Pre-market action: Here's the trade setup for today's session

Domestic markets rebounded on Wednesday after a two-day slump. On Thursday, markets will react to US President Trump's decision on reciprocal tariffs. Analysts say Indian equities are expected to remain volatile as they take cues from the initial response of the global markets.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a gap-down start
GIFT Nifty on the NSE IX traded lower by 301 points, or 1.28 per cent, at 23,129.50, signaling that Dalal Street was headed for gap-down start on Thursday.

• Tech View: While prices tested the lower end of the trading range and closed near it, a break below 24900 could open doors for further weakness, potentially testing the 24700 level. On the upside, resistance is seen around 25100 followed by the 25250 level.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 0.4% to settle at 13.72 levels.

US stocks end higher
U.S. stock indexes finished higher after a choppy trading session on Wednesday, falling early and then rebounding as investors made last-minute bets to position themselves ahead of U.S. President Donald Trump's sweeping tariff announcements.

• Dow 0.56%,
• S&P 500 0.67%,
• Nasdaq 0.87%

Asian stocks slip
Stocks plunged and haven assets rallied as investors rushed for safety after US President Donald Trump unveiled reciprocal tariffs that were more aggressive than expected, sparking concerns over inflation and growth.

• S&P 500 futures fell 3.4% as of 9:02 a.m. Tokyo time
• Japan’s Topix fell 1.9%
• Australia’s S&P/ASX 200 fell 1.8%
• Euro Stoxx 50 futures fell 0.5%

Gold hits a record high
Gold hit a record high on Thursday, as nervous investors rushed towards safe-haven assets after U.S. President Donald Trump announced more aggressive-than-anticipated tariffs against major trading partners, widening the global trade war.

Dollar slides
The dollar slid broadly on Thursday, while the euro was steady after U.S. President Donald Trump announced more aggressive-than-anticipated tariffs against major trading partners, jolting the markets as investors sought safe haven yen and Swiss franc.

Oil sinks
Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude.


Stocks in F&O ban today

NIL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors turned net sellers at Rs 1,539 crore on Wednesday. DIIs bought shares worth Rs 2,808 crore.

Rupee
The rupee consolidated in a narrow range and settled for the day 2 paise lower at 85.52 against the US dollar on Wednesday, as the support from positive domestic markets was negated by uncertainty over trade tariffs.

FII data
The net short of FIIs reduced from Rs 66,578 crore on Tuesday to Rs 62,329 crore on Wednesday.