GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a muted opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty was down 10 points, or 0.04%, at 25,284 indicating a subdued start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 99.60 points or 0.40% higher to settle at 25,152, while the BSE Sensex rose 349 points or 0.43% to finish at 82,135.
Key things to know before share market opens on August 30, 2024
Wall Street
US markets closed on a mixed note on Thursday. The Dow Jones Industrial Average index gained 243.63 points or 0.59%, to end at 41,335.05. The broader market index, the S&P 500 just below the flatline at 5,591.96. Similarly, the tech-heavy Nasdaq Composite fell 0.23% to settle at 17,516.43.
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 101.35 on Friday morning.
Crude Oil
WTI crude prices were trading at $76.02 up by 0.14%, while Brent crude prices were trading at $78.95 up by 0.17%, on Friday morning.
Asian Markets
The Asian markets were trading on a higher note on Friday morning. Japan’s Nikkei 225 was up 0.46% to 38,538. The Korean index Kospi was up 0.71% at 2,681.06. The Asia Dow was trading 1.08% higher at 3,611.14. The benchmark Chinese index Shanghai Composite was flat at 2,823.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 3,259.56 crore. While, domestic institutional investors (DII) bought shares net worth Rs 2,690.85 crore on August 29, 2024, according to the provisional data available on the NS
Expert’s View
“We are of the view that the larger market texture is positive but due to temporary overbought conditions, we could see range-bound activity in the near future. For the traders now, 25000/81650 would be the crucial support zone. Above the same, the market could move up till 25225-25300/82500-82700. On the flip side below 25000/81650, the sentiment could change. Below the same, we could see one quick intraday correction till 24900-24850/81200-81000,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Bank Nifty Outlook
“The Bank Nifty traded within the range of the previous couple of trading sessions on Thursday. A breach above 51400 can lead to an upmove towards 51900 and on the downside 51000 remains a crucial support zone. Overall, until we get decisive evidence of a trend reversal we shall continue to ride the upmove,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
