GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a positive opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty was up 69 points, or 0.29%, at 23,659.50 indicating a higher start for the domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 advanced 92.30 points, or 0.39%, to finish at 23,558, while the BSE Sensex jumped 308 points, or 0.40%, to finish at 77,301.
Key things to know before share market opens on June 19, 2024
Wall Street
The Wall Street or US market closed a record high on Tuesday as Nvidia’s shares were on a winning spree and marched to new highs, surpassing the market cap of Microsoft. The S&P 500 added 0.25% to settle at 5,487, closing at a fresh record. Similarly, the tech-heavy Nasdaq Composite moved 0.03% higher to end at 17,862.23. The Dow Jones Industrial Average rose 56.76 points, or 0.15%, to end at 38,834.86.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.02% at 105.29 Wednesday morning.
Crude Oil
WTI crude prices were trading at $81.50 down by 0.06%, while Brent crude prices were trading at $85.30 down by 0.04%, on Wednesday morning.
Asian Markets
Asian markets opened on a higher note following the overnight US markets’ record closing gains due to a record rally in Nvidia’s shares. Japan’s Nikkei 225 was trading up 0.60% at 38,712. The Korean index Kospi was up 0.96% at 2,790. The Asia Dow was trading 1.44% higher at 3,542.22. Hang Seng was down 0.11% to trade at 17,916. The benchmark Chinese index Shanghai Composite was down 0.13% at 3,026.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 2,569.40 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 1,555.73 crore on June 18, 2024, according to the provisional data available on the NSE.
Technical View
“Indian equities are trading at an all-time high zone led by positive macros & US markets scaling to new highs. Further 27% growth in advance direct tax receipts for the Q1FY25 supported the sentiments. We expect the momentum in equities to continue driven by positive global cues, strong domestic macros, and focus on increased government spending in the upcoming budget,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Bank Nifty Outlook
On Tuesday, the BankNifty index finally broke out of the resistance mark of 50,200 and managed to close above it. “The bullish momentum is likely to continue, potentially driving the index higher towards the 51,000 mark. The undertone remains extremely bullish, and a buy approach is recommended with strong support at the 49,700 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
