Indian markets are poised to open higher on Monday following gains in Asian peers. The Gift Nifty was trading 50 points higher, indicating a strong start for the benchmark Nifty. Here are some key cues to consider before the market opens today:
- Wall Street: The S&P 500 closed out the week with slight gains, marking its strongest first quarter in five years. The Dow Jones Industrial Average rose 0.12 percent, the S&P 500 gained 0.11 percent, and the Nasdaq Composite lost 0.12 percent. For the quarter ended March 2024, the Dow rallied 5.62%, the S&P 500 jumped 10.16%, and the Nasdaq surged 9.11%.
- Asian Stocks: Asian equities rose on Monday as US inflation figures did little to alter views that the Federal Reserve will cut interest rates this year. Japan’s Nikkei 225 gained 0.41%, South Korea’s Kospi rose 0.36%, and the Kosdaq added 0.63%. Hong Kong markets are shut for Easter Monday.
- US GDP and Inflation Data: The US GDP grew at a 3.4% annualized rate in the fourth quarter of 2023, up from 3.2% estimates a month ago. Full-year growth was at 2.5%. US inflation increased moderately in February, keeping expectations of an interest rate cut in June from the US Federal Reserve on the table.
- Indian Markets: On Thursday, the Sensex spiked 655.04 points, or 0.90%, to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90. Indian markets were shut on Friday, March 29, on account of Good Friday.
- Crude Oil Prices: Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts and attacks on Russian refineries.
- Gold Prices: Gold prices touched a record high on Monday after data showed that US inflation moderated in February, boosting bets for the Federal Reserve’s June interest rate cut.
- FII and DII Data: Foreign institutional investors (FIIs) net bought shares worth ₹188.31 crore, while domestic institutional investors (DIIs) purchased ₹2,691.52 crore worth of stocks on March 28, provisional data from the NSE showed.
- India GDP Forecast: India’s gross domestic product (GDP) is on track to grow by 8 percent or more in the quarter ended March 31, Finance Minister Nirmala Sitharaman said on Saturday, citing improved inflation management and macroeconomic stability.
These factors indicate a positive sentiment in the Indian markets before the opening bell.
