The benchmark Sensex and Nifty indices are anticipated to open flat-to-positive on March 4, with the GIFT Nifty indicating a modest gain of 6 points. On March 2, the Nifty 50 breached the 22,400-mark for the first time, closing at 22,378, while the Sensex concluded 61 points higher at 73,806.
According to the pivot point calculator, immediate support for the Nifty is expected at 22,368, followed by 22,356 and 22,336 levels, while resistance levels are seen at 22,383, 22,421, and 22,441.
In the US, the S&P 500 and NASDAQ Composite indices achieved record highs on March 1, spurred by strong earnings from companies like Dell and NetApp. Meanwhile, the Dow Jones Industrial Average also recorded gains.
Japan’s Nikkei 225 index surged nearly 1 percent, surpassing the 40,000-mark to set a new all-time high, following the trend of record highs in the US markets. Additionally, OPEC+ decided to maintain current production cuts until the second quarter, leading to a slight increase in oil prices, with Brent Crude trading above $84 per barrel.
Gold prices reached a two-month high on March 1, fueled by expectations of US interest rate cuts following subdued economic data. In the primary market, eight IPOs are set to open for subscription, while seven companies are scheduled for listing on the bourses in the coming week.
Foreign institutional investors (FIIs) net sold shares worth Rs 81.87 crore, and domestic institutional investors (DIIs) sold Rs 44.71 crore worth of stocks on March 2, according to provisional data from the NSE.
Source: Reuters and other agencies
