GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a higher opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty was up 39 points, or 0.15%, at 25,387 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 470 points or 1.89% higher to settle at 25,388.90, while the BSE Sensex rose 1,440 points or 1.77% to finish at 82,963.
Key things to know before share market opens on September 13, 2024
Wall Street
US markets continued the winning streak closing Thursday on a higher note in anticipation of a rate cut by the Fed. The broader market index, the S&P 500 closed 0.75% higher at 5,595.76, the index sits 1.3% away from its record high. Similarly, the tech-heavy Nasdaq Composite gained 1% to settle at 17,569.68. The Dow Jones Industrial Average index advanced 235 points or 0.58%, to end at 41,096.77.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.09% at 101.09 on Friday morning.
Crude Oil
WTI crude prices were trading at $69.44 up by 0.71%, while Brent crude prices were trading at $72.43 up by 0.62%, on Friday morning.
Asian Markets
The Asian markets were majorly trading on a higher note on Friday morning. Japan’s Nikkei 225 was down 0.47% at 36,661. The Korean index Kospi was up 0.10% at 2,574.68. Similarly, the Asia Dow was trading 2.06% higher at 3,517.85. The benchmark Chinese index, the Shanghai Composite rose 0.21% to 2,722.77.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 7,695 crore. Meanwhile, the Domestic institutional investors (DII) sold shares net worth Rs 1,800.54 crore on September 12, 2024, according to the provisional data available on the NSE.
Expert’s View
“We believe that the rally is likely to continue and Nifty can test the next resistance zone of 25,500-550 in the next couple of days. Support for Nifty is now seen at 25,150-200 and 24,950-25,050. On the higher side, immediate resistance for Nifty is at 25,400 Mark and the next resistance zone is at 25,500-550 levels,” said Tejas Shah, Technical Research, JM Financial & BlinkX.
Bank Nifty Outlook
“Bank Nifty also broke out of consolidation on the upside and has started its upmove towards 52000 – 52500. Prices are sustained above key daily moving averages, a sign of strength. So, there is a case for the momentum to continue over the next few trading sessions,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.