GIFT Nifty futures dropped by 110 points or 0.46% to settle at 24,186 on the NSE IX, hinting at a subdued opening for Indian equities on Friday, January 3. Analysts recommend closely tracking global market trends and pre-quarterly earnings updates for directional clarity.
US markets closed Thursday on a choppy note, with the Dow declining 0.36%, the S&P 500 slipping 0.22%, and the Nasdaq dipping 0.16%. Meanwhile, Asian equities displayed resilience; Australia’s S&P/ASX 200 rose 0.3%, and Euro Stoxx 50 futures gained 1%. The Nifty remains in a short-term uptrend, supported by Thursday’s robust 2% rally. Analysts forecast resistance near the 24,400 mark, while immediate support is seen at 23,900.
The India VIX, a measure of market volatility, eased by 5.13% to close at 13.74, signaling reduced investor fear. Stocks in the F&O ban list include Manappuram and RBL Bank, as their open interest exceeded 95% of market-wide position limits.
Foreign Institutional Investors (FIIs) net purchased equities worth ₹1,506 crore, while Domestic Institutional Investors (DIIs) remained cautious, with a net buying value of ₹22 crore.
Gold prices gained for a second session, driven by safe-haven demand amid global uncertainties. On the currency front, the Indian rupee weakened by nine paise, closing at 85.73 against the US dollar.
With global markets returning post-holidays, Q3 corporate earnings and economic data are expected to influence market sentiment.
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