NIFTY50, SENSEX today: Wall Street cues, FII activity, key things to know before markets open on August 31

The Indian equity benchmarks are set to open lower on Monday, August 31, as indicated by GIFT NIFTY futures. NIFTY futures at GIFT City in Gandhinagar fell 114 points to 24,227 amid weak cues from Asian markets.

The Indian equity benchmarks ended higher on Friday. The SENSEX advanced as much as 424 points and NIFTY50 index touched an intraday high of 24,288 led by gains in index heavyweights like Infosys, HDFC Bank, Tata Consultancy Services, Axis Bank, HCL Technologies and Tech Mahindra.

The SENSEX ended 331 points higher at 77,265 and NIFTY50 index advanced 85 points to close at 24,175.

Asian markets and crude oil updates

Asian markets were trading lower tracking a surge in crude prices after United States launched an attack on Iran's island in the Strait of Hormuz.

Japan's Nikkei dropped 1.56%, China's Shanghai Composite index declined 0.32%, Hong Kong's Hang Seng dropped 0.9% and South Korea's KOSPI plunged 1.92%.

Brent crude futures rose as much as 4.74% to $90.26 per barrel following report of attack on Iranian island in the Strait of Hormuz.

Wall Street update

Dow Jones Industrial Average fell 0.02%, S&P 500 index declined 0.25% and tech heavy Nasdaq dropped 0.52%.

FII/DII activity

Foreign institutional investors (FIIs) sold shares worth ₹5,039.80 crore on Friday while domestic institutional investors bought stocks worth ₹5,183.93 crore, as per NSE data.

Stocks to watch

The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on the regulator's website.

Jio Platforms had filed its draft IPO papers in June.

Jagdishan, 61, will retire from the bank on October 26 after spending nearly three decades at the lender.

After taking over as the bank CEO in October 2020, Jagdishan is serving his second three-year term as the lender's head.

To manage growing business and replace retiring employees, the bank would increase its headcount by about 2,500 personnel, including specialist officers.

"Last year we opened 100 branches. This year too we have similar plans. Just on August 15, which was our foundation day, the bank inaugurated 15 branches across the country," Indian Bank MD and CEO Binod Kumar told PTI in an interaction.

The company, which took price increases of up to 12 per cent in tranches in the June quarter to offset the spike in crude prices triggered by the West Asia crisis, does not foresee the need for any fresh price hikes in the current quarter amid easing volatility, even as it remains watchful of the commodity's trajectory.

The S1Z brings Ola's indigenous 46 series LFP cell platform technology, developed at its Battery Innovation Centre and manufactured at the Ola Gigafactory, to its most accessible scooter range, for the country's largest EV buying segment, the company said in a statement.

Trade setup

NIFTY50 extended the losing streak for the third consecutive week, losing 0.3% from the previous week. Amid the weakness, the index defended the long-term trendline support on Friday on the daily charts. However, the index closed below the crucial 50-EMA medium-term average, keeping bearish sentiment alive for the index.

The open interest data for tomorrow’s weekly expiry indicates skewness towards the call side, with 24,300 calls holding the highest open interest, indicating near-term resistance. However, on the downside, the smart recovery from the lower levels on Friday witnessed strong open interest addition for 24,000, 24,100, and 24,200 put strikes, indicating renewed support on the downside.