GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a lower opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty was up 117.50 points, or 0.47%, at 25,137.50 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 54 points or 0.21% lower to settle at 25,145, while the BSE Sensex fell 151 points or 0.18% to finish at 82,201.
Key things to know before share market opens on September 06, 2024
Wall Street
US markets closed on a lower note for the third straight day on Friday as concerns over the outlook for the US economy surged. The broader market index, the S&P 500 closed 0.3% lower at 5,503.41. Similarly, the Dow Jones Industrial Average index lost 219.22 points or 0.54%, to end at 40,755.75. However, the tech-heavy Nasdaq Composite gained 0.25% to settle at 17,127.66.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.05% at 101.02 on Friday morning.
Crude Oil
WTI crude prices were trading at $69.26 up by 0.15%, while Brent crude prices were trading at $72.79 up by 0.14%, on Friday morning.
Asian Markets
The Asian markets were trading on a mixed note on Friday morning. Japan’s Nikkei 225 was up 0.05% at 36,674. The Korean index Kospi was down 0.95% at 2,551. The Asia Dow was trading 0.53% lower at 3,475.36. The benchmark Chinese index Shanghai Composite was up 0.12% at 2,792.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 688.69 crore. While, domestic institutional investors (DII) bought shares net worth Rs 2,970.74 crore on September 05, 2024, according to the provisional data available on the NSE.
F&O Ban
Bandhan Bank, Biocon, Chambal Fertilisers and Chemicals, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Hindustan Copper, and RBL Bank to remain in the F&O Ban today on September 06.
Expert’s View
“After witnessing a run-up of 4% in the last month, the market has taken a pause and is trading at higher zones with every dip being bought at. We expect this consolidation to continue in the near term on the back of healthy domestic cues despite global volatility and key US Job data lined up,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.
Bank Nifty Outlook
“The Bank Nifty outperformed today and closed in the green today. The banking sector stood out after underperforming in recent days. We expect the Bank Nifty to take the lead going ahead and expect levels of 51900 – 52000 from a short-term perspective. The crucial support zone is placed in the range 51100 – 51000,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.