“Large caps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out. Key event to watch – BOE interest rate decision,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: Looking ahead, the Nifty could potentially extend its gains towards the range of 22250-25300. Moreover, a breakthrough above 22300 may initiate a rally towards 22500 and beyond. The buy-on-dips strategy is expected to remain viable as long as the Nifty maintains levels above 21840, said Rupak De of LKP Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 7.1% to settle at 12.51 levels.
Stocks in F&O ban today
1) ZEE
2) Balrampur Chini Mills
3) Biocon
4) Indus Tower
5) SAIL
6) PEL
7) Tata Chemicals
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit
FII/DII action
Foreign portfolio investors were net sellers for second straight day at Rs 1,826 crore on Thursday. DIIs, meanwhile, bought shares worth Rs 3,208 crore.
Rupee
The rupee rose 6 paise to close at 83.13 against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets.
FII data
The net short of FIIs reduced from Rs 95,224 crore on Wednesday to Rs 89,349 crore on Thursday.