GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday after falling for four consecutive trading sessions. Here is all you need to know before the market opens.
GIFT Nifty was 78.50 points or 0.36% lower at 22,167.50 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 fell 345 points or 1.55% to finish at 21,957.50, while the BSE Sensex crashed down 1,062 points or 1.45% to finish at 72,404.17.
Key things to know before share market opens on May 10, 2024
Wall Street
The Wall Street or US market rose on the back of fresh weekly jobless claims data coming in at the highest level since August, hinting towards a rate cut at some point in the year. The S&P 500 advanced 0.51% to settle the session at 5,214.08. While the Dow Jones Industrial Average finished trading 331.37 points or 0.85% higher at 39387.76. The tech-heavy index Nasdaq Composite gained 0.27% to settle at 16346.26.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.02% at 105.24.
Crude Oil
WTI crude prices were trading at $79.71 up by 0.63%, while Brent crude prices were trading at $84.35 up by 0.56%, on Friday morning.
Asian Markets
Asian markets were trading higher following the overnight gains in the US market. It was further led by Japan on the back of stronger-than-expected consumer spending data. Japan’s Nikkei 225 was up 0.70% trading at 38,340.23. The Asia Dow was trading 0.38% higher at 3,397.31. Hang Seng jumped 1.22% to trade at 18,537.81. The benchmark Chinese index Shanghai Composite was trading flat.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 6,994.86 crore. However, domestic institutional investors (DII) bought shares net worth Rs 5,642.53 crore on May 09, 2024, according to the provisional data available on the NSE.
Technical View
“The trend looks extremely weak with a possibility of a further fall in the near term. On the higher end, immediate resistance is visible at 22200; the market might remain to sell on the rise until it stays below 22200,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty Outlook
“The Bank Nifty was an outperforming sector as compared to Nifty in Thursday’s trading session. Presently, it is trading around a make-or-break support zone of 47,500-700 levels (50 Day EMA) and any decisive close below the same in Thursday’s trading session can trigger a 1% to 2% fall in Bank Nifty or else chances of bouncing back from the current levels is high. On the downside, the support zone lies at 47,500-700 / 46,500-600 while the resistance is seen at 48,200-300 / 49,000-100,” said Tejas Shah, Technical Research, JM Financial & BlinkX.