GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a higher opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was up 136 points, or 0.55%, at 25,118 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 closed 123 points or 0.49% lower to settle at 24,918, while the BSE Sensex fell 398 points or 0.49% to finish at 81,523.
Key things to know before share market opens on September 12, 2024
Wall Street
US markets closed on a higher note on Wednesday after investors analysed the US inflation data. The broader market index, the S&P 500 closed 1.07% higher at 5,554. Similarly, the tech-heavy Nasdaq Composite gained 2.17% to settle at 17,395.53. However, the Dow Jones Industrial Average index advanced 124.75 points or 0.31%, to end at 40,861.71.
US CPI
The US Bureau of Labor Statistics has released the latest CPI data for August 2024. The annual inflation rate in the US slowed for a fifth consecutive month to 2.5% in August 2024, the lowest since February 2021, from 2.9% in July, and below forecasts of 2.6%. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis, the same increase as in July, the U.S. Bureau of Labor Statistics reported today.
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 101.80 on Thursday morning.
Crude Oil
WTI crude prices were trading at $67.48 up by 0.26%, while Brent crude prices were trading at $70.86 up by 0.33%, on Thursday morning.
Asian Markets
The Asian markets were trading on a higher note on Thursday morning, following the overnight gains in the US markets. Japan’s Nikkei 225 jumped 2.83% to 36,627. The Korean index Kospi was up 1.22% at 2,543.95. Similarly, the Asia Dow was trading 1.15% higher at 3,502.66. The benchmark Chinese index Shanghai Composite rose 0.27% to 2,729.06.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 1,755 crore. Domestic institutional investors (DII) sold shares net worth Rs 230.90 crore on September 11, 2024, according to the provisional data available on the NSE.
Expert’s View
“We are of the view that the current market texture is weak but fresh sell of possible only after dismissal of 20-day SMA (Simple Moving Average) or below 24900/81400. Below the same, it could slip till 24775- 24725/81000-80800. On the flip side, 25000/81800 would be the key levels for the bulls. Above which, it could bounce back till 25100-25150/82150-82500,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Bank Nifty Outlook
“Bank Nifty witnessed a volatile weekly expiry and settled around 51000. The structure suggests rangebound price action as we can observe the contraction of Bollinger bands which points towards rangebound price action. Bank Nifty is likely to consolidate in the range 50800 – 51500 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.