GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty ended up by 74.50 points or 0.35% at 21,264.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 lost 333 points or 1.54% to settle at 21,238.80, while the BSE Sensex declined by 1,053.10 points or 1.47% to 70,370.55.
Key things to know before share market opens on January 24, 2024
Wall Street
The Dow Industrial Average fell on Tuesday after inching up for three continuous days. The reason behind the fall can be attributed to the weak earnings. The 30-stock Dow fell 96.36 points, or 0.25%, to 37,905.45.
The tech-heavy Nasdaq Composite gained 0.43% at 15,425.94. The S&P 500 surged by 0.29% at 4,864.60 to reach a fresh all-time high.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded lower by 0.12% at 103.49.
Crude Oil
WTI crude prices are trading at $74.57 up by 0.27%, while Brent crude prices are trading at $79.73 up by 0.23%, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region were in mixed territory. The Asia Dow is trading up by 0.58%, where as the Japan’s Nikkei 225 is trading in the red, down by 0.72%, Hong Kong’s Hang Seng index is trading higher by 1.53% and the benchmark Chinese index Shanghai Composite is trading higher by 0.38% during the early trade hours.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 3,115.39 crore. However, domestic institutional investors (DII) bought shares worth net Rs 214.40 crore on January 24, 2024, according to the provisional data available on the NSE.
F&O Ban
Balrampur Chini Mills, Indian Railway Corp, National Aluminium, Oracle Financial Services Software, RBL Bank.
Technical View
Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said that a few days of consolidation have led to a decline, with Nifty slipping below the lower end of the recent consolidation range. The bearish sentiment appears to be strengthening as Nifty closed at its lowest points on multiple days. Weakness may persist in the short term, with support at 21,200; below this level, the index could potentially decline towards 21,000 and beyond. Looking ahead, the market may continue to be a “sell on rise” scenario as long as it remains below 21,500.
Bank Nifty Outlook
“Bank Nifty opened gap up however it was sold into and it resumed the next leg of the decline. On the downside, the bank Nifty is headed towards 44600 from short term perspective. On the upside 45800 shall act as immediate hurdle,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.