On Wednesday, Indian stocks did well, with the Nifty index bouncing back almost 250 points from its lowest point of the day. Investors are paying attention to Prime Minister Modi’s two-day visit to the U.S., where important topics will be discussed.
Market Conditions:
– The GIFT Nifty (now called NSE IX) started slightly higher, showing an increase of 20.50 points to reach 23,109.50. This suggests a calm opening for the Indian market on Thursday.
Technical Outlook:
– If the market confirms a reversal, it could see a big upward move. The immediate support level is seen at 22,800. If it moves above 23,150 to 23,200, there may be a chance for more gains in the short-term.
Market Volatility:
– The India VIX, which shows how fearful the market is, went up 0.17% to settle at 14.90.
U.S. Stock Trends:
– Major U.S. stocks fell on Wednesday due to higher inflation rates, which raised concerns that the Federal Reserve may keep interest rates high. S&P 500 dropped by 0.27%, while the Dow decreased by 0.50%.
Asian Shares Performance:
– In Asia, shares had mixed results. Australia’s shares opened slightly higher, and futures for Japan and Hong Kong also rose. US-listed Chinese companies saw a 2.7% increase.
Gold Prices:
– Gold prices increased slightly on Thursday because of worries about trade conflicts and investors waiting for U.S. inflation data.
Currency Update:
– The U.S. dollar stayed strong against the Japanese yen after high inflation numbers were reported, while the euro gained ground due to news of possible peace talks between the U.S. and Russia regarding Ukraine.
Today’s Stock Ban:
– In the F&O segment, Manappuram is the only stock that is in the ban period because it surpassed 95% of the allowed market limit.
Foreign Investment:
– Foreign investors sold stocks worth Rs 4,969 crore on Wednesday, while domestic investors bought shares worth Rs 5,929 crore.
Rupee Performance:
– The rupee slipped by 8 paise, ending the day at 86.87 against the U.S. dollar, due to a strong dollar and continued outflows from foreign investments.
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