GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Friday after hitting record highs on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was 72 points or 0.31% lower at 22,942 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained 370 points or 1.64% to finish at 22,967.65, while the BSE Sensex jumped 1,197 points or 1.61% to finish at 75,418.
Key things to know before share market opens on May 24, 2024
Wall Street
The Wall Street or US market tumbled, with Dow Jones recording its worst day, as Nvidia couldn’t lift the broader market. The Dow Jones Industrial Average dropped 605.78 points or 1.53% to 39,065.26. The S&P 500 fell 0.74% to 5,267.84. The tech-heavy Nasdaq Composite pulled back 0.39% to 16,736.03.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded up, 0.02% at 105.08.
Crude Oil
WTI crude prices were trading at $76.82 down by 0.06%, while Brent crude prices were trading at $81.32 down by 0.03%, on Friday morning.
Asian Markets
Asian markets fell on Friday morning following an overnight fall in the US market. The Asia Dow was trading 0.25% lower at 3,448.48. Hang Seng was down 1.70% to trade at 18,868.71. The benchmark Chinese index Shanghai Composite was down 0.02% trading at 3,115.88. Similarly, Japan’s Nikkei 225 was down 1.24% trading at 38,616.80.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 4,670.95 crore. However, domestic institutional investors (DII) bought shares net worth Rs 146.51 crore on May 23, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Capital, Balarampur Chini Mills, Bandhan Bank, Hindustan Copper, Indian Energy Exchange, India Cements, Metropolis Healthcare, National Aluminium, Piramal Enterprises, PNB, and Zee Entertainment Enterprise were in the F&O ban list on Friday.
Technical View
“Nifty has decisively broken above the previous resistance zone of 22750 – 22800 and is now heading towards the upper end of the rising channel placed at 23100 – 23150. Beyond this, it can stretch towards 23510. The zone of 22750 – 22800 shall now act as a support as per the principle of role reversal. The Midcap Index made an all-time high on the 17th May, Nifty on 23rd May while the Bank Nifty is still lagging and well below its all-time high,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“On Thursday, Bank Nifty led from the front and closed with gains of 2% for the day. It is likely to head towards 49330 – 49500 from a short-term perspective. The trailing stoploss for the long positions should be kept at 48500,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.