Indian markets are poised to extend gains on Tuesday despite Wall Street’s slight decline, with Gift Nifty indicating a positive start for the benchmark Nifty. Here are some key highlights before the market opens today:
Wall Street observed marginal losses on Monday, driven by concerns about the timing of Federal Reserve interest rate cuts following robust manufacturing data that elevated Treasury yields. The Dow Jones Industrial Average fell by 240.52 points, the S&P 500 lost 10.58 points, while the Nasdaq Composite registered a modest gain.
Asian stocks advanced on Tuesday, with the dollar strengthening. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.65%, while Japan’s Nikkei climbed above the 40,000-point threshold. Chinese stocks showed mixed performance, with the Hang Seng Index in Hong Kong surging by more than 2% after Monday’s holiday.
Indian stock market indices ended Monday’s session with gains, reaching new record highs amid positive investor sentiment. The Sensex closed 363.20 points higher, while the Nifty 50 settled up by 135.10 points.
Gift Nifty, at 8:20 am, was trading 46 points or 0.21 percent higher at 22,539, indicating a positive opening for Indian markets.
Oil prices rose in early Asian trading, supported by signs of increased demand and escalating tensions in the Middle East. Brent futures for June delivery climbed to $87.79 a barrel, while the May contract for U.S. West Texas Intermediate (WTI) crude futures rose to $84.03 a barrel.
Gold prices remained steady on Tuesday, backed by lower U.S. Treasury yields, after reaching a record high in the previous session. Spot gold held unchanged at $2,250.26 per ounce, with U.S. gold futures edging 0.6% higher.
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 expected to track movements in major Asian currencies this week, with traders closely monitoring the Reserve Bank of India’s (RBI) monetary policy decision due on Friday.
U.S. manufacturing saw growth for the first time in 1-1/2 years in March, with the Institute for Supply Management (ISM) reporting an increase in manufacturing PMI to 50.3, the highest reading since September 2022.
These are the key highlights shaping market sentiment before the opening bell.
