investors were net sellers at Rs 1,636 crore on Thursday. DIIs bought shares worth Rs 1464 crore.
Rupe
