GIFT Nifty traded flat at 19,494, up marginally 0.06% during Thursday’s early trading session, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Wednesday, the benchmark equity indices settled in negative territory. The NSE Nifty 50 fell 0.47% to settle at 19,436.10, while the BSE Sensex tumbled 286.06 points to 65,226.04.
Stocks to watch: PNB, Marico, JM Financial, Hero MotoCorp
“Strong US job data is reinforcing Fed’s hawkish stance and multi-year high US bond yields is signalling an impending interest rate hike. Globally, investors are adopting risk-averse strategies due to inflation concerns and the strengthening US dollar. And in India, despite a robust economy, premium valuations of midcaps and recent rally is augmenting consolidation. Interest-rate-sensitive sectors like real estate, banking, and metals are the most impacted category, while the FMCG sector is more optimistic in expectation of near-normal monsoon & festival demand. Auto is consolidating amid mixed growth numbers and in this weak period, large-cap are a trading safe to hold on,” said Vinod Nair, Head of Research at Geojit Financial Services.
Key things to know before share market opens on October 5, 2023
Wall Street
Wall Street ended higher on Wednesday. The tech-heavy Nasdaq Composite surged 176.54 points, or 1.35%, at 13,236.01. The Dow Jones Industrial Average gained 127.17 points, or 0.39%, to 33,129.55, while the S&P 500 added 34.3 points, or 0.81%, at 4,263.75.
Will Nifty scale to 25,000 and end the week with gains? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty reclaim 24,900 on Thursday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty hold 23,800 levels ahead of weekly expiry, or decline further? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty break the losing streak and bounce back to 24,500? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Crude Oil
WTI crude prices are trading at $84.41, up 0.23%, while Brent crude prices are trading at $86.06, up 0.31%, on Thursday morning.
Asian Market
Shares in the Asia-Pacific region are trading green on Thursday morning. The Asia Dow is trading up 0.91%, whereas the benchmark Chinese index, the Shanghai Composite, is up 0.10%, while Japan’s Nikkei 225 is up 0.89%. Meanwhile, Hong Kong’s Hang Seng index is also up 0.42%.
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FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 4,424.02 crore, while domestic institutional investors (DII) added shares worth net Rs 1,769.49 crore on October 4, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Delta Corp, Manappuram Finance and Indiabulls Housing Finance to its F&O ban list for October 5, 2023.
Technical View
Commenting on the technical outlook of Nifty 50, Shrikant Chouhan, Head of Research (Retail), Kotak Securities, said, “Nifty has formed a Dragonfly Doji candlestick formation which is indicating a strong possibility of a relief rally from the current levels. For day traders, 19,380 would be the key support level to watch out, above which the index could see the pullback rally till 19,500 – 19,550. On the flip side, below 19,380 the selling pressure is likely to accelerate and could slip till 19,330 – 19,300.”
Bank Nifty Outlook
The Bank Nifty index shed as much as 435 points, or 0.98%, to settle at 43,964.05 on Wednesday. “Bank Nifty opened gap down and witnessed volatile price action. The consolidation of the last four trading sessions broke on the downside which is a sign of weakness. The index has corrected around 5.3% in the last three weeks and is appearing oversold. We expect a relief rally over the next few trading sessions. On the downside, support is placed at 43,800 – 43,600 while resistance is placed at 44,400 – 44,500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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