GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a lower opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty was down 32 points, or 0.13%, at 25,083 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 closed 105 points or 0.42% higher to settle at 25,041, while the BSE Sensex rose 362 points or 0.44% to finish at 81,921.
Key things to know before share market opens on September 11, 2024
Wall Street
US markets closed on a mixed note on Tuesday. The broader market index, the S&P 500 closed 0.45% higher at 5,495.52. Similarly, the tech-heavy Nasdaq Composite gained 0.84% to settle at 17,025.88. However, the Dow Jones Industrial Average index declined 92.63 points or 0.23%, to end at 40,736.96.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.13% at 101.52 on Wednesday morning.
Crude Oil
WTI crude prices were trading at $66.04 up by 0.44%, while Brent crude prices were trading at $69.44 up by 0.36%, on Wednesday morning.
Asian Markets
The Asian markets were trading on a lower note on Wednesday morning. Japan’s Nikkei 225 was down 0.55% at 35,962. The Korean index Kospi was down 0.34% at 2,514.85. Similarly, the Asia Dow was trading 0.17% lower at 3,453.54. The benchmark Chinese index Shanghai Composite slipped 0.67% at 2,725.78.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 2,208.23 crore. Meanwhile, domestic institutional investors (DII) sold shares net worth Rs 275.37 crore on September 10, 2024, according to the provisional data available on the NSE.
Expert’s View
“We are of the view that the market completed one leg of a pullback rally and now 25000/81800 would be the crucial support level for traders. Above 25000/81800, it could bounce back up to 25150-25175/82200-82500. However, Below 25000/81800 the market could retest the level of 24900/81500. Further downside may also continue which could drag the index till 24850/81300,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Bank Nifty Outlook
“Bank Nifty too witnessed the continuation of the pullback however is facing resistance in the zone 51400 – 51500. Thus, it shall be a crucial level to surpass from a short-term perspective. On the downside, 50900 – 50800 shall be a crucial support zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.