GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty traded down 64.50 points or 0.29% at 22,543.50 indicating a weak opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 added 135.10 points or 0.61% to settle at 22,462.00, while the BSE Sensex closed 363 points or 0.50% higher at 74,014.55.
Key things to know before share market opens on April 02, 2024
Wall Street
The stocks on Wall Street closed on a mixed note as traders await fresh US inflation data. The Dow Jones Industrial Average closed 240.52 points or 0.6% lower at 39,566.85. The S&P 500 fell 0.2% to close at 5,243.77. However, the Nasdaq Composite added 0.11% closing at 16,396.83.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.02% at 105.04.
Crude Oil
WTI crude prices were trading at $84.04 up by 0.18%, while Brent crude prices were trading at $87.70 up by 0.07%, on Tuesday morning.
Asian Markets
Asian equity indices were mostly trading in the green. Japan’s Nikkei 225 was up 0.36% at 39,946.98. Further, Hong Kong’s Hang Seng index was closed 0.91% higher at 16,541.42. The benchmark Chinese index Shanghai Composite closed 1.19% higher at 3,077.38. The Asia Dow was down 0.26% to 3,337.15.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 522.30 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 1,208.42 crore on April 02, 2024, according to the provisional data available on the NSE.
F&O Ban
There are no stocks in the F&O ban list on Tuesday.
Technical View
On Monday, Nifty opened gap up and traded with a narrow range thereafter. It registered a new all-time high of 22529.95. The Nifty has been witnessing a sharp upmove in the past couple of trading sessions and the momentum is expected to continue. The hourly momentum indicator has triggered a negative crossover which can lead to a consolidation and a dip towards 22400 – 22350 is possible, however, it should be used as a buying opportunity as the overall trend appears positive. “If Nifty manages to sustain above 22500 then there shall be a further upside till 22670 – 22740,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty has broken out of the sideways consolidation on the way up and is witnessing follow-through buying interest. It is likely to continue the momentum towards 47850 – 48000 from a short-term perspective. So the minor degree pullbacks should be used as a buying opportunity,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.