GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at things to know before markets open today.
GIFT Nifty traded up by 41 points or 0.16% at 25,433 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 83.95 points or 0.33% to settle at 25,235.90. while the BSE Sensex jumped 231.17 points or 0.28% to 82,365.78.
“Markets edged higher, gaining nearly half a percent, continuing the current trend. Positive global cues led to a strong start, followed by a range-bound movement throughout the session. Most sectors participated in the rally, with real estate and pharmaceuticals among the top gainers. Broader indices also aligned closely with the benchmark, each advancing nearly half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that The recent market uptrend can largely be attributed to global stability and renewed foreign inflows. We expect this positive sentiment to continue, with the Nifty targeting the 25,500 mark soon. Among the key sectors, IT is demonstrating consistent strength, while others show selective participation. In this environment, traders should focus on stock selection, favoring those with relatively stronger performance.
Key things to know before share market opens on September 2, 2024
Wall Street
Global stocks edged higher in choppy trading on Friday, making it the fourth consecutive month of gains despite a bout of heavy selling in early August, buoyed by U.S. economic data that has helped the dollar snap a weeks-long losing streak, reported Reuters. The tech-heavy Nasdaq Composite ended up by 197.19 points or 1.13% at 17,713.62. The S&P 500 ended higher by 56.44 points or 1.01% at 5,648.40, while the Dow Jones Industrial Average is jumped by 228.03 point or 0.55% at 41,563.08.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.02% at 101.75.
Crude Oil
WTI crude prices are trading at $73.65 down by 2.98%, while Brent crude prices are trading at $77.04 down by 2.26%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Monday morning. The Asia Dow is trading up by 0.93%, where as the Japan’s Nikkei 225 is trading in green, up by 0.44%, Hong Kong’s Hang Seng index is traded lower by 1.24% and the benchmark Chinese index Shanghai Composite trading in red, down by 0.31%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth Rs 5,318.14 crore, while domestic institutional investors (DII) offloaded shares worth Rs 3,198.07 crore on August 30, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added Balrampur Chini Mills in the F&O Ban on September 2, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said that The Nifty traded sideways after a strong start. However, market strength is likely to persist as long as the index stays above 25,000. A drop below this level could trigger a significant correction. On the upside, the current optimism could drive the index towards 25,500 in the near term.
Bank Nifty Outlook
“Bank Nifty is currently testing a critical level. A break below 51,372 would be a negative signal, indicating potential downside towards 51,100 and 51,000. The prevailing strategy remains ‘sell on rise,’ with expectations of continued profit booking at higher levels. A contra buy could be considered around the 50,800 – 50,900 levels if the index stabilizes,” said Riyank Arora, Technical Analyst, at Mehta equities.