“GIFT Nifty dropped by 128 points or 0.57% to 22,480.00, suggesting a weak start for local stock indices.”
“GIFT Nifty showed that the Indian stock indices BSE Sensex and NSE Nifty 50 might start the day in the negative zone on Wednesday. Here’s what you should know before the market begins.”
“GIFT Nifty showed a decline of 128 points or 0.57% at 22,480.00, suggesting that the domestic indices NSE Nifty 50 and BSE Sensex might start Wednesday on a weak note. In the previous session on Tuesday, the NSE Nifty 50 fell by 8.70 points or 0.04% to close at 22,453.30, while the BSE Sensex retreated by 110.64 points or 0.15% to end at 73,903.91.”
Wall Street.
Stocks on Wall Street ended the day down as traders were less hopeful about interest rate cuts and bond yields remained high. The Dow Jones Industrial Average finished 396.61 points or 1% lower at 39,170.24. The S&P 500 dropped by 0.72% to end at 5,205.81. Likewise, the Nasdaq Composite retreated by 0.95%, closing at 16,240.45.
US Dollar.
The US Dollar Index (DXY), which shows how the dollar performs against other currencies, rose slightly by 0.03% to 104.80.
Crude oil.
On Wednesday morning, WTI crude prices were at $85.26, down 0.21%, and Brent crude prices were at $89.08, down 0.23%.
Asian Markets.
Most Asian stock markets were down today. Japan’s Nikkei 225 fell by 1.32% to 39,311.08. The main Chinese index, the Shanghai Composite, closed 0.08% lower at 3,074.96. The Asia Dow also dropped by 0.08% to 3,324.87. However, the Hang Seng index in Hong Kong rose by 2.36%, closing at 16,931.52, against the overall trend.
FII, DII Data.
On April 3, 2024, foreign institutional investors (FII) sold shares totaling Rs 1,622.69 crore, while domestic institutional investors (DII) bought shares totaling Rs 1,952.72 crore, as per the initial information from the NSE.
Technical View.
On Tuesday, Nifty started without much change and stayed mostly steady throughout the day. It ended slightly lower, down by 9 points.
Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP Paribas, mentioned, “Looking at the daily charts, we see that the Nifty is calming down after rising sharply in the past few trading sessions. The area between 22400 and 22350 is important for support, and any declines toward these levels could be a chance to buy.”
Gedia added, “The hourly momentum indicator shows a negative crossover, indicating a sell signal. This suggests there might be more consolidation before the uptrend continues. In general, this decline could be seen as a chance to buy.”
Bank Nifty.
Gedia stated, “Bank Nifty is currently consolidating after a significant breakout on the upside. It’s expected to continue its upward movement towards 47850 – 48000 in the short term. Therefore, any minor pullbacks should be seen as a chance to buy.”