GIFT Nifty futures signal muted start; Sensex, Nifty to track global cues

Markets remained range-bound on Wednesday, closing with minimal changes as investors digested US inflation data, the largest in seven months. GIFT Nifty indicates a cautious start for Thursday, with global cues and selective sectoral action likely to guide market direction.

GIFT Nifty Futures Update

GIFT Nifty, trading on the NSE IX, rose by 16.5 points or 0.07 per cent to 24,751, signalling a muted opening for Indian equities. Analysts suggest the consolidation phase might soon conclude, with a potential upside in Nifty once the 24,800 resistance is breached.

Sensex and Nifty Outlook

Technical indicators suggest a strong upside is possible if Nifty decisively moves above 24,700, with targets at 25,000. Support is seen near 24,500. Meanwhile, India VIX, a key fear gauge, dropped 3.7 per cent to settle at 13.27, signalling reduced volatility expectations.

Global Market Cues

Wall Street witnessed a rally on Wednesday, driven by benign US inflation data. The Nasdaq surged past the 20,000-point milestone, gaining 1.77 per cent. The S&P 500 rose 0.82 per cent, while the Dow Jones dipped slightly by 0.22 per cent.

In Asia, markets opened higher on Thursday, tracking US gains:

• Japan's Topix rose 1.2 per cent

• Nikkei 225 futures advanced 1.5 percent

• Australia's S&P/ASX 200 was flat

Stocks in F&O Ban

The following stocks remain in the F&O ban list today:

1. Granules

2. Manappuram

3. Metropolis

4. PVR Inox

5. RBL Bank

6. Hindustan Copper

FII/DII Activity

Foreign portfolio investors (FII) sold shares worth Rs 1,012 crore on Wednesday, while domestic institutional investors (DII) were net buyers at Rs 2,008 crore.

Rupee Performance

The rupee settled higher by two paise at Rs 84.83 against the US dollar, marginally off its all-time low, amid expectations of a policy shift by the Reserve Bank of India.

With the markets poised for selective action, all eyes remain on sectoral participation and global cues for the day ahead.