GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a gap down opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was down 49.50 points, or 0.20%, at 24,369 indicating a lower start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 15.65 points or 0.06% higher to finish at 24,302.15, while the BSE Sensex jumped 62.87 points or 0.08% to finish at 80,049.67.
Key things to know before share market opens on July 05, 2024
Wall Street
US markets remained closed on July 4 on account of the Independence Day holiday. On Wednesday, the Wall Street closed at a record high as data points softening the economy raised hopes that the Fed might cut rates in September. The broader market index, the S&P 500, advanced 0.51% to close at 5,537.02. Similarly, the tech-heavy Nasdaq Composite rose 0.88% to settle at 18,188.30, as largecap technology stocks such as Tesla and Nvidia rallied. Both the indices hit a fresh record high during the session. However, the Dow Jones Industrial Average lost 23.85 points, or 0.06%, to end at 39,308.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.08% at 105.07 on Friday morning.
Crude Oil
WTI crude prices were trading at $83.96 down by 0.08%, while Brent crude prices were trading at $87.46 up by 0.03%, on Friday morning.
Asian Markets
Asian markets opened mostly on a higher note on Friday morning. Japan’s Nikkei 225 was trading up 0.03% at 40,902. The Korean index Kospi was up 0.85% at 2,848.85. The Asia Dow was trading 1.56% higher at 3,652.79. Hang Seng was trading flat at 18,028.28. The benchmark Chinese index Shanghai Composite was trading 0.04% lower at 2,956.34.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 2,575.85 crore. However, domestic institutional investors (DII) sold shares net worth Rs 2,375.18 crore on July 04, 2024, according to the provisional data available on the NSE.
Technical View
“Nifty has been steadily on the rise from 23350 levels making new highs with the undertone maintained very bullish and anticipating for further rise for next targets of 24500 and 24900 levels in the coming days. The psychological near-term support would be at the 24000 zone below which the bias can turn a little bit weak,” said Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher.
Bank Nifty Outlook
“Bank Nifty closed marginally in the green however fell off the intraday highs. The daily and hourly momentum indicators have a negative crossover which is a sell signal. Thus, we expect the Bank Nifty to consolidate in the range of 53400 – 52000 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
