GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded up by just 111.50 points or 0.49% at 22,895 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 43.35 points or 0.19% to settle at 22,648.20 while the BSE gained 128.33 points or 0.17% to 74,611.11.
“Trading in the markets remained lackluster, closing marginally higher amid a blend of signals. The Nifty commenced positively but remained confined to a narrow range throughout the day, eventually settling around the 22,648.20 mark on the weekly expiry day. Sector-wise, there was a mixed bag, with auto, energy, and metal sectors seeing moderate gains, while banking and realty sectors closed in the red. The broader market also lacked vigor, although midcap stocks managed a modest uptick of around half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, Global cues presented a mixed picture, contributing to subdued sentiment, albeit with an overall positive undertone. Our recommendation remains inclined towards a strategy of buying during dips, emphasizing prudent stock selection and overnight risk management. While various sectors are contributing to market movements, the performance of the banking sector is anticipated to be pivotal for generating fresh momentum.
Key things to know before share market opens on May 3, 2024
Wall Street
The world’s biggest technology companies drove a rebound in US stocks ahead of Apple Inc.’s earnings, with Wall Street also gearing up for Friday’s jobs report, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 130.65 points or 0.84% at 15,736.13. The S&P 500 gained by 45.51 points or 0.91% at 5,064.20, while the Dow Jones Industrial Average ended higher by 133.75 points or 0.35% at 38,037.04.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.05% at 105.36.
Crude Oil
WTI crude prices are trading at $79.13 up by 0.09%, while Brent crude prices are trading at $83.81 up by 0.06%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Friday morning. The Asia Dow is trading up by 1.76%, where as the Japan’s Nikkei 225 is trading in red, down by 0.10%, Hong Kong’s Hang Seng index is ended higher by 2.50% and the benchmark Chinese index Shanghai Composite is ended down by 0.26%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 964.47 crore, while domestic institutional investors (DII) mopped shares worth net Rs 1,353.44 crore on May 2, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, Biocon and Vodafone Idea in F&O on May 3, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty closed marginally higher after a volatile trading session. On the hourly chart, it formed a lower peak, indicating a decrease in bullish sentiment. The momentum indicator has crossed into bearish territory, suggesting weak momentum. In the short term, the trend may continue sideways with potential to fluctuate within the range of 22500-22800.
Bank Nifty Outlook
“The Bank Nifty index experienced a sideways trading session, yet the overall sentiment remains bullish, supported by strong buying interest. Key support is noted at 49,000, where the highest open interest lies on the put side. Immediate resistance is seen at 49,600, and a decisive breakthrough would signal a continuation of the uptrend toward levels around 50,000 to 51,000. The index is maintaining a pattern of higher highs and higher lows on the daily chart, indicating the persistence of the uptrend,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities