Market Commentary - Pre-Session
Firm opening on the cards As on : 02-Apr-24  08:42

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 57 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday as investors assessed economic data from South Korea and Australia. Investors are also awaiting for jobs data for further insight into the U.S. labour market.

U.S. stocks closed mostly lower on Monday to kick off the second quarter, pausing a rally that has recently brought all three indexes to fresh record highs.

US manufacturing grew for the first time in 1-1/2 years in March. The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI increased to 50.3 last month, from 47.8 in February.

Domestic markets:

Back home, the domestic stock market started the new financial year on a strong note, mirroring a global rally. The key indices, Sensex and Nifty, surged to new highs on the back of positive investor sentiment and buying in sectors like metals, realty, and media. The barometer index, the S&P BSE Sensex, was up 363.20 points or 0.49% to 74,014.55. The Nifty 50 index added 135.10 points or 0.61% to 22,462. Both the indices advanced over 2% in three trading sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 522.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,208.42 crore in the Indian equity market on 1 April, provisional data showed.

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