With India’s stock market caught between expensive mid- and smallcaps and largecaps that lack strong growth drivers, Samco Securities founder and CEO Jimeet Modi is recommending a deliberately balanced portfolio: 20% each in largecaps, midcaps, smallcaps, gold and global equities. He expects the market to remain range-bound for the next 10 to 12 months, with neither an immediate bull market nor a deep, panic-driven bear market.
Investors are currently preparing for upcoming central bank meetings next week, expecting interest rate holds in major economies. The dollar has stabilized as market bets on its strength have decreased slightly recently. Sterling and other currencies have seen gains supported by inflation and rate hike expectations. The European Central Bank and Bank of Japan are also anticipated to maintain their current rates.
Brent crude traded 1.18% higher at $110.18 a barrel, while US West Texas Intermediate (WTI) crude was trading more than $98 a barrel. Brent had settled largely unchanged on Wednesday, while WTI had eased 67 cents.
At the previous closing price of Rs 1,709 apiece on BSE, the said number of shares freeing up for trade today is worth nearly Rs 3,247 crore.
The 200 DMA is a widely used technical indicator that helps traders assess the overall trend of a stock.
Gold prices saw a decline as investors shift attention to the looming Federal Reserve policy meeting regarding interest rates. Spot gold prices dipped to $4,115.50 per ounce, with US gold futures for December slipping to $4,132.30. Analysts anticipate potential rate hikes in the coming months, particularly in December, where the likelihood stands at 90%. Other precious metals like silver and platinum also noted price drops.
Bitcoin has surged by 2.4% to $84,737 amid increased enthusiasm for risk assets like technology stocks. This rally, driven partly by SpaceX earnings, reflects a broader revival in speculative trading. The Office of the Comptroller of the Currency has also announced supportive measures for payment stablecoin issuers. Additionally, indications show a rise in open interest for perpetual futures, after a period of deleveraging.
Oil prices rose as Houthi attacks in Saudi Arabia increased tensions and led to US diplomatic withdrawals. Brent crude futures gained $1.29, while US West Texas Intermediate crude rose by 97 cents after the attacks. The US State Department has ordered the withdrawal of some family members from various missions in the region. There was a noticeable drop in US crude stocks last week, contrary to analysts' expectations.
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