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US markets fell sharply as President Trump pressured Fed Chair Powell to cut rates, citing "virtually no inflation." The Dow, Nasdaq, and S&P 500 all dropped over 2%. Treasury yields were mixed, the Dollar Index stood firm at 98.5, and gold hit a fresh high amid heightened trade tensions.
Dow Jones: ▼ 2.5% at 38,170.4
Nasdaq: ▼ 2.6% at 15,870.9
S&P 500: ▼ 2.4% at 5,158.2
All US sectors closed in the red, led by consumer discretionary and technology. Notably, Tesla and Alphabet are set to report earnings later this week.
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Asian indices mirrored Wall Street’s declines.
Japan's Nikkei 225 and Topix traded flat.
South Korea’s Kospi slipped 0.34%.
Hang Seng futures hovered around 21,285.
Gift Nifty signals a flat to negative opening for Indian markets today.
Indian equities continued their rally, bucking global weakness.
Sensex: ▲ 1,508.91 pts (1.96%) at 78,553.20
Nifty: ▲ 414.45 pts (1.77%) at 23,851.65
Both indices ended the holiday-shortened week up 4.5% each, driven by strong financials and foreign inflows. Telecom, PSU banks, oil & gas, pharma, auto, energy, and private banking sectors led the charge with 1-2% gains. Meanwhile, IT stocks lagged initially due to cautious commentary from Wipro but managed a late-session recovery.
Broader markets saw moderate gains with the BSE Midcap and Smallcap indices up by 0.5% each.
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Brigade Enterprises signs JDA for a ₹175 crore plotted development project in East Bengaluru.
Tata Power Renewable Energy inks PPA with Tata Motors for a 131 MW wind-solar hybrid project.
FII/DII Data (Provisional):
FIIs: Net bought ₹1,970.17 crore
DIIs: Net bought ₹246.59 crore
The Nifty extended gains for the fourth straight session, forming a strong bullish candle with a higher high and higher low. On the monthly chart, it marked a higher high, reaffirming a sustained positive trend.
Immediate Resistance: 23,970 & 24,050
Support Levels: 23,770 & 23,650
The broader outlook remains constructive. With the daily stochastic indicators entering overbought territory after a sharp 1,400-point rally, some consolidation is expected. However, dips should be viewed as buying opportunities.
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Key Support for Broader Trend: 23,200
Gift Nifty Range: Expected to trade between 23,500 - 24,200.
Targets: If sustained above 24,300, Nifty could march towards 24,550–24,850. Strong support exists at 23,850–23,900.
Options Data: Suggests a trading range of 24,000–24,500 for Nifty and 55,000–55,500 for Bank Nifty.
Bank Nifty Intraday Levels
Resistance: 54,650 & 54,930
Support: 53,950 & 53,600
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