GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a lower opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty was down 26 points, or 0.10%, at 24,828 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 188 points or 0.76% higher to finish at 24,800, while the BSE Sensex jumped 627 points or 0.78% to finish at 81,343.46.
Key things to know before share market opens on July 19, 2024
Wall Street
US markets on Thursday saw a sharp sell-off as investors pared their positions in tech stocks and booked profit on the recent run. The broader market index, the S&P 500, lost 0.78% to close at 5,544.59. Similarly, the tech-heavy Nasdaq Composite dropped 0.70% to settle at 17,871.22. However, bucking the trend, the Dow Jones Industrial Average pulled back 533.06 points, or 1.29%, to end at 40,665.02.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.07% at 104.23 on Friday morning.
Crude Oil
WTI crude prices were trading at $82.10 down by 0.31%, while Brent crude prices were trading at $84.57 down by 0.21%, on Friday morning.
Asian Markets
Asian markets tracked an overnight fall of US markets for the second day as profit booking continues in tech names. Japan’s Nikkei 225 fell 0.07% to 40,096. The Korean index Kospi was down 1.36% at 2,786. The Asia Dow was trading 2.08% lower at 3,620.72. The benchmark Chinese index Shanghai Composite was trading 0.07% lower at 2,975.15.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 5,483.63 crore. However, domestic institutional investors (DII) sold shares net worth Rs 2,904.25 crore on July 18, 2024, according to the provisional data available on the NSE.
F&O Ban
Bandhan Bank, Hindustan Aeronautics, India Cements, SAIL, Balrampur Chini Mills, GMR Airports Infrastructure, GNFC, Hindustan Copper, Piramal Enterprises, RBL Bank, and Vedanta were in the F&O Ban on July 19.
Infosys ADR
The American depository receipts (ADRs) of Infosys rose over 9% on the New York Stock Exchange (NYSE) after the first quarter results surpassed the estimates. The ADRs were last trading at $22.29, up about 8.5% over the previous close.
Technical View
“On the daily chart, the index (Nifty 50) formed a Bullish Engulfing candlestick pattern at record-high levels, signalling a continuation of the bullish trend. Immediate support is seen near the 24,500 level, with the 24,000 level serving as major support. On the upside, resistance levels are noted at 25,300 and 25,500,” said Mandar Bhojane, Research Analyst at Choice Broking.
Bank Nifty Outlook
Technically, on the daily scale, the index managed to defend the 21-DEMA support of 52,020 levels. “As long as the index holds above 52,000 levels, the ongoing bullish momentum will continue for Bank Nifty. On the upside, 52,800 and 53,000 will serve as strong resistance levels,” said Hrishikesh Yedve, Assistant Vice President of Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.
Key Earnings Today
Reliance Industries, Wipro, UltraTech Cement, Bharat Petroleum Corporation, JSW Steel, Union Bank of India, ICICI Lombard General Insurance Company, One 97 Communications (Paytm), Patanjali Foods, Aether Industries, Atul, BEML Land Assets, Blue Dart Express, CreditAccess Grameen, Fedbank Financial Services, Indian Hotels, JSW Energy, Jubilant Pharmova, Mahindra EPC Irrigation, Nippon Life India Asset Management, Oberoi Realty, Orissa Minerals Development Company, PVR Inox, and others will release their quarter earnings on July 19.