GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a muted opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty was up 22.50 points, or 0.09%, at 24,406 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 closed 251 points or 1.04% higher to settle at 24,368, while the BSE Sensex rose 820 points or 1.04% to finish at 79,706.
Key things to know before share market opens on August 12, 2024
Hindenburg Research Row
The US-based short-seller Hindenburg Research in a new report alleged that SEBI chairperson Madhabi Puri Buch and her spouse held hidden stakes in the same obscure offshore funds in Bermuda and Mauritius, which were used by Vinod Adani. The couple dismissed the allegations as baseless, asserting their finances are transparent.
Wall Street
US markets closed on a positive note on Friday. The broader market index, the S&P 500, rose 0.47% to close at 5,344.16. Similarly, the tech-heavy Nasdaq Composite advanced 0.51% to settle at 16,745.30. The Dow Jones Industrial Average added 51 points, or 0.13%, to end at 39,497.54.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.01% at 103.15 on Monday morning.
Crude Oil
WTI crude prices were trading at $76.89 up by 0.06%, while Brent crude prices were trading at $79.59 down by 0.06%, on Monday morning.
Asian Markets
On Monday morning, Asian markets opened higher after a roller-coaster week that saw steep sell-offs followed by a sharp recovery. Japan’s Nikkei 225 was up 0.51% to 35,025. The Korean index Kospi was up 1.24% at 2,588.43. However, the Asia Dow was trading 1.91% higher at 3,387.54. The benchmark Chinese index Shanghai Composite was down 0.27% at 2,862.19.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 406.72 crore. Domestic institutional investors (DII) bought shares net worth Rs 3,979.59 crore on August 09, 2024, according to the provisional data available on the NSE.
F&O Ban
Bandhan Bank, Biocon, Granules India, SAIL, Aditya Birla Capital, Aditya Birla Fashion and Retail, Birlasoft, GNFC, Hindustan Copper, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, Punjab National Bank, and RBL Bank are in F&O Ban on August 12.
Expert’s View
“Previous week, there was clearly a tug of war between the bulls and the bears for the major support zone of 23,950 to 24,000 (50 Day EMA Area). The Nifty witnessed an intra-week volatility of 400 points. Important technical levels were tested both on the upside and downside this week. We need to wait and watch for either side breakout or breakdown for further major direction in Nifty. Support for the Nifty is now seen at 24,200 and 23,950-24,000 levels,” said Tejas Shah, Technical Research at JM Financial & BlinkX.
Bank Nifty Outlook
“The Bank Nifty was an underperforming sector as compared to Nifty during this week. It is showing a lot of resilience around 50,700-50,900 levels on an immediate basis and we need to witness a decisive close above 51,100 Mark for further strength in Bank Nifty. On the downside, the support zone lies at 50,300-350 / 49,650-700 while the resistance is seen at 50,700 / 51,000-100,” said Shah.