GIFT Nifty signals strong opening; US tariff delay fuels optimism
GIFT Nifty up 80 points, signaling a strong start for Indian markets. US tariff delay boosts sentiment; Nifty eyes 23,600 breakout. Gold hits record high, rupee recovers, and FIIs reduce short positions.
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The GIFT Nifty increased 80 points on Wednesday, signalling a bullish mood on Dalal Street and setting up Indian benchmark indices for a successful start. The index was up 0.33 per cent at 23,851.50, reflecting the upward trend in world markets. The spike follows US President Joe Biden's 30-day delay of planned tariffs on Canada and Mexico, which allayed concerns about rising trade tensions.
Overnight, Wall Street had a rally, with the Dow Jones rising 0.3%, the S&P 500 rising 0.72, and the Nasdaq rising 1.35 per cent. Asian markets followed suit, with Hang Seng futures jumping 0.6%, Australia's ASX 200 up 0.5 per cent, and Japan's Topix rising 0.7 per cent.
Technical outlook: Key levels to watch
Analysts suggest that Nifty needs a decisive breakout above 23,500–23,600 to sustain further gains. According to Nagaraj Shetti of HDFC Securities, immediate support is placed at 23,200, while a move beyond 23,620 could strengthen bullish momentum. Ajit Mishra of Religare Broking sees the next target range at 23,900–24,200 if the index sustains above the 200-day exponential moving average (DEMA).
India VIX, a measure of market volatility, dropped 2.3 per cent to settle at 14.02, reflecting easing investor concerns.
Sector watch: Gold surges, FII activity improves
Gold prices soared to a record high on Wednesday as investors sought safe-haven assets amid global trade uncertainty. Meanwhile, foreign institutional investors (FIIs) reduced their net short positions from Rs 1.84 lakh crore to Rs 1.54 lakh crore, signalling improving sentiment. On Monday, FIIs were net sellers at Rs 3,958 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,708 crore.
Rupee recovers from record low
The rupee recovered 4 paise from its all-time low to close at 87.07 against the US dollar on Tuesday. The rebound was supported by the dollar index retreating after Biden’s tariff pause.
With global tailwinds supporting market sentiment, traders will closely monitor Nifty’s key resistance levels and FII activity for further cues.
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