Gift Nifty indicates a muted start for today’s session.
After opening on a muted note on Monday, equities gained strength and closed with gains. Despite global volatility, analysts said that the domestic stock market has shown resilience during every decline and has recovered by 200 points from the lower levels. Although the short-term trend of the Nifty remains weak, the need is showing indications of sustainable upside recovery after a trimmed downward correction. Nifty essentials to cross the hurdle of 25,150 levels to consider a possible trend change towards the upside, the immediate permission is at 24,750. On Monday, Wall Street’s three major indexes rose by over 1% as investors sought bargains following last week’s sell-off. They were also anticipating upcoming inflation reports and the Federal Reserve’s next policy decision. Last week, investors pulled away from equities after weaker-than-expected August careers data on Friday and disappointing manufacturing data on Tuesday. This led to the Nasdaq Composite encountering its largest weekly drop since January 2022, and S&P 500 facing its steepest weekly decline since March 2023. On Monday, oil prices increased by about 1% due to concerns that a hurricane expected to strike Louisiana on Wednesday might disrupt production and refining activities. Securities in the ban period under the F&O (Futures and Options) segment include companies where the security has crossed 95% of the market-wide position limit. Foreign portfolio investors turned net buyers of ₹1,176 crore on Monday. Domestic institutional investors bought shares worth ₹1,757 crore. The rupee traded in a narrow range and fell by 1 paisa to close at 83.96 against the American currency on Monday, as support from a positive trend in equity markets was offset by a strong US dollar against major foreign currencies. Nifty futures on the Gift Nifty trade 50 points higher at 25,030. The net long position of foreign institutional investors decreased from ₹1.62 lakh crore on Friday to 1.56 lakh crore on Monday.
