GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a higher opening on Thursday. Here is all you need to know before the market opens.

GIFT Nifty was up 92 points, or 0.39%, at 25,365.50 indicating a subdued start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 closed 81 points or 0.32% lower to settle at 25,199, while the BSE Sensex rose 203 points or 0.25% to finish at 82,353.

Key things to know before share market opens on September 05, 2024

Wall Street

US markets closed on a lower note for the second day. The broader market index, the S&P 500 closed 0.16% lower at 5,520.07. Similarly, the tech-heavy Nasdaq Composite fell 0.3% to settle at 17,084.30. However, the Dow Jones Industrial Average index gained 38.04 points or 0.09%, to end at 40,974.97.

US Dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.02% at 101.28 on Thursday morning.

Crude Oil

WTI crude prices were trading at $69.61 up by 0.52%, while Brent crude prices were trading at $73.12 up by 0.55%, on Thursday morning.

Asian Markets

The Asian markets were trading on a mixed note on Thursday morning. Japan’s Nikkei 225 was down 0.31% at 36,933. The Korean index Kospi was up 1.13% at 2,609.86. The Asia Dow was trading 2.36% lower at 3,522.01. The benchmark Chinese index Shanghai Composite was flat at 2,784.09.

FII, DII Data

Foreign institutional investors (FII) bought shares net worth Rs 975.46 crore. While, domestic institutional investors (DII) bought shares net worth Rs 97.35 crore on September 04, 2024, according to the provisional data available on the NSE.

F&O Ban

RBL Bank, Aditya Birla Fashion and Retail, Balrampur Chini Mills, and Hindustan Copper to remain in the F&O Ban today on September 05. 

Expert’s View

“Markets after gaining in the last two weeks, saw a decline amid global concerns. However, buying at lower levels indicates the resilience of domestic equities in the face of global volatility. We expect Nifty to consolidate at a higher zone with intermittent volatility as key US economic data are lined up this week. Defensive sectors like FMCG & Pharma are likely to remain in focus,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.

Bank Nifty Outlook

“On Wednesday, Bank Nifty was clearly an underperforming sector as compared to Nifty in today’s trading session. The important key takeaway for Bank nifty is that it is holding above the 50-Day Exponential moving average, which is currently placed at around 50,900 Mark. On the downside, the support zone lies at 51,200-250 / 50,900 while the resistance is seen at 51,800-52,000 / 52,350-400,” said Tejas Shah, Technical Research at JM Financial & BlinkX.