Trade Setup: GIFT Nifty Signals Positive Start Amid Mixed Global Cues
GIFT Nifty futures up 0.51% at 24,962.00, indicating a bullish opening for Indian markets. US markets closed mostly positive, with NASDAQ and S&P 500 gaining. Asian markets show mixed trends. Crude oil declined 0.69%, while gold fell 1.00%. FIIs were net sellers, but DIIs remained bullish. Notable block deals in Shriram Finance, Kotak Mahindra Bank, and others. Mixed global cues and FII selling may introduce volatility.
*this image is generated using AI for illustrative purposes only.
Pre-Market Sentiment
Global markets present a mixed picture as traders gear up for the opening bell. While positive momentum from US markets provides support, Asian indices show varied performance, setting the stage for an interesting session ahead.
GIFT Nifty Update
The GIFT Nifty futures trading at 24,962.00 points, up 0.51% or 126.50 points from the previous close, indicates a positive start for the benchmark indices. This uptick suggests bullish sentiment carrying over from the previous session.
US Markets Performance
Wall Street ended on a positive note:
- Dow Jones Industrial Average closed at 45,292.22, marginally down by 0.05%
- NASDAQ Composite gained 0.33% to finish at 21,444.50
- S&P 500 futures edged up 0.18% to 6,469.25
Asian Markets Overview
Asian markets show mixed trends:
- Japan's Nikkei 225 surged 1.23% to 42,454.11
- Hong Kong's Hang Seng Index dipped 0.37% to 25,249.46
- Australia's S&P/TSX Composite Index rose 0.48% to 28,752.48
Commodity Trends
- Crude Oil (WTI) declined 0.69% to $63.53 per barrel
- Brent Crude slipped to $63.53, down 0.69%
- Gold futures fell 1.00% to $3,599.10 per troy ounce
- Silver futures decreased 0.50% to $41.34 per troy ounce
- Copper futures edged down 0.06% to $4.20 per pound
Currency Updates
The USD/INR pair was trading at 88.07, showing a slight increase of 0.05%.
FII/DII Activity
Foreign Institutional Investors (FIIs) were net sellers, offloading shares worth ₹1,666.46 crore. Domestic Institutional Investors (DIIs) remained bullish, purchasing shares valued at ₹2,495.33 crore.
Block Deals
Notable block deals included:
| Company | Shares Traded | Price per Share (₹) |
|---|---|---|
| Shriram Finance | 2,283,662 | 584.60 |
| Kotak Mahindra Bank | 435,762 | 1,942.50 |
| Manappuram Finance | 1,886,858 | 281.00 |
| Godrej Properties | 292,981 | 1,978.20 |
Key Updates for Stocks Involved in Block Deals
- Kotak Mahindra Bank executed a block trade worth ₹154.20 crores, involving approximately 794,555 shares at ₹1,940.70 per share.
- Zomato witnessed a block trade on NSE involving about 508,355 shares at ₹309.65 per share, totaling ₹15.74 crores.
- Zomato has increased its platform fee on food delivery orders from ₹10 to ₹12, a 20% hike in the fee structure.
- Eternal Ltd. (Zomato's parent company) is considering relaxing its commission models for restaurant partners, potentially reducing commission percentages and long-distance fees.
Key Global Events
Investors should keep an eye on upcoming corporate actions, including dividend announcements and annual general meetings for various companies.
Conclusion
The market appears poised for a positive start, buoyed by upbeat GIFT Nifty futures. However, mixed global cues and ongoing FII selling may introduce volatility during the session.
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