Gift Nifty takes a positive rebound, indicating a cautious start

The top gainers today on the Nifty are NTPC, Bajaj Finance, Tata Consumer Products, IndusInd Bank, and ONGC, while Jio Financial & Black Rock Financial have filed papers with the SEBI, to launch mutual fund business in India.

Gift Nifty takes a positive rebound, indicating a cautious start

The Indian stock market finally took a U-Turn to open with a more cautious note on Thursday, amidst a slower pace on previous trading sessions. The Gift Nifty was trading around 21,620 level as compared to the Nifty's previous close of 21,595.

Yesterday's trading sessions ended lower for the second consecutive day as benchmark indices for major stock entities were trending below average. The Sensex fell to 535.88 points to close at 71,356.60, while the Nifty 50 ended 148.45 points, or 0.69%, lower at 21,517.35. While, on Thursday, the Gift Nifty on the NSE IX traded higher by 36 points, or 0.17 percent, at 21,616, indicating a strong relief as per now.

Asian markets shares opened at a slow rate, similar to US stock shares, where the benchmark indices of Japan's Nikkie 225, dropped to 1.93%, or 646.30 points, to 33,817.87 in early morning trade, whereas, the broader Topix index fell 1.24%, or 29.25 points, to 2,337.14.

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The domestic currency stayed strong while appreciating 2 paise higher at 83.30 against the US dollar on Wednesday. The Analyst believes the short-term trend for Nifty 50 continues to be negative below 21,500 levels, the next downside of 21,255 [20-day EMA] and further next 20,980 levels in the near term.

As per the latest trending update, Tata Steel and PNB among the most active stocks in morning trade, although Indian benchmark indices declined via dragging down by IT sectors and metal stocks , facing unusual pressure by anticipating early US interest rates cut.

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The top gainers today on the Nifty are NTPC, Bajaj Finance, Tata Consumer Products, IndusInd Bank, and ONGC, while the Jio Financial & Black Rock Financial have filed papers with the SEBI, to launch mutual fund business in India.

Meanwhile, SBI, the largest lender, is likely to come up with its final bond issuance for the current financial year in the form of Basel III- compliant additional Tier I perpetual bonds this month.

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