Before Market Opens: 9 essential things to know at 9 am on April 1, 2024

Before Market Opens: Indian markets are likely to open higher on Monday following gains in Asian peers. Furthermore, Gift Nifty was trading 50 points higher, indicating a strong start for benchmark Nifty. Let's take a look at some key cues before the market opens today:

The S&P 500 closed out the week with slight gains on Thursday, with the benchmark index notching its strongest first quarter in five years, as investors digested the latest batch of economic data while looking towards the next inflation reading. The Dow Jones Industrial Average rose 47.29 points, or 0.12 percent, to 39,807.37, the S&P 500 gained 5.86 points, or 0.11 percent, to 5,254.35 and the Nasdaq Composite lost 20.06 points, or 0.12 percent, to 16,379.46. For the quarter ended March 2024, the Dow rallied 5.62%, the S&P 500 jumped 10.16% and the Nasdaq surged 9.11%.

Asian equities rose on Monday as US inflation figures did little to alter views that the Federal Reserve will cut interest rates this year. South Korean stocks advanced while Japanese shares traded in a narrow range after a report showed confidence among the country’s large manufacturers weakened slightly for the first time in four quarters. Contracts for US equities gained while markets in Australia and Hong Kong remained shut for a holiday. Japan’s Nikkei 225 gained 0.41%, while the Topix declined 0.28%. South Korea’s Kospi rose 0.36%, and the Kosdaq added 0.63%. Hong Kong markets are shut for Easter Monday.

The US GDP grew at a 3.4% annualized rate in the fourth quarter (October-December 2023), up from 3.2% estimates a month ago. The US Q4 GDP growth, however, was sequentially lower when compared to Q3 GDP growth which was pegged at 4.9%. Full-year growth was at 2.5%. Meanwhile, US inflation increased moderately in February keeping expectations of an interest rate cut in June from the US Federal Reserve on the table. The personal consumption expenditures (PCE) price index rose 0.3%, lower than Street estimates, data showed. This followed a 0.5% reading in January. In the 12 months through February, PCE inflation advanced 2.5% after increasing 2.4% in January.

On Thursday, the Indian stock market indices ended sharply higher amid positive global cues, ending the financial year 2024 with robust gains. The Sensex spiked 655.04 points, or 0.90%, to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90. The benchmark equity indices wrapped up the financial year 2023-2024 with notable gains as the Nifty 50 soared by 29%, while the Sensex jumped 25% during FY24. Indian markets were shut on Friday, March 29 on account of Good Friday.

At 8:20 am, Gift Nifty was trading 50 points or 0.2 percent lower higher at 22,540, indicating a positive opening for the Indian markets.

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.06 a barrel, down 11 cents, or 0.1%, following a 3.2% gain last week.

Gold prices touched a record high on Monday after data showed that U.S. inflation moderated in February, boosting bets for the Federal Reserve's June interest rate cut. Spot gold rose 1% at $2,255.39 per ounce, as of 0103 GMT. Bullion hit a record high of $2,256.09 per ounce earlier in the session. U.S. gold futures gained 1.7% to $2,275.70 per ounce.

Foreign institutional investors (FIIs) net bought shares worth ₹188.31 crore, while domestic institutional investors (DIIs) purchased ₹2,691.52 crore worth of stocks on March 28, provisional data from the NSE showed.

India's gross domestic product (GDP) is on track to grow by 8 percent or more in the quarter ended March 31, Finance Minister Nirmala Sitharaman said on Saturday.

The economy is expected to show the same rate of year-on-year expansion for the 2023/24 financial year, Sitharaman added, citing the impact of improved inflation management and macroeconomic stability.