Stock markets were careful during Thursday's monthly F&O expiry. On Friday, attention will shift to exit polls and India's GDP data.
In simpler terms, experts like Siddhartha Khemka predict a good trend overall. Auto stocks will be in the spotlight as companies announce their monthly sales data on Friday.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX showed a dip of 12.5 points, or 0.06 per cent, at 20,326, suggesting that Dalal Street might see a quiet beginning on Friday.
• Tech View: The short-term outlook for Nifty remains optimistic. After crossing important obstacles recently, the market is anticipated to surge towards fresh all-time highs soon.
• India VIX: India VIX, indicating market fear, dropped 0.14% and settled at 12.69 levels.
US stocks displayed a mixed performance with the Dow Jones Industrial Average reaching its highest level since January 2022. Investors celebrated a robust month for stocks, interpreting cooling inflation data as a signal of potential easing in Federal Reserve monetary policy.
• Dow increased by 1.47%.
• S&P saw a rise of 0.38%.
• Nasdaq experienced a dip of 0.23%.
Asian shares started on a down note following a late-day rebound on Wall Street, contributing to one of the S&P 500's most significant November rallies. Treasury rates remained steady.
• S&P 500 futures declined by 0.1% at 9:21 a.m. Tokyo time, with a 0.4% rise on Friday.
• Nasdaq 100 futures dropped by 0.2%, paralleling the Nasdaq 100's 0.3% fall.
• Japan’s Topix saw a 0.2% increase.
• Australia’s S&P/ASX 200 fell by 0.5%.
• Euro Stoxx 50 futures witnessed a 0.3% rise.
Oil prices faced a decline in early Asian trade, extending losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter of the next year, falling short of market expectations.
The dollar weakened on Friday, and the euro, recovering from substantial losses, reflected easing inflation data, raising expectations of peaked interest rates and potential central bank rate cuts.
Foreign portfolio investors were net buyers at Rs 8,147 crore on Thursday, while DIIs sold shares worth Rs 780 crore.
The rupee, breaking a two-day rising streak, settled 6 paise lower at 83.39 (provisional) against the US dollar amid a strengthening American currency overseas and rising crude oil prices.
In F&O data, the net short position of FIIs reduced from Rs 1.15 lakh crore on Wednesday to Rs 56,948 crore on Thursday.
Macro news reported India's economy expanding by 7.6% in the July-September quarter compared to 7.8% growth in the previous quarter.