GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a higher opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was up 75.50 points, or 0.30%, at 24,891 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 closed 71.35 points or 0.29% higher to settle at 24,770, while the BSE Sensex rose 102.44 points or 0.13% to finish at 80,905.30.
Key things to know before share market opens on August 22, 2024
Wall Street
US markets closed on a higher note on Wednesday as the Fed’s July FOMC minutes of the meeting revealed a dovish stance on rate cuts. The broader market index, the S&P 500, closed 0.42% higher at 5,620.85. Similarly, the tech-heavy Nasdaq Composite advanced 0.57% to settle at 17,918.99. The Dow Jones Industrial Average added 55.52 points, or 0.14%, to end at 40,890.49.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.09% at 101.21 on Thursday morning.
Crude Oil
WTI crude prices were trading at $71.83 down by 0.14%, while Brent crude prices were trading at $76.01 down by 0.05%, on Thursday morning.
Asian Markets
Tracking the overnight US market, on Thursday morning, Asian markets were trading in positive territory. Japan’s Nikkei 225 was up 1.02% to 38,340.21. The Korean index Kospi was up 0.03% at 2,701.91. However, the Asia Dow was trading 0.41% lower at 3,525.08. The benchmark Chinese index Shanghai Composite fell 0.01% to 2,856.20.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 799.74 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 3,097.45 crore on August 21, 2024, according to the provisional data available on the NSE.
F&O Ban
Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Birlasoft, GNFC, Granules India, Hindustan Copper, India Cements, LIC Housing Finance, NALCO, Piramal Enterprises, and Sun TV Network to remain in F&O Ban today on August 22. Meanwhile, Bandhan Bank, Manappuram Finance, RBL Bank, and SAIL were removed from the F&O Ban on Thursday.
Expert’s View
“Global sentiments are cautious ahead of US Fed meeting minutes release. Even Powell’s speech at the Jackson Hole Symposium on Friday will be a key event to watch out for. Both these events are likely to provide some hint as to the US Fed’s next move with regard to interest rates. Hopes are running high for a rate cut in September meeting followed by more rate cuts in subsequent meets. The market thus is likely to consolidate this week,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Bank Nifty Outlook
“On Wednesday, the Bank Nifty witnessed an intraday dip towards the crucial support zone 50350 – 50300 and witnessed buying interest. So, until this zone is not breached we can expect a rally in the bank Nifty which could take it to levels of 51000 – 51500 from a short-term perspective. A stoploss of 50300 should be maintained for the long positions,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.