Market Overview - GIFT Nifty indicates a negative start for Dalal Street, trading lower by 39 points or 0.15% at 25,880 [1][11] - Asian stocks opened lower, diverging from Wall Street gains, influenced by Amazon's $38 billion deal with OpenAI, which reignited enthusiasm for AI shares [3][11] U.S. Market Performance - The S&P 500 and Nasdaq closed higher, driven by artificial intelligence-related deals, despite uncertainty in the Federal Reserve's near-term monetary policy due to a lack of U.S. economic data [2][11] Currency and Foreign Investment - The dollar remained steady near a three-month high as traders adjusted interest rate cut expectations amid a divided Federal Reserve [6][11] - Foreign portfolio investors net sold shares worth ₹1,883 crore on Monday, while domestic institutional investors (DIIs) were net buyers at ₹3,516 crore [8][11] Currency Exchange Rate - The rupee fell for the third consecutive day, settling down five paise at 88.75 against the US dollar, close to its all-time low, impacted by a strong dollar and foreign fund outflows [9][11] Technical Analysis - Immediate support for the market is at 25,600, with key support from the 21-DMA around 25,540; the volatility index spiked to 12.50, indicating rising caution among traders [4][11]
Pre-market action: Here's the trade setup for today's session
The Economic Times·2025-11-04 01:14