GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a subdued opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was down 38 points, or 0.15%, at 24,667.50 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Tuesday, the NSE Nifty 50 closed 26 points or 0.11% higher to finish at 24,613, while the BSE Sensex jumped 52 points or 0.06% to finish at 80,716.55.
Key things to know before share market opens on July 18, 2024
Wall Street
US markets on Wednesday saw sharp decline as rotation continues out of tech and chip stocks. The broader market index, the S&P 500, lost 1.39% to close at 5,588.27. Similarly, the tech-heavy Nasdaq Composite tumbled 2.77% to settle at 17,996.92. However, bucking the trend, the Dow Jones Industrial Average rose 243.60 points, or 0.59%, to end at 41,198.08.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.05% at 103.73 on Thursday morning.
Crude Oil
WTI crude prices were trading at $83.30 up by 0.55%, while Brent crude prices were trading at $85.35 up by 0.31%, on Thursday morning.
Asian Markets
Asian markets slumped as tech and chip stocks fell on reports of more strict export restrictions from the US and comments from former US president Donald Trump raised tensions geopolitically. Japan’s Nikkei 225 fell over 2% to 40,300. The Korean index Kospi was down 0.98% at 2,815. The Asia Dow was trading 0.74% higher at 3,663.28. The benchmark Chinese index Shanghai Composite was trading 0.04% lower at 2,961.77.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 1,271.45 crore. However, domestic institutional investors (DII) sold shares net worth Rs 529.48 crore on July 16, 2024, according to the provisional data available on the NSE.
F&O Ban
Balrampur Chini Mills, Piramal Enterprises, Vedanta, Chambal Fertilisers and Chemicals, GMR Airports Infrastructure, GNFC, Hindustan Copper, and RBL Bank will be in the F&O Ban on July 18.
Technical View
In the previous session, markets were range-bound throughout the session as investors continued to trade with caution ahead of the Budget announcement while weak European and Asian cues also weighed on the sentiment. “There are a lot of expectations from this Budget and investors don’t want to rush into buying stocks, and hence they are in a wait and watch mode,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Bank Nifty Outlook
On Tuesday, Bank Nifty consolidated and closed around the 20-day moving average support. “We expect the bank Nifty to hold on to this support and head higher towards 52800 – 53000 over the next few trading sessions. Crucial support for Bank Nifty is placed at 52100 – 51900,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
