GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a higher opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was up 58 points, or 0.23%, at 25,041.50 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed 84 points or 0.34% higher to settle at 24,936, while the BSE Sensex rose 375 points or 0.46% to finish at 81,560.
Key things to know before share market opens on September 10, 2024
Wall Street
US markets closed on a higher note on Monday as investors bought the dip on likely rate cut later this month. The Fed rate cut is expected to bolster the slowing US economy. The broader market index, the S&P 500 closed 1.16% higher at 5,471. Similarly, the Dow Jones Industrial Average index advanced 484.18 points or 1.2%, to end at 40,829.59. However, the tech-heavy Nasdaq Composite jumped 1.16% to settle at 16,884.60.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.50% at 101.70 on Tuesday morning.
Crude Oil
WTI crude prices were trading at $69.05 up by 2.04%, while Brent crude prices were trading at $72.22 up by 1.61%, on Tuesday morning.
Asian Markets
Following the overnight gains in the US markets, the Asian markets were trading on a higher note on Tuesday morning. Japan’s Nikkei 225 was up 0.64% at 36,449. The Korean index Kospi was up 0.11% at 2,538.72. However, the Asia Dow was trading 0.04% lower at 3,472.46. The benchmark Chinese index Shanghai Composite was flat at 2,736.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 1,176.55 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 1,757.02 crore on September 10, 2024, according to the provisional data available on the NSE.
GST Council Meet
During the meeting the group of ministers has called a meet regarding rate rationalization on September 23. Also, in the meeting the broad consensus in council was to cut taxes on insurance premiums, decision in next meet. The council announced reduction in GST rates on specified cancer drugs undertaken and cut to 5% from 12% and on Namkeen 12% from 18%. The councile told that the revenue from online gaming shot up 412% to Rs 6,909 crore over the last six months. The funds given for research to universities established by law of the Centre, state governments, and those who have obtained income tax exemption, are exempt from GST.
Expert’s View
“Investors will be closely watching US inflation data to be announced later this week, which could provide more clarity on whether the Fed would undertake its first rate cut in the backdrop of slowing economy and weak jobs data,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Bank Nifty Outlook
“The Bank Nifty witnessed a sharp recovery from the intraday lows and recovered most of the losses from the previous session. The V shape recovery suggests buying interest at lower levels. In the case of Bank Nifty the support comes in at 50500 – 50350 while resistance is placed at 51375 – 51450,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.