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Equity Alert: Indices seen in range; sentiment cautious after recent gains

MUMBAI--0758 IST--Benchmark indices are likely to move in a narrow range Thursday amid a lack of fresh triggers for the market. The sentiment is likely to remain cautious after the recent strong gains, with investors now focussing on the September quarter earnings and trade talks between India and the US. The Nifty 50 is likely to move in a range of 24800-25200 points during the session.

The Nifty 50 is unlikely to fall significantly, with the 25000 level expected to act as a crucial support. "Call writing alongside with put addition indicate some sort of consolidation around current levels," Vipin Kumar, assistant vice-president of equity research and senior derivatives analyst at Globe Capital Market, had said Wednesday.

Shrikant Chouhan, head of equity research at Kotak Securities, also said that intraday movement in the Nifty 50 is likely to remain in range. "We are of the view that the intraday market texture is weak, but a fresh sell-off is possible only after the dismissal of the 25000 level...below this, the market could slip to 24900–24810," he said in a note.

The September contract of the GIFT Nifty indicates a flat start for the market. At 0755 IST, the contract was at 25077 points, up 13.50 points from its previous close. On Wednesday, the Nifty 50 ended at 25056.90 points, down 112.60 points or 0.5%. The BSE Sensex closed at 81715.63 points, down 386.47 points or 0.5%.

On Wednesday, indices in the US ended lower as investors booked profits post multiple closing records hit this month. There were also concerns regarding valuations after Federal Reserve Chair Jerome Powell flagged potentially stretched stock prices, Reuters reported. Indices in Asia were mixed in early trade Thursday, with the Japanese market leading the rise for the third straight session. (Akash Mandal)

Equity Alert: US indices down on profit booking; US jobless claims data eyed

MUMBAI--0737 IST--Equity indices in the US closed lower for the second straight session Wednesday as market participants likely booked profits after US Federal Reserve Chair Jerome Powell's comments on stocks being "highly valued". Market participants will wait for US weekly jobless claims data later on Thursday to gauge the trajectory of further interest rate cuts by the US Fed.

Artificial intelligence stocks in the US came under selling pressure with Nvidia and Oracle leading the tech-heavy Nasdaq Composite Index to end 0.3% lower. "Tech is probably a little bit extended...there's no real reason to be bullish. I would not say, 'Oh, nobody's going to use AI and the world is coming to an end,' but it's clearly valuation," Jay Hatfield, CEO of Infrastructure Capital Advisors, was quoted by CNBC as saying. Wednesday, shares of Nvidia fell nearly 1% and those of Oracle closed nearly 2% lower. Oracle is looking to raise $18 billion in debt to finance its cloud infrastructure, according to a report by Reuters.

Shares of Intel were up more than 6% after media reports said the chipmaker was looking for investment from Apple. Previously, Nvidia had said it would invest $5 billion in Intel.

Among other stocks, shares of Micron Technology fell nearly 3?spite the company's quarterly revenue beating market estimates. The company's management said the growth in sales was aided by strong demand for the company's high-bandwidth memory chips. Shares of mining company Freeport-McMoRan tumbled 17?ter it declared it was halting operations at the Grasberg mine in Indonesia. According to a Reuters report, the miner expects consolidated sales of gold and copper to be lower in the coming quarter. Shares of Lithium Americas closed sharply higher after a Reuters report claimed that the US government might acquire 10% stake in the company.

The S&P 500 ended 0.3% lower and the Dow Jones Industrial Average slipped 0.4%. Traders will wait for inflation data according to the personal consumption expenditures index on Friday.

Following are the closing levels of US indices Wednesday:

(Eshitva Prakash)

End

US$1 = INR 88.69

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Tanima Banerjee

All prices from National Stock Exchange, unless otherwise specified.

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