Market Today
The benchmark Sensex and Nifty indices are likely to open on a positive note on April 1 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 63.50 points.
The market posted solid gains on the last day of FY24 and extended the winning run on the second consecutive session on March 28 (F&O expiry day) led by buying across the sectors.
At close, the Sensex was up 655.04 points or 0.90 percent at 73,651.35, and the Nifty was up 203.20 points or 0.92 percent at 22,326.90.
The pivot point calculator indicates that the Nifty 50 may face resistance at the 22,359 level, followed by the 22,553 and 22,688 levels. On the lower side, the index may find immediate support at the 22,201 level, followed by 22,118 and 21,983 levels.
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.
GIFT Nifty
Trends in the GIFT Nifty indicate a strong start for the broader index in India, with a gain of 63.50 points or 0.28 percent. The Nifty futures were trading around the 22,545 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
The S&P 500 closed out the week with slight gains on Thursday, with the benchmark index notching its strongest first quarter in five years, as investors digested the latest batch of economic data while looking towards the next inflation reading.
The Dow Jones Industrial Average rose 47.29 points, or 0.12 percent, to 39,807.37, the S&P 500 gained 5.86 points, or 0.11 percent, to 5,254.35 and the Nasdaq Composite lost 20.06 points, or 0.12 percent, to 16,379.46.
Asian Markets
Asian market were trading firm in the early trade on Monday as investors assessed China’s business activity for February and await economic data out of Japan.
China’s National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to Febeuary reading of 49.1.
India’s core sector growth rises to 6.7% in Feb vs 4.1% in Jan
India’s eight core sectors posted a growth of 6.7 percent in February, according to data released by the Ministry of Commerce and Industry on March 28.
The growth in India’s eight key infrastructure industries – coal, crude oil, steel, cement, electricity, fertilisers, refinery products and natural gas – was a revised 4.1 percent in January. It was 7.4 percent in February 2023.
Cumulatively, the growth rate in the output of these sectors slowed to 7.7 percent in April-January this fiscal as against 8.2 percent in April-February 2022-23.
The output growth of fertiliser was in the negative zone.
US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
The US economy grew at a solid 3.4 percent annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy grew at a 3.2 percent annual rate last quarter.
The Commerce Department’s revised measure of the nation’s gross domestic product, the total output of goods and services, confirmed that the economy decelerated from its sizzling 4.9 percent rate of expansion in the July-September quarter.
US consumer sentiment tops estimates in March to hit nearly 3-yr high, UMich says
The US consumer sentiment rose unexpectedly in March to the highest in nearly three years, thanks in part to growing confidence that inflation will keep softening.
The University of Michigan’s benchmark Consumer Sentiment Index rose to a final reading for the month of 79.4, the highest since July 2021, from February’s 76.9. It topped consensus estimates of 76.5 in a Reuters poll of economists, which had been the same as the preliminary March estimate released two weeks ago.
Consumer assessments of both current conditions and the economic outlook both improved from the March mid-month and February final readings.
Expectations for inflation over a one-year horizon declined to 2.9 percent from 3 percent in February to match January’s reading, which had been the lowest since December 2020. Over a five-year horizon, consumers saw inflation easing to 2.8 percent from 2.9 percent last month.
India’s forex reserves jump to record high
India’s foreign exchange reserves rose for a fifth straight week to hit a record high of $642.63 billion as of March 22, data from the central bank showed on Friday.
Canara Bank to dilute 13% stake in Canara Robeco Asset Management through IPO
Canara Bank plans to sell off 13 percent equity shares in Canara Robeco Asset Management Company (CRAMC) by taking the mutual fund subsidiary public.
The public sector lender in a filing to exchanges said it has given the approval to kick off the process for diluting 13 percent stake through an initial public offering (IPO).
The proposed IPO, however, remains subject to approval from the Reserve Bank of India and the department of financial services under the ministry of finance, Government of India, it added.
India’s GDP set to grow 8% or more in Jan-March quarter, finance minister says
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.
The economy is expected to show the same rate of year-on-year expansion for the 2023/24 financial year, Sitharaman added, citing the impact of improved inflation management and macroeconomic stability.
Infosys to get windfall tax refund of Rs 6,329 crore
Infosys Ltd, India’s second-largest software services provider, is set to receive a tax refund of Rs 6,329 crore from the income tax department. However, the company also faces a significant tax liability of Rs 2,763 crore, according to assessment orders.
“The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024,” the company said in a release to the exchanges.
The orders are as per various sections of the Income Tax Act, 1961. The said refunds, inclusive of interest, pertain to assessment years spanning from 2007-08 to 2018-19.
On the other hand, the tax liability pertains to assessment year 2022-23, including interest. Furthermore, for the assessment year 2011-12, Infosys has a tax demand of Rs 4 crore, including interest.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 188.31 crore, while domestic institutional investors (DIIs) purchased Rs 2,691.52 crore worth of stocks on March 28, provisional data from the NSE showed.
With inputs from Reuters and other agencies
