Markets Expected To Open Flat Today As Per Gift Nifty

Gift Nifty is trading lower as of 8:30 AM and is down by 0.23%, or 58 points, to 25,036. During early trade, the index touched a high of 25,102 and a low of 25,036. The fall in Gifty Nifty indicates that the markets may open flat today or may have a slightly higher opening. This comes after the Indian benchmarks rose in six consecutive sessions.

On August 21, Nifty closed the day at 25,083.75, up 33.20 points, and the Sensex closed the day at 82,000.71, up by 142.87 points.

Some Factors Affecting the Market Indices

Institutional Flows

On August 21, Foreign Institutional Investors (FIIs) were net buyers and bought ₹1,246.51 crore worth of Indian equities. On the other hand, Domestic Institutional Investors (DIIs) bought Indian equities worth ₹2,546.27 crore. This buying interest is expected to provide some support to Indian markets today.

Global Factors

US markets ended lower yesterday as a result of the upcoming comments by the US Federal Reserve’s chair. The Dow fell by 152.81 points, the S&P 500 by 25.61 points, and the Nasdaq by 72.54 points.

The 10-year and 2-year US Treasury yields also fell to 4.31% and 3.78%, respectively.

The Dollar index maintained its position and was steady at 98.60, while the performance of Asian markets was mixed in early trade today.

Furthermore, both gold and crude oil traded flat because of caution from the Fed chair’s upcoming comments.

What to Expect Today?

The Gift Nifty’s fall is indicative of a flat opening for Indian indices today. However, with the bill passed for lowering the GST burden, and the festive season on the horizon, investor sentiments can turn stronger as the day goes by. Investors will be hoping for more purchases from FIIs and DIIs to further push the indices above the current levels.

The support for Nifty is at 25,000, while its resistance is between 25,100-25,120.

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations