GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a higher opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty was up 75.50 points, or 0.31%, at 24,333 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 closed 208 points or 0.85% lower to settle at 24,139, while the BSE Sensex fell almost 700 points or 0.87% to finish at 78,956.
Key things to know before share market opens on August 14, 2024
Wall Street
US markets closed on a higher note on Tuesday as investors on the back of the wholesale price index, which rose 0.1% last month against the expectations of an increase of 0.2% on month. The broader market index, the S&P 500, closed 1.68% higher at 5,434.43. Similarly, the tech-heavy Nasdaq Composite advanced 2.43% to settle at 17,187.61. The Dow Jones Industrial Average added 408 points, or 1.04%, to end at 39,765.64.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.01% at 102.63 on Wednesday morning.
Crude Oil
WTI crude prices were trading at $78.86 up by 0.65%, while Brent crude prices were trading at $81.15 up by 0.58%, on Wednesday morning.
Asian Markets
Tracking the overnight US market, on Wednesday morning, Asian markets were trading in positive territory. Japan’s Nikkei 225 was up 0.57% to 36,440.63. The Korean index Kospi was down 0.87% at 2,644. However, the Asia Dow was trading 2.64% higher at 3,467.21. The benchmark Chinese index Shanghai Composite fell 0.02% to 2,867.44.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 2,107.17 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 1,239.9 crore on August 013, 2024, according to the provisional data available on the NSE.
F&O Ban
Aarti Industries, Chambal Fertilisers and Chemicals, Aditya Birla Capital, Aditya Birla Fashion and Retail, Bandhan Bank, Biocon, Birlasoft, Granules India, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, Punjab National Bank, RBL Bank, SAIL, and Sun TV Network to remain in F&O Ban today on August 14.
Expert’s View
“On the daily charts, we can observe that the Nifty has witnessed a breakdown from the consolidation on the downside. The selling pressure can intensify on the downside. Immediate support stands at 24037 which is the 40-day moving average. A breach below it can take the Nifty down towards 23600. On the upside, 24300 is the immediate hurdle from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
On Tuesday, “the Bank Nifty has taken the lead in the fall and closed down 746 points for the day. The immediate support stands at 49650 – 49600 and below that, we can expect a slide towards 49000 – 48850. On the upside immediate resistance is placed at 50250 – 50300,” said Gedia.
