GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded down 128 points or 0.57% at 22,480.00 indicating a weak opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 dropped 8.70 points or 0.04% to settle at 22,453.30, while the BSE Sensex pulled back 110.64 points or 0.15% to finish at 73,903.91.
Key things to know before share market opens on April 03, 2024
Wall Street
The stocks on Wall Street ended on a lower note as traders lowered expectations of rate cuts and high bond yields. The Dow Jones Industrial Average closed 396.61 points or 1% lower at 39,170.24. The S&P 500 fell 0.72% to close at 5,205.81. Similarly, the Nasdaq Composite pulled back 0.95% closing at 16,240.45.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.03% at 104.80.
Crude Oil
WTI crude prices were trading at $85.26 down by 0.21%, while Brent crude prices were trading at $89.08 down by 0.23%, on Wednesday morning.
Asian Markets
Asian equity indices mostly traded in the red. Japan’s Nikkei 225 was down 1.32% at 39,311.08. The benchmark Chinese index Shanghai Composite closed 0.08% lower at 3,074.96. The Asia Dow was down 0.08% to 3,324.87. Bucking the trend, Hang Seng closed 390 points or 2.36% higher at 16,931.52.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 1,622.69 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 1,952.72 crore on April 03, 2024, according to the provisional data available on the NSE.
F&O Ban
Hindustan Copper was the only stock in the F&O ban list on Wednesday.
Technical View
On Tuesday, Nifty opened on a flat note and consolidated for the day. It closed marginally in the red, down 9 points.
“On the daily charts, we can observe that the Nifty is in the process of cooling off after the sharp run-up in the previous couple of trading sessions. The zone of 22400 – 22350 is the crucial support zone and dips towards these zones should be used as a buying opportunity,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
The hourly momentum indicator has a negative crossover which is a sell signal and also suggests that there could be some more consolidation before the uptrend resumes. Overall, this dip should be used as a buying opportunity,” said Gedia.
Bank Nifty Outlook
“Bank Nifty is also consolidating after the sharp after breaking out of the range on the upside. It is likely to resume its up-move towards 47850 – 48000 from a short-term perspective. So the minor degree pullbacks should be used as a buying opportunity,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.