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The GIFT Nifty’s trends suggest that the benchmark Sensex and Nifty indices would open higher on April 1 with a gain of 63.50 points, indicating a healthy start for the broader index.
On March 28, the day of the F&O expiry, the market recorded strong gains on the final day of FY24 and continued its winning streak for the second straight session, driven by purchasing across all sectors.
The Nifty was up 203.20 points, or 0.92 percent, at 22,326.90 at the closing, while the Sensex was up 655.04 points, or 0.90 percent, at 73,651.35.
The Nifty 50 may encounter resistance around the 22,359 level, then at the 22,553 and 22,688 levels, according to the pivot point calculator. The index may find immediate support at the 22,201 level on the bottom side, and then at the 22,118 and 21,983 levels.
GIFT Nifty
Stock Market LIVE Updates: Asian markets gain as GIFT Nifty shows a promising start.
International investors buying Indian bonds create a stir in markets.
Algo traders focus on VIP Industries and Grasim Industries in the HFT Scan.
Following a gain of 63.50 points, or 0.28 percent, the GIFT Nifty trends suggest that the broader index in India is off to a great start. The 22,545 mark was the focal point of the Nifty futures trade.
As investors processed the most recent set of economic statistics and eyed the upcoming inflation estimate, the S&P 500 finished the week on Thursday with modest gains, marking its best first quarter in five years.
The S&P 500 gained 5.86 points, or 0.11 percent, to 5,254.35, the Nasdaq Composite lost 20.06 points, or 0.12 percent, to 16,379.46, and the Dow Jones Industrial Average increased 47.29 points, or 0.12 percent, to 39,807.37.
Markets in Asia
Early on Monday, the Asian markets were trading steadily as investors evaluated China’s business activity in February and awaited Japan’s economic statistics.
According to data from China’s National Bureau of Statistics, industrial activity increased in March. The purchasing managers index had a value of 50.8 in March, up from 49.1 in February.
India’s core sector grew 6.7% in February compared to 4.1% in January.
According to figures issued by the Ministry of Commerce and Industry on March 28, India’s eight major industries had growth of 6.7 percent in February.
Coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas are India’s eight major infrastructure industries. Their growth rate in January was revised up to 4.1 percent. In February 2023, the percentage was 7.4%.
Together, these industries’ output growth rate decreased to 7.7 percent in April–January of this fiscal year from 8.2 percent in April–February of 2022–2023.
The US economy grew by 3.4% annually last quarter, according to a minor revision.
The government upgraded its earlier estimate on Thursday and stated that the US economy grew at a strong 3.4 percent annual pace from October through December. The economy expanded last quarter at an annual rate of 3.2 percent, according to earlier government estimates.
Inflation expectations for the next year fell from 3.9% in February to 2.9% in order to equal January’s level, which was the lowest since December 2020. Inflation for consumers over a five-year horizon decreased to 2.8 percent from 2.9 percent last month.
Forex reserves in India soar to all-time highs
As of March 22, India’s foreign exchange reserves increased for a fifth consecutive week, reaching a record high of $642.63 billion, according to figures released by the central bank on Friday.
India’s finance minister, Nirmala Sitharaman, stated on Saturday that the country’s GDP is expected to rise by 8 percent or more in the quarter that ended on March 31.
According to Sitharaman, the economy is anticipated to grow at the similar rate in 2023–2024, highlighting the benefits of better macroeconomic stability and inflation control.
Infosys is expected to receive a tax windfall of Rs 6,329 crore.
Infosys Ltd., the country’s second-biggest software services company, is expected to obtain an income tax department refund of Rs 6,329 crore. Nevertheless, assessment orders reveal that the corporation is also facing a substantial tax bill of Rs 2,763 crore.
Data from FII and DII
On March 28, provisional data from the NSE revealed that domestic institutional investors (DIIs) bought stocks worth Rs 2,691.52 crore, while foreign institutional investors (FIIs) net bought shares worth Rs 188.31 crore.