Indian markets expected to open flat on mixed global cues; all you need to know

Indian markets are expected to open negatively on Thursday, taking cues from subdued global markets. Asian markets traded mostly in the red, barring Japan, which traded with minor gains. The NIFTY & SENSEX closed positive on Wednesday after trading in the range throughout the day.

US markets

The US markets closed lower on Thursday after hitting record highs. The Dow Jones and S&P500 closed 0.31% lower, while Nasdaq closed with nearly 1% losses. The tech-heavy index witnessed profit booking through Nvidia, Meta, and Microsoft, which fell close to 1% on Thursday. In addition, the US economy posted a strong set of numbers by posting 2.8% GDP growth in Q3. Personal consumption expenditures also grew the strongest in the previous quarter since the January- March quarter of 2023.

FII & DII data

The FII maintained its positive stance as it added ₹8 crore worth of Indian equities on Wednesday. In tandem with foreign investors, the DII added ₹1,300 crore on Wednesday.

Crude oil

Crude oil prices trade in the tight range ahead of a key outcome from the OPEC+ meeting later today. Brent crude oil prices traded near the $73 per barrel mark, while WTI crude oil prices traded with a positive bias near the $69 per barrel mark on Thursday morning.

Asian markets

Following the profit booking in the US markets, Asian markets largely traded mixed on Thursday morning. The Hong Kong index was the sole loser, with 1% losses, while Japan’s Nikkei and Korean Kospi index traded with nearly 0.5% gains.

Chart check

The markets supported near 200 DEMA levels on the NIFTY50 and SENSEX, and they sharply rebounded from the lows. After a 5% rally from the lows, there was no follow-through selling. Markets have retraced 0.38% of the fall from the peak on the NIFTY50 on the Fibonacci charts, giving hope to traders for more rallies in the coming days.