Before Market Opens: 9 essential things to know at 9 am on April 2, 2024
Before Market Opens: Indian markets are likely to extend gains on Tuesday following gains in Asian peers even though Wall Street ended lower in overnight deals. Meanwhile, Gift Nifty was trading 59 points higher. Let's take a look at some key cues before the market opens today:
Before Market Opens: Indian markets are likely to extend gains on Tuesday following gains in Asian peers even though Wall Street ended lower in overnight deals. Meanwhile, Gift Nifty was trading 59 points higher, indicating a positive start for benchmark Nifty. Let's take a look at some key cues before the market opens today:
The Dow and S&P 500 edged lower on Monday, dragged down by investor worries over the timing of interest rate cuts by the Federal Reserve after stronger-than-expected manufacturing data pushed Treasury yields higher. The Dow Jones Industrial Average fell 240.52 points, or 0.60 percent, to 39,566.85, the S&P 500 lost 10.58 points, or 0.20 percent, to 5,243.77 and the Nasdaq Composite gained 17.37 points, or 0.11 percent, to 16,396.83.
Asian stocks rose on Tuesday and the dollar firmed, keeping the yen pinned near the 152-per-dollar levels that has traders worried about possible intervention, as expectations that the Federal Reserve was close to cutting interest rates faded. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.65% higher, while Japan's Nikkei reclaimed the 40,000 points mark and was last up 0.41%. Chinese stocks were mixed, with the blue chip index largely flat while Hong Kong's Hang Seng Index was up more than 2%, catching gains as the financial hub reopened after a public holiday on Monday. China stocks logged their biggest daily gain in a month on Monday, after the latest manufacturing activity data signalled that the economy's recovery is gaining traction.
On Monday, the Indian stock market benchmarks indices ended half a percent higher after hitting new record highs during the session buoyed by upbeat investor sentiment. The Sensex gained 363.20 points, or 0.49%, to close at 74,014.55, while the Nifty 50 settled 135.10 points, or 0.61%, higher at 22,462.00.
At 8:20 am, Gift Nifty was trading 46 points or 0.21 percent higher at 22,539, indicating a positive opening for the Indian markets.
Oil prices gained in early Asian trading on Tuesday, underpinned by signs of improved demand and escalating Middle East tensions that had sparked a rally in U.S. futures to a five-month high in the previous session. Brent futures for June delivery rose 37 cents to $87.79 a barrel by 0046 GMT. The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel.
Gold prices held steady on Tuesday backed by lower U.S. Treasury yields, after touching a record high in the previous session on growing expectations that the Reserve would cut interest rates for the first time in June. Spot gold was unchanged at $2,250.26 per ounce, as of 0059 GMT, after hitting an all-time high of $2,265.49 on Monday. U.S. gold futures edged 0.6% higher to $2,270.70 per ounce.
Foreign institutional investors (FIIs) net sold shares worth ₹522.30 crore, while domestic institutional investors (DIIs) purchased ₹1,208.42 crore worth of stocks on April 1, provisional data from the NSE showed.
The Indian rupee is likely to track moves in major Asian currencies this week, while bond and currency traders will keep an eye on the Reserve Bank of India’s (RBI) monetary policy decision due on Friday. The rupee ended slightly lower at 83.40 on Thursday, but was little changed week-on-week as likely intervention from the RBI curbed losses in the local unit, which was pressured by dollar demand from companies and debt-related outflows. Indian currency and debt markets were closed on Friday and Monday.
US manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued and prices for inputs pushed higher. The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February.
The rebound ended 16 straight months of contraction in manufacturing, which accounts for 10.4 percent of the economy. That was the longest such stretch since the period from August 2000 to January 2002.
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