Indian markets end volatile expiry day as GIFT Nifty opens lower
The Indian equity market closed largely unchanged after a volatile expiry session, with GIFT Nifty slipping and foreign investors buying while domestic institutions sold.
Indian markets showed mixed signals on the monthly expiry day, ending with little net movement. The GIFT Nifty index on the NSE International Exchange fell 153.5 points, or 0.67%, to 22,658.5, suggesting a negative start for the domestic market on Wednesday. Analysts said a decisive break above the 20-day exponential moving average, currently near 22,825, would be needed to sustain a recovery toward the 23,100-23,300 range; failure to do so could stall the recent rebound.
Technical outlooks pointed to a sideways to mildly positive short-term bias, with 22,600 identified as immediate support and 22,800 as a key hurdle. A sustained move above 22,800 could open the path to test 23,000, prompting traders to adopt level-based strategies.
The India VIX, a volatility gauge, dropped 4.4% to 16.40, indicating reduced fear among participants. Foreign portfolio investors were net buyers, adding shares worth roughly Rs 4,240 crore, while domestic institutional investors sold about Rs 1,250 crore.
The rupee edged up three paise to close at 95.12 per U.S. dollar, a movement attributed to likely Reserve Bank of India intervention amid higher crude prices and a stronger greenback ahead of the U.S. Federal Reserve’s policy decision.
Across Asia, equities rose on optimism around artificial-intelligence themes, while U.S. futures were largely unchanged. Gold prices inched higher as investors awaited the Federal Reserve’s rate decision, and the dollar held near a two-week high.