GIFT Nifty loses 140 pts; markets likely to open in red amid global jitters

Dalal Street is expected to see a tepid opening on Thursday, April 17, as GIFT Nifty tumbled 140 points or 0.60 per cent to trade at 23,329 in early deals. The overnight sell-off on Wall Street and renewed fears of a deepening US-China tariff war have put pressure on global risk sentiment.

Despite the weak cues, the Indian market displayed resilience on Wednesday, supported by optimism over the US-India Bilateral Trade Agreement (BTA), even as US tariff uncertainty kept broader sentiment cautious.

Tech view: 23,300 remains key support, watch for 23,000 if breached
According to analysts, the Nifty50 is holding above a crucial short-term support of 23,300. A breakdown below this level may trigger a swift correction towards 23,150 and even 23,000. On the upside, resistance is expected around 23,650.

Volatility remains contained; India VIX eases further
The India VIX, a barometer of market volatility, slipped 1.6 per cent to 15.86 levels, indicating limited fear among traders despite global turmoil.

Wall Street rattled by Nvidia alert, Powell’s growth caution
US indices posted heavy losses overnight after Federal Reserve Chair Jerome Powell flagged concerns over slowing growth due to tariffs. Nvidia also spooked markets by warning of financial hits from US restrictions on chip exports to China.

• Dow Jones: -1.7%

• S&P 500: -2.2%

• Nasdaq: -3.1%

Asian markets in the red; global volatility spills over
Tracking the US market carnage, Asian equities also opened weak. Hang Seng futures fell 1 per cent, while Australia’s ASX200 slipped 0.3 per cent. S&P 500 futures, however, held steady during early Asian trade.

Gold rallies, dollar wobbles, oil firms up
With trade war nerves resurfacing, gold extended its rally and remains a key safe-haven play. Meanwhile, the dollar continued its slide on tariff fears, although some strength was seen against the yen. Oil prices rose on hopes of tighter supply amid fresh US sanctions on Iran and OPEC’s pledge to curb excess production.

Stocks in F&O ban today
Five stocks remain under the F&O ban due to breach of market-wide position limits:

1. BirlaSoft

2. Hindustan Copper

3. Manappuram

4. Nalco

5. IREDA

FII-DII flow: Foreign funds make a comeback
Foreign investors remained net buyers for the second consecutive day, purchasing equities worth Rs 3,936 crore on Wednesday. Domestic institutions added Rs 2,513 crore to the tally. FIIs also trimmed their net short positions from Rs 87,347 crore to Rs 86,069 crore, signalling improved sentiment.

Rupee extends gains for third day
The Indian rupee appreciated by 12 paise to end at 85.68 per dollar, buoyed by sustained FII inflows and a weakening greenback. This is the third straight session of gains for the domestic currency.

Outlook: Trade deal progress to offset global headwinds?
Market experts believe that any escalation in US-China trade tension could limit upside in the near term. However, developments in the US-India trade deal and steady Q4 earnings could lend support to domestic equities. Traders are advised to monitor global cues and the 23,300 mark closely for short-term direction.