GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a gap down opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty was down 4,50 points, or 0.02%, at 24,115 indicating a flat start for the domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 closed 34 points or 0.14% lower to finish at 24,011, while the BSE Sensex lost 211 points or 0.27% to finish at 79,033.
Key things to know before share market opens on July 01, 2024
Wall Street
The Wall Street or US markets closed on a lower note on Friday. The broader market index, the S&P 500, fell 0.41% to close at 5,460.48. Similarly, the tech-heavy Nasdaq Composite pulled back 0.71% to settle at 17,732.60. Following the trend, the Dow Jones Industrial Average dropped 45.20 points, or 0.12%, to end at 39,1118.86.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.21% at 105.63 on Monday morning.
Crude Oil
WTI crude prices were trading at $81.84 up by 0.36%, while Brent crude prices were trading at $85.28 up by 0.33%, on Monday morning.
Asian Markets
Asian markets were trading mixed on Monday morning. Japan’s Nikkei 225 was trading up 0.34% at 39,719. The Korean index Kospi was down 0.15% at 2,794. The Asia Dow was trading 0.21% higher at 3,581.34. Hang Seng was flat at 17,719. The benchmark Chinese index Shanghai Composite was also down 0.01% at 2,967.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 23.09 crore. However, domestic institutional investors (DII) bought shares net worth Rs 6,658.31 crore on June 28, 2024, according to the provisional data available on the NSE.
Technical View
Nifty and Sensex have crossed historic milestones with both the indices making fresh highs of 24174 and 79671 levels respectively. “We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points next week would keep a little volatility in the market. Sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number,” said Siddhartha Khemka, Senior Group Vice President and Head of Research, Broking & Distribution at Motilal Oswal Financial Services.
Bank Nifty Outlook
On Friday, Bank Nifty index experienced its first meaningful correction after a nonstop rally in the past week. “For the selling pressure to continue, there needs to be follow-up selling; otherwise, the index may get stuck in a consolidation range. The immediate support is at 52000, where the highest open interest is built up on the put side, while the immediate resistance lies in the 52700-53000 zone,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.