GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a gap up opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty was up 74 points, or 0.30%, at 24,620 indicating a higher start for the domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 closed 186 points or 0.77% higher to finish at 24,502, while the BSE Sensex jumped 622 points or 0.78% to finish at 80,519.
Key things to know before share market opens on July 15, 2024
Wall Street
US markets on Friday closed higher on the back bets that the US Fed may cut interest rates by September 2024. During intraday, the S&P 500 and Dow Jones touched a fresh record high. The broader market index, the S&P 500, advanced 0.55% to close at 5,615.35. Similarly, the tech-heavy Nasdaq Composite rose 0.63% to settle at 18,398.45. While, the Dow Jones Industrial Average rose 0.62% to end at 40,000.90.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.18% at 104.27 on Monday morning.
Crude Oil
WTI crude prices were trading at $81.85 down by 0.40%, while Brent crude prices were trading at $84.70 up by 0.38%, on Monday morning.
Asian Markets
Asian markets opened majorly on a higher note on Monday morning. Japan’s Nikkei 225 was not trading on account of a public holiday. The Korean index Kospi opened higher but later started trading in red down 0.02% at 2,856.49. The Asia Dow was trading 0.39% lower at 3,715.35. Hong Kong Hang Seng index futures were at 18,265, lower than the HSI’s last close of 18,293.38. The benchmark Chinese index Shanghai Composite was trading 0.01% lower at 2,970.99.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 4,021.60 crore. However, domestic institutional investors (DII) sold shares net worth Rs 1,651.45 crore on July 15, 2024, according to the provisional data available on the NSE.
F&O Ban
GMR Airports Infrastructure, Aditya Birla Fashion & Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Indian Energy Exchange, India Cements, Indus Towers, Piramal Enterprises, and RBL Bank will remain in the F&O Ban on July 15.
Technical View
“We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook. The good progress in the monsoon and expectations of an uptick in volumes aided FMCG stocks to outperform the main indices. In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched carefully by investors to get cues on market momentum,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty Outlook
On Friday, Bank Nifty opened flat but gained acceleration in the first half. However, it erased most gains in the second half, settling at 52,279 levels. “Technically, on a daily scale, the index formed a doji candle near the 21-days EMA support. As long as the index holds above 51,750, a buy-on-dips strategy should be adopted in Bank Nifty. On the upside, 52,800 and 53,000 will serve as strong resistance levels,” said Hrishikesh Yedve, Assistant Vice President of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates.
