GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key things to know before the market opens.
GIFT Nifty traded up by 53.50 points or 0.22% at 24,189.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 175.70 points or 0.74% to settle at 24,044.50 while the BSE Sensex gained 568.93 points or 0.72% to 79,243.18.
“The markets traded positively for the fourth consecutive session, gaining over half a percent, continuing the current uptrend. After a flat start, the Nifty edged higher amid volatility and crossed the new milestone of 24,000. Most sectors aligned with this movement, with IT and energy among the top gainers. Meanwhile, broader indices showed mixed results, as midcap stocks closed in the green while smallcap stocks lost over half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the rotational buying across key sectors is contributing to the index’s steady rise, and we expect this trend to continue. Following the banking sector, we anticipate that IT and FMCG will play crucial roles in maintaining the positive momentum. With the Nifty crossing the 24,000 mark, we see potential for it to test 24,500, with support around the 23,600 level. Participants should align their positions accordingly and look for buying opportunities on dips.
Key things to know before share market opens on June 28, 2024
India inclusion in JP Morgan Bond index From Today
India is set to officially join the J.P. Morgan GBI-EM Global Series of indices on Friday, June 28. This move could potentially lead to $25-30 billion in inflows into the country. The inclusion will occur in phases over a 10-month period, with domestic bonds holding a 10% weightage and increasing by 1% each month starting this month. India will become the 25th market to join the index since its launch in June 2005.
Wall Street
U.S. stocks ended Thursday around the unchanged mark as investors awaited fresh inflation data, with the Nasdaq able to eke out a slight gain after data showed a continued slowdown in economic activity, raising investors’ hope for rate cuts, reported Reuters. The tech-heavy Nasdaq Composite ended up by 53.52 points or 0.30% at 17,858.68. The S&P 500 ended higher by 4.97 points or 0.09% at 5,482.87, while the Dow Jones Industrial Average ended marginally higher by just 36.26 point or 0.09% at 39,164.06.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.15% at 105.89.
Crude Oil
WTI crude prices are trading at $82.00 up by 0.23%, while Brent crude prices are trading at $85.45 down by 1.03%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Thursday morning. The Asia Dow is trading down by 0.12%, where as the Japan’s Nikkei 225 is trading in green, up by 0.58%, Hong Kong’s Hang Seng index is up by 0.37% and the benchmark Chinese index Shanghai Composite traded up by 0.97%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth Rs 7,658.77 crore, while domestic institutional investors (DII) offloaded shares worth Rs 3.605.93 crore on June 27, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added no stocks to the F&O ban on June 28, 2024 i.e today as the July expiry begins.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said the Nifty continued moving up as the bulls took the index to a new all-time high. The Nifty made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness. The trend remains positive for the short term or until it breaks below 23,800. On the higher end, the index might move towards 24,200.
Bank Nifty Outlook
“The Bank Nifty index experienced volatile moves, trading in a broad range with support at 52,700 and resistance at 53,100. The index needs to decisively sustain above 53,000 for a continued move towards the 53,400/53,700 mark. However, it is trading in overbought territory, and failure to sustain above 53,000 could lead to a correction towards the 52,500/52,000 levels,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.