GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty traded up by 53 points or 0.23% at 23,285.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 30.95 or 0.13% to settle at 23,259.20 while the BSE Sensex dropped 203.28 points or 0.27% to 76,490.08.
“Markets traded subdued and ended slightly lower, taking a break after a busy week. On the benchmark front, Nifty opened with a slight increase and fluctuated within a narrow range before closing at 23,259.20. Meanwhile, a mixed trend among sectors kept traders engaged, with realty and pharma emerging as top gainers, while IT and metal ended in the red. Notably, the small-cap index reached a new high, contributing to a strong market breadth on the advancing side,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, We feel it is healthy if Nifty spends some time around the current levels, after experiencing extreme swings last week. Meanwhile, as all the sectors are contributing to the move on a rotational basis, the focus should remain on stock selection and utlise consolidation to accumulate quality names.
Modi 3.0 signals continuity
In Prime Minister Narendra Modi’s new Council of Ministers, marking his third term, 34 ministers from the previous council have been retained, with 19 of them holding Cabinet positions. Key figures such as Rajnath Singh as Defence Minister, Amit Shah as Home Minister, Nitin Gadkari as Road and Transport Minister, Nirmala Sitharaman as Finance Minister, and S. Jaishankar as External Affair Minister have been reappointed, emphasizing a focus on continuity and experience.
Key things to know before share market opens on June 11, 2024
Wall Street
The S&P 500 and Nasdaq eked out record closing highs on Monday, although investors were cautious ahead of this week’s consumer prices report and a Federal Reserve policy announcement, reported Reuters. The tech-heavy Nasdaq Composite ended up by 59.40 points or 0.35% at 17,192.53. The S&P 500 ended higher by 13.80 points or 0.26% at 5,360.79, while the Dow Jones Industrial Average gained 69.05 points or 0.18% at 38,868.04.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.02% at 105.16.
Crude Oil
WTI crude prices are trading at $78.03 down by 0.26%, while Brent crude prices are trading at $81.87 up by 0.30%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading on a mixed note on Tuesday morning. The Asia Dow is trading up by 1.04%, whereas Japan’s Nikkei 225 is trading in green, up by 0.68%, Hong Kong’s Hang Seng index ended lower by 0.59% and the benchmark Chinese index Shanghai Composite traded up by 0.08%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth Rs 2,572 crore, while domestic institutional investors (DII) mopped shares worth Rs 2,764 crore on June 10, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added Balrampur Chini Mills, SAIL, India Cement, and Zee Entertainment Enterprises in F&O on June 11, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said “The Nifty Index encountered resistance at higher levels and was unable to close above the 23300 mark. Immediate support for the index stands in the 23000-22900 zone, with a break below this range likely to trigger aggressive selling pressure. In the near term, the index is expected to consolidate within a broad range of 23000-23500.
Bank Nifty Outlook
“The Bank Nifty Index encountered resistance at the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50000 mark to continue its upward move towards the 50600/51000 levels. Lower-end support is visible at 49000, which will act as a cushion in case of declines,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.