Gift Nifty signals weak start amid previous green trending sessions

by Psu Connect
Date: 03-01-24

The Indian stock exchange has been trending at a slow pace with Sensex falling to 379.46 points to close at 71,892.48, while the Nifty 50 ended at 76.10 points, or 0.35% lower at 21,665.80.

Gift Nifty signals weak start amid previous green trending sessions

The domestic equity indices Sensex and Nifty 50 ended with a red trading session yesterday, amid escalating geopolitical tensions and global rising prices of commodities exchanges. The Nifty 50 ended up below 21,700 benchmarks, facing tough pressure from significant material sectors, with auto sales tuning off.

The provisional official data shows the major trends indicating a negative start for the broader index with a loss of 70.5 points. The bear chart pattern shows a strong volatile situation stepping out, needed to reform on a good scale. The typical support will need a carry of 75 points more with the graph ending almost at 19,420.

The current status shows the Nifty 50 trading below by 52 points or 0.24% at 21,700. While the shares of Asia-Pacific region are mostly trading with low trading points, where the Asia Dow is trading down by 0.19%, Japan's Nikkie 225 trading on red, down by 0.22%, HongKong's HangSeng index low by 1.52% and the benchmark Chinese index Shanghai Composite trading lower by 0.43%.

The US Dollar index, a strong global currency is trading down by 0.03% at 102.17. The Nasdaq composite is low by 299.22 points or 1.99% at 15,026.49. While the S&P 500 dropped by 41.19 points or 0.86% at 4,728.64, whereas, the Dow Jones Industrial Average ended high by 0.25%.

The rupee depreciated by 11 paise to settle down at 83.32 against the US dollar. The NSE IX traded lower by 72 points, or 0.33%, at 21,680.

The crude oil prices are supposed to rise slightly, in accordance with the growing tension in the Middle East -Red Sea conflict. Meanwhile, Nifty on Tuesday ended 76 points, a reasonable low hit, in a straight third day of the New Year's session.

The Foreign institutional investors bought shares worth a net of Rs1,602.2 crore, while DIIs [domestic institutional investors] invested almost 1959 crore shares on Jan 2, 2024, as per National Stock Exchange provisional Data.

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