GIFT Nifty traded down 34 points or 0.18% at 19,045.5, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday, the NSE Nifty 50 tanked 159.60 points or 0.83% to settle at 19,122.15, while the BSE Sensex shed as much as 522.82 points or 0.81% to 64,049.06.
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“Domestic equities saw profit booking and slipped to 3-months low. Nifty opened marginal green, but soon gave up its early gains and witnessed second consecutive day of selling to close with loss of 160 points (0.8%) at 19,122 levels. Profit booking continued in mid-cap and small-cap stocks. Except Metals and PSU Bank, all sectors ended in red. Metal stocks were in momentum after China unveiled plans for $137 billion extra debt to boost infrastructure spending. Overall we expect Indian markets to remain volatile on the back of concerns over higher interest rates, ongoing Israel-Hamas war and mixed Q2 results. On global front, investors will take cues from ECB interest rate decision on Thursday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Key things to know before share market opens on October 26, 2023
Wall Street
US stocks tumbled in a broad sell-off on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as US Treasury yields rose, reviving fears that interest rates could stay higher for longer, reported Reuters.
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 trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500, or will it face further decline? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
The tech-heavy Nasdaq Composite tanked 318.65 points or 2.43% to 12,821.22. The S&P plunged 60.91 points or 1.43% to 4,186.77, while the Dow Jones Industrial Average dropped 105.45 points or 0.32% to 33,035.93.
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US Dollar
The US Dollar Index (DXY) , which measures the value of the dollar against a basket of six foreign currencies, traded up 0.10% at 106.64.
Crude Oil
WTI crude prices are trading at $85.38 down 0.02%, while Brent crude prices are trading at $89.98 down 0.17%, on Thursday morning.
Asian Market
Shares in the Asia-Pacific region are trading largely in red on Thursday morning. The Asia Dow is trading down 1.17%, the benchmark Chinese index, the Shanghai Composite is down 0.26% and Japan’s Nikkei 225 is down 1.58%. Meanwhile, Hong Kong’s Hang Seng index is up 0.19%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 4,236.60 crore, while domestic institutional investors (DII) added shares worth net Rs 3,569.36 crore on October 25, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Delta Corp and RBL Bank to its F&O ban list for October 26, 2023.
Technical View
Commenting on the technical outlook of Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “On the daily charts we can observe that the Nifty has reached the lower end of the falling channel and very close to the psychological level of 19,000. The short-term trend is negative and minor degree pullbacks are being sold into. Considering the sharp fall in the last couple of trading sessions, there can be consolidation, however it is likely to be a temporary pause. On the downside the Nifty is likely to drift towards 19,000 from short term perspective. On the way up 19,350 – 19,370 shall act as an immediate hurdle zone.”
Bank Nifty Outlook
On Wednesday, the Bank Nifty index tumbled 319.20 points or 0.74% to 42,382. “The Bank Nifty bears maintained control, leading to a breach of the 43,000 support level. The overall market sentiment remains bearish, and a ‘sell on rise’ strategy is advisable. Immediate resistance is seen at 43,500, and further selling pressure could potentially drive the index down to 42,000, a long-term support level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
