Top 10 things to know before the market opens today
The Indian equity benchmarks are expected to open on a cheerful note, as trends in SGX Nifty indicate a positive start for the broader index with a gain of 35 points after a pretty strong end to the last trading session of the previous financial year.
SGX futures trade at 17,452 levels.
The BSE Sensex in the previous session added 1,031 points to close at 58,991.52, while the Nifty50 closed 279 points higher at 17,359, trading higher than its 200-day moving average of 17,268.
The pivot charts indicate that the Nifty may get support at 17,248 followed by 17,206 and 17,138.
If the index advances, 17,383 will be the initial key resistance level to watch out for, followed by 17,425 and 17,492.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today.
We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
RBI Monetary Policy Committee meet begins today with outcome on April 6
The three-day Reserve Bank of India (RBI) monetary policy meeting begins today.
There will be a holiday on April 4 on account of Mahavir Jayanti.
The outcome of the meeting will be announced on April 6 by RBI Governor Shaktikanata Das and Dalal street will be watching the commentary on inflation and growth.
It will also be seen if the central bank hints about a pause or will continue raising rates to tame inflation.
For now, the RBI looks set to hike rates by another 25 basis points following the recent hike by the federal reserve.
The ongoing hike cycle by the global central banks has been done to combat inflation and bring price stability.
GST Data
The monthly collection under the Goods and Services Tax (GST) regime jumped 13 percent on-year to Rs 1.60 lakh crore, as per the data shared by the finance ministry on April 1.
This is the second highest monthly mop-up since the rollout of the indirect taxation regime in July 2017, and is only behind the Rs 1.68 lakh crore collection recorded in April last year.
Auto Stocks in Focus
Hero MotoCorp sales volume in March jumps 15.3 percent to 5.19 lakh units YoY. The world’s largest motorcycles and scooters manufacturer has sold 5.19 lakh units in March 2023, rising 15 percent over 4.5 lakh units sold in same month last year.
TVS Motor has registered a growth of 3 percent with sales increasing from 3.07 lakh units in March 2022 to 3.17 lakh units in March 2023, but exports fell 31.6 percent on-year to 75,037 units in March.
TVS iQube electric recorded sales of 15,364 units in March 2023 as against sales of 1,799 units in March 2022.
Tata Motors registers 2 percent YoY growth in total sales volumes to 91,048 units in March.
The commercial and passenger vehicles manufacturer sold 91,048 units in March, up 1.7 percent over 89,516 units sold in same month last year, with commercial vehicle exports down 42 percent at 1,516 units.
It registered total sales of 2.51 lakh units in Q4 FY23, up 3 percent over Q4 FY22, with commercial vehicle exports falling 59 percent at 4,023 units.
Eicher Motors, commercial vehicle sales volume in March increased by 35.2 percent to 11,906 units compared to year-ago month driven by domestic business, but exports dropped 36.5 percent YoY to 414 units. In FY23, company sold 79,623 units, a 39.5 percent growth over previous year as domestic sales volumes jumped 53.6 percent to 72,827 units, but exports fell 41.5 percent to 4,933 units.
Udayshivakumar Infra likely to debut with healthy premium on April 3
Udayshivakumar Infra is expected to make an impressive market debut, on April 3 on improved market sentiment, the rising focus on infrastructure development and healthy subscription numbers, experts have said.
European Markets rally over 7% for the quarter despite inflation and banking turmoil
European stock markets closed higher Friday, with the Stoxx 600 logging gains of 7.05 percent in the first quarter despite a volatile few weeks of trade, in the banking sector. The European benchmark closed down 1.36% for the month.
US Markets
US stocks rallied in the last trading session as investors are looking to move ahead of the recent banking crisis after repeated assurances from the US regulatory agencies. Trump whereas becomes the first ex-US president to be indicted.
The world awaits further developments on the same issue as Trump maintains his innocence.
The Dow Jones Industrial Average closed 415 points higher, or 1.26 percent, to 33,274.15, the S&P 500 gained 59 points, or 1.44 percent, to 4109.92 and the Nasdaq Composite gained 218.21 points, or 1.68 percent, to close at 13,181.
Asian Markets
Markets in the Asia-Pacific traded higher on Friday as technology stocks continued to see renewed interest and led gains on Wall Street, with some investors shaking off concerns of a further banking crisis.
The Nikkei 225 rose 0.92 percent and the Topix rose 1.02 percent as Tokyo’s inflation print continued to show lower levels from its recent peak of 4.3 percent seen in December.
South Korea’s Kospi also rose 0.97 percent, while the Kosdaq fell marginally. Hang Seng futures also pointed to a positive start after adding 90 points in the previous trading session to close over 20,400 levels.
SGX Nifty
Trends in the SGX Nifty indicate a positive start for the broader index in India with a gain of 35 points i.e., 0.36 percent. The Nifty futures were trading around 17,452 levels on the Singaporean exchange.
Oil
Oil closed more than 1% higher, supported by lower U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies.
Brent crude futures rose 95 cents, or 1.2 percent, to $79.23 a barrel by 1:18 pm EDT (1718 GMT). West Texas Intermediate crude rose $1.15, or 1.6 percent, to $74.12.
Dollar
The US dollar mostly traded flat against a basket of currencies for a third straight day as easing worries on the ongoing banking crisis has resulted in the S&P rising to three-week highs.
The dollar index, which measures the currency against six rivals, was 0.46 percent higher in futures at 102.285, hovering close to the seven-week low of 101.91 touched on recently.
Gold
Gold prices closed flat, drawing support from a weaker US dollar even as higher bond yields and receding fears of a full-blown banking crisis limited gains for the safe haven asset. Following two sessions of declines, US gold futures are down 0.54 percent to $1,987.15.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 357.86 crore, whereas domestic institutional investors (DII) bought shares worth Rs 2479.96 crore on March 31, National Stock Exchange’s provisional data showed.
ByMoneycontrol
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