Market Commentary - Pre-Session
Stocks may nudge higher in early trade As on : 30-Apr-24  08:27

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 27 points at the opening bell.

Stock exchanges will remain closed on Wednesday, 1 May 2024 on account of Maharashtra Day.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers? index for April.

China?s factory activity climbed faster than expected in April, with the official purchasing managers? index coming at 50.4. Factory activity expansion was lower than the 50.8 seen in March.

US stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.

Domestic markets:

Back home, stocks rallied on Monday as positive earnings from US tech giants and a dip in US bond yields supported the sentiment. The barometer index, the S&P BSE Sensex surged 941.12 points or 1.28% to 74,671.28. The Nifty 50 index jumped 223.45 points or 1% to 22,643.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 169.09 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 692.05 crore in the Indian equity market on 29 April, provisional data showed.

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