GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Wednesday after rising for four consecutive trading sessions. Here is all you need to know before the market opens.
GIFT Nifty was 49 points or 0.22% higher at 22,645 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 68.75 points or 0.31% to finish at 22,597.80, while the BSE Sensex lost 267.75 points or 0.36% to finish at 74,221.
Key things to know before share market opens on May 23, 2024
Wall Street
The Wall Street or US market fell as soon as the Fed released minutes of the latest policy meeting, which showed Fed officials were disappointed with recent US inflation data. The Dow Jones Industrial Average dropped 201.95 points or 0.51% to 39,671.04. The S&P 500 fell 14.4 points or 0.27% to 5,307.01. The tech-heavy Nasdaq Composite pulled back 31.08 points or 0.18% to 16,801.54.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded flat, 0.01% at 104.90.
Crude Oil
WTI crude prices were trading at $76.95 down by 0.80%, while Brent crude prices were trading at $81.25 down by 0.78%, on Thursday morning.
Asian Markets
Asian markets were trading majorly lower during the early trade hours on Wednesday following an overnight fall in US markets. The Asia Dow was trading 0.07% lower at 3,452.98. Hang Seng was down 0.89% to trade at 19,024.41. The benchmark Chinese index Shanghai Composite was down 0.27% trading at 3,149.88. Bucking the trend, Japan’s Nikkei 225 was up 0.65% trading at 38,867.36.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 686.04 crore. However, domestic institutional investors (DII) bought shares net worth Rs 961.91 crore on May 22, 2024, according to the provisional data available on the NSE.
Technical View
“On the daily charts, we can observe that the Nifty is steadily inching higher and has closed with gains for the fifth consecutive trading session. The Nifty has been able to hold on to the gains on account of sector rotation. Today it was FMCG, and Pharma that helped the Index. Overall, the index is steadily inching higher towards the previous all-time high of 22795. Intraday dips should be bought into one should keep a trailing stoploss of 22450 for the long positions,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“Overall the Bank nifty is also likely to resume its upmove towards 48260 – 48700 over the next few trading sessions. The trailing stoploss for the long positions should be kept at 47400,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
