GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a gap up opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was up 76.50 points, or 0.31%, at 24,462.50 indicating a higher start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 closed 163 points or 0.67% higher to finish at 24,286.50, while the BSE Sensex jumped 545 points or 0.69% to finish at 79,986.80.
Key things to know before share market opens on July 04, 2024
Wall Street
The Wall Street or US markets closed at a record high. The broader market index, the S&P 500, advanced 0.51% to close at 5,537.02. Similarly, the tech-heavy Nasdaq Composite rose 0.88% to settle at 18,188.30, as largecap technology stocks such as Tesla and Nvidia rallied. Both the indices hit a fresh record high during the session. However, the Dow Jones Industrial Average lost 23.85 points, or 0.06%, to end at 39,308.
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 105.30 on Thursday morning.
Crude Oil
WTI crude prices were trading at $83.56 up by 0.43%, while Brent crude prices were trading at $87.03 up by 0.45%, on Thursday morning.
Asian Markets
Asian markets opened on a higher note on Thursday morning following the record gains in the overnight US market and Japan’s Topix crossing its all-time high of 2,886.50, which it touched previously in 1989. Japan’s Nikkei 225 was trading up 0.27% at 40,692. The Korean index Kospi was up 0.87% at 2,818.32. The Asia Dow was trading 1% higher at 3,632.46. Hang Seng was trading 0.56% higher at 18,079.72. The benchmark Chinese index Shanghai Composite was also flat at 2,982.05.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 5,483.63 crore. However, domestic institutional investors (DII) sold shares net worth Rs 924.43 crore on July 04, 2024, according to the provisional data available on the NSE.
Technical View
“On the intraday charts, it (Nifty) is holding higher high and higher low formation, which supports further uptrend from the current levels. We are of the view that, as long as the index is trading above 24200/79600 the bullish structure is likely to continue. Above the same, the market could rally up to 24400/80200. Further upside may also continue which could lift the index up to 24500/80500. However, below 24200/79600 the texture could change. Below the same, traders may prefer to exit from the trading long positions,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Bank Nifty Outlook
On Wednesday, “Bank Nifty after a four-day correction witnessed a gap up and thereafter consolidated. There are divergent signals from the daily and hourly time frame momentum indicators which generally leads to consolidation. The range of consolidation is likely to be 53300 – 52000 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.