D-St is set for a positive start as GIFT Nifty signals a strong start

Reflecting the weak global backdrop, domestic markets saw broad-based selling on Wednesday, with the Nifty closing down 2.1% at 23,882. Analysts say Indian equities are expected to remain volatile in the near term as global risk sentiment worsened following US President Donald Trump’s comments on ending the ceasefire and withdrawing from the MoU with Iran.

Market conditions
GIFT Nifty (earlier SGX Nifty) signals a positive start
GIFT Nifty traded up 107 points or 0.45 per cent at 23,985 on NSE IX, indicating Dalal Street is heading for a positive start on Thursday.

• Tech View: Going forward, it will be crucial to see if the Nifty sustains the 23,800 support level. A critical break below 23,800 could extend the ongoing corrective phase, while sustained trading above this level could pave the way for a meaningful recovery in the near term.
• India VIX: The India VIX, a measure of fear in the markets, rose 26% to settle at 14.68.

The S&P 500 is lower
The S&P 500 ended lower on Wednesday after US President Donald Trump said an interim deal aimed at ending the war with Iran was “too far gone” after Broadcom led gains in recently battered chip stocks.

Asian shares rise
Asian shares rose for the first time in three days on the back of gains in chipmakers. The US said oil extended its gains after it struck Iran for the second day in a row.

• S&P 500 futures were little changed at 9:07 a.m. Tokyo time
• Hang Seng futures fell 0.2%
• Japan’s Topix rose 0.4%
• Australia’s S&P/ASX 200 fell 0.8%
• Euro Stoxx 50 futures fell 2.2%

dollar firm
The US dollar held firm against most major currencies on Thursday as renewed Gulf tensions revived safe-haven bids while rising oil prices fueled rate hike bets, keeping the Japanese yen under pressure.

Oil rises
Oil prices rose on Thursday after the US launched fresh strikes against Iran, denting hopes of ending the Iran war and fully reopening the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies.

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Rs
The rupee fell 59 paise to settle at 95.55 against the US dollar on Wednesday as the US launched fresh attacks on Iran after Tehran attacked three ships in the Strait of Hormuz, sending crude oil prices higher and the dollar stronger.

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