GIFT Nifty up 30 points; Sensex, Nifty set for a positive opening

Indian markets continued their downward trajectory, with the Nifty marking its seventh consecutive time of decline, the longest losing streak since February 2023. Weak planetary cues and persistent overseas selling weighed connected the benchmarks. The 10,000 crore archetypal nationalist offering (IPO) of NTPC Green Energy is acceptable to unfastened for subscription today, which could spot beardown involvement contempt the subdued sentiment.

In pre-market action, GIFT Nifty, formerly known arsenic SGX Nifty, indicated a level to muted start, trading up by conscionable 21 points astatine 23,545 levels. Analysts suggest that portion the scale whitethorn effort a bounce towards the 23,800 mark, ongoing selling unit from Foreign Institutional Investors (FIIs) could bounds gains. Data from options writers indicates accrued telephone penning astatine the 23,500 level, signalling continued weakness.

India VIX, the volatility index, roseate by 2.7 percent, closing astatine 15.17, reflecting heightened marketplace anxiousness arsenic traders brace for much downside risk.

Key home updates

The Q2 net play is nearing its end, with constricted triggers near for a near-term rally. This, combined with sustained FII selling, is expected to support the Nifty successful a consolidation phase. On Monday, FIIs offloaded shares worthy Rs 1,403 crore, extending their selling spree, portion Domestic Institutional Investors (DIIs) bought shares worthy Rs 2,331 crore, providing immoderate enactment to the market.

The rupee recovered slightly, ending the league astatine 84.42 against the US dollar, up by 4 paise from its grounds low. The currency gained arsenic the dollar softened, and FII selling enactment showed immoderate signs of easing.

Global marketplace cues

Asian equities edged higher pursuing Wall Street's mixed performance, with the Nasdaq up 0.60 per cent and the S&P 500 gaining 0.39 per cent. Japan's Topix roseate 0.7 per cent, and Australia’s ASX 200 was up 0.6 per cent, driven by hopes of favourable net from cardinal tech stocks.

Stocks successful focus

Five stocks, including ABFRL and Hindustan Copper, stay successful the F&O prohibition database arsenic they crossed 95 per cent of the market-wide presumption limit.