Gift Nifty at 25,190 signals that Nifty could gain over 100 points at opening. However, selling by foreign portfolio investors will keep the market under check, said analysts.
Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, said: Globally, market sentiments were mixed amid concerns over China’s fiscal stimulus, which has yet to fully materialise. Following a brief rally, Chinese stocks stumbled, while European markets traded slightly higher. With ongoing tensions in the Middle East affecting oil prices and anticipation surrounding domestic quarterly earnings, market participants are keen to see how these factors will influence performance in the coming days.”
FPIs have been selling relentlessly recently. Unless their selling abates, the market will remain in consolidation phase, said analysts. With the RBI meeting over, the focus has now shifted to corporate results that will start trickling in from now on. TCS is scheduled to declare its results today,
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said: “TCS officially kicks off India’s Q2 earnings season today, with expectations of a modest single-digit rise in its topline and bottom-line compared to the September quarter of FY24. Tata Elxsi will also announce its earnings for the July-September quarter. Internationally, markets are watching the US CPI data on October 10 and PPI on October 11. “
Meanwhile, Federal Reserve officials agreed that more rate cuts were likely, but seemed to be in two camps about the pace and size of the moves, according to the minutes of the meeting. US stocks closed higher on Wednesday; equities across the Asia-Pacific region are also up in early deals on Thursday, tracking the US stock markets.
Hardik Matalia, Derivative Analyst, Choice Broking, said: The India VIX decreased by 3.19% to 14.12, indicating a reduction in market volatility and suggesting that traders are anticipating a more stable market environment in the near term. Open Interest (OI) data revealed the highest OI on the call side at the 25,200 and 25,300 strike prices, while on the put side, it was concentrated at the 24,800 and 24,700 strike prices.