On Wednesday, domestic markets ended the day on a flat note as persistent selling by foreign institutional investors (FIIs), mixed fourth-quarter results, and lower voter turnout in the ongoing elections kept investors cautious.
“We expect the market to consolidate in a broader range amid nervousness surrounding the ongoing Lok Sabha election,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
The short-term market trend remains weak, but there are indications of a higher bottom formation around the 22,200 level. A confirmation of a reversal from this point could lead to a short-term upside bounce in the market. The immediate support level is at 22,200, while the next overhead resistance is at 22,500, according to Nagaraj Shetti of HDFC Securities.
In the United States, the Dow Jones Industrial Average extended its winning streak to six consecutive sessions, closing above 39,000 points for the first time in five weeks. Investor confidence remained strong as they continued to rely on accommodative U.S. monetary policies. The S&P 500 ended flat, while the Nasdaq slipped 0.18%.
Asian markets opened mixed on Thursday, with Asian bonds falling in response to selling pressure in Treasuries during the previous session, which supported the dollar. S&P 500 futures were little changed, while Hang Seng futures rose 0.3%. Japan’s Topix gained 0.4%, and Australia’s S&P/ASX 200 fell 0.4%. Euro Stoxx 50 futures were up 0.4%.
Oil prices increased in early Thursday trading as shrinking U.S. crude inventories indicated tighter supply and rising hopes that the Federal Reserve would cut interest rates by the end of the year. Brent crude futures for July rose 23 cents to $83.81 a barrel, while U.S. West Texas Intermediate crude for June was up 29 cents at $79.28 per barrel.
FIIs were net sellers on Wednesday, offloading shares worth Rs 6,669 crore, while domestic institutional investors (DIIs) bought shares worth Rs 5,928 crore. The rupee settled flat at 83.51 against the US dollar, as the support from easing crude oil prices was offset by strong dollar demand.
Several companies, including SBI, Asian Paints, BPCL, and Indian Overseas Bank, are set to announce their fourth-quarter earnings on Thursday.
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