GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded up 76.50 points or 0.34% at 22,570.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 advanced 80 points or 0.36% to settle at 22,514.65, while the BSE Sensex inched higher 350.81 points or 0.47% to finish at 74,227.63.
Key things to know before share market opens on April 05, 2024
RBI MPC
The Reserve Bank of India’s Monetary Policy Committee is likely to keep the repo rate unchanged at 6.5% for the seventh time with a stance focusing on the withdrawal of accommodation.
Wall Street
The stocks on Wall Street ended on a negative note amid fears that the Fed might hold off on an interest rate cut. The Dow Jones Industrial Average dropped 530.16 points or 1.35% to close at 38,596.98. The S&P 500 dipped 1.23% to finish at 5,147.21. Similarly, the Nasdaq Composite pulled back 1.40% closing at 16,049.08.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.08% at 104.17.
Crude Oil
WTI crude prices were trading at $86.90 up by 0.15%, while Brent crude prices were trading at $91.04 down by 0.10%, on Friday morning.
Asian Markets
Asian equity market fell as investors fear the US might hold off interest rate cuts. Japan’s Nikkei 225 was down 2.19% at 38,903.77. The benchmark Chinese index Shanghai Composite traded 0.18% lower at 3,069.30. The Asia Dow was down 0.03% to 3,306.71. Hang Seng was closed on public holiday.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 1,136.47 crore. Similarly, domestic institutional investors (DII) sold shares net worth Rs 893.11 crore on April 04, 2024, according to the provisional data available on the NSE.
F&O Ban
Hindustan Copper, Sail, and Zee Entertainment Enterprise were on the F&O ban list on April 05.
Technical View
The Nifty opened a gap up and witnessed selling pressure during the first half of the trading session. An equally sharp pullback during the second half helped the index close with gains of 80 points. The Nifty is heading towards the upper end of the rising channel placed at 22700.
“On the downside, the zone of 22350 – 22300 shall act as a crucial support from the short-term perspective. Minor degree pullbacks towards support zones should be used as a buying opportunity,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“Bank Nifty is also inching higher towards the 48500 – 48636 zone which is the all-time high. Momentum indicators on the daily and hourly time frame suggest a continuation of the upmove. The zone of 47700 – 47500shall act as a crucial support zone from the short-term perspective,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.