GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by just 5.50 points or 0.02% at 22,770.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 223.45 points or 1% to settle at 22,643.40 while the BSE soared 941.13 points or 1.28% to 74,671.28.
“Market started the week on a strong note and gained nearly a percent, in continuation of the prevailing trend. Favorable global cues combined with noticeable traction in banking majors aided a positive start, which further strengthened as the day progressed. However, a mixed trend on the sectoral front kept the momentum in check wherein realty, IT and auto traded subdued. The broader indices maintained their positive tone and ended with modest gains,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, The fresh buoyancy in the banking index has paved the way for a new high in the Nifty index while others may continue to offer support on a rotational basis. We thus reiterate our view to continue with a “buy on dips” approach and focus on stock selection.
Key things to know before share market opens on April 30, 2024
Wall Street
U.S. stocks rose as a solid earnings season kept the market afloat despite bets the Federal Reserve will be forced to leave interest rates higher for longer, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 55.18 points or 0.35% at 15,983.08. The S&P 500 jumped by 16.21 points or 0.32% at 5,116.17, while the Dow Jones Industrial Average ended higher by 146.43 points or 0.38% at 38,386.09.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.04% at 105.73.
Crude Oil
WTI crude prices are trading at $82.52 down by 0.22%, while Brent crude prices are trading at $87.06 down by 1.45%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Tuesday morning. The Asia Dow is trading up by 1.78%, where as the Japan’s Nikkei 225 is trading in green, up by 1.15%, Hong Kong’s Hang Seng index is ended higher by 0.54% and the benchmark Chinese index Shanghai Composite is ended up by 0.79%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 169.1 crore, while domestic institutional investors (DII) mopped shares worth net Rs 692.1 crore on April 29, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Biocon and Vodafone Idea in F&O on April 30, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21EMA, signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22800-22850 in the short term, with support at 22550.
Bank Nifty Outlook
“The banking index has reclaimed its record high today, thanks to noticeable traction in private banking majors. In line with the Nifty, it is also trading in a rising channel on the weekly chart and inching gradually towards the upper band of the same. We are now eyeing the 50,000-50,500 zone to be tested soon, with a strong base at 48,000- 48,500. Participants should prefer private banking majors like Axis Bank, ICICI Bank, Federal Bank and stay selective in the PSU space,” said Ajit Mishra – SVP, Research, Religare Broking.