GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key things to know before market opens.
GIFT Nifty traded down by 53.50 points or 0.22% at 23,808 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 147.50 points or 0.62% to settle at 23,868.80 while the BSE Sensex gained 78,674.25 points or 0.80% to 78,674.25.
“Markets edged higher as expected, gaining over half a percent. After a flat start, the Nifty gradually climbed throughout the session and closed near the day’s high at 23,868.80 level. Sectoral trends were mixed, with energy, FMCG, and banking contributing to gains, while metal, auto, and realty sectors faced pressure. The broader indices remained range-bound and closed nearly unchanged,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, Selective heavyweights have been driving the index gains, with Reliance making a significant impact today. We anticipate some volatility on Thursday due to the scheduled monthly expiry of June derivatives contracts. Despite this, we reiterate our recommendation to continue with a “buy on dips” strategy, focusing on specific sectors and themes for stock selection.
Key things to know before share market opens on June 27, 2024
Wall Street
Major U.S. stock indexes closed with modest gains on Wednesday after a choppy trading session, with investors holding their cards close to the vest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers, reported Reuters. The tech-heavy Nasdaq Composite ended up by 87.51 points or 0.49% at 17,805.16. The S&P 500 ended higher by 8.60 points or 0.16% at 5,477.90, while the Dow Jones Industrial Average ended marginally higher by just 15.64 point or 0.04% at 39,127.80.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.26% at 106.05.
Crude Oil
WTI crude prices are trading at $80.89 up by 0.08%, while Brent crude prices are trading at $85.23 up by 0.26%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in negative territory on Thursday morning. The Asia Dow is trading up by 0.23%, where as the Japan’s Nikkei 225 is trading in red, down by 1.07%, Hong Kong’s Hang Seng index is down by 1.56% and the benchmark Chinese index Shanghai Composite traded lower by 0.70%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth Rs 3535.43 crore, while domestic institutional investors (DII) mopped shares worth Rs 5103.67 crore on June 27, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added Indian Cement, GNFC, Indus Tower, Punjab National Bank, and Sail in F&O on June 27, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty continues to rise on the back of strength in the banking giants. The Nifty moved above 23,700 to make a new all-time high of 23,754, showing resilience amid global sluggishness. Put writers were very active at 23,600 and 23,700, while call writers unwound their positions, causing the PCR to rise. In the short term, the trend might remain strong as long as it stays above 23,500. On the higher end, the index might continue moving towards 24,000 in the near term.
Bank Nifty Outlook
“”The Bank Nifty index continued its strong momentum, just shy of the 53,000 mark where fresh call writing is visible. The undertone remains bullish, and a buy-on-dip approach is advisable with immediate strong support at the 52,500-52,400 level. The index has witnessed aggressive put writing at lower levels, indicating strong support,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.