Stock market Update on Tuesday, April 02: Stronger growth in US manufacturing sector shows that the economy grew despite high rates, thus pushing back hopes of rate cut in near-term.
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Stock market updates on April 02, 2024: After kicking-off FY25 on a winning note, the key benchmark indices may witness some selling pressure amid mixed cues from global peers.
At 08:00 am Tuesday, Gift Nifty futures quoted at 22,556, recovering over 80 points from the day’s low, thus hinting toward a quiet start on the Nifty 50.
In the broader market, mid- and small-caps will be in focus following their outperformance in trades yesterday.
Among individual stocks, shares of Aditya Birla Fashion and Retail (ABFRL) will be in focus on plans to evaluate the vertical demerger of the Madura Fashion & Lifestyle (MFL) business into a separate listed company.
Overnight, the US market ended mostly lower as hopes of an early rate cut suffered fresh jolt after data showed that the US manufacturing sector grew for the fist time since September 2022. A stronger US economy my not warrant a rate cut soon, believe analysts. Dow Jones slipped 0.6 per cent, the S&P 500 0.2 per cent while Nasdaq, however, added 0.1 per cent. Meanwhile, the US 10-year bond yield jumped back above 4.30 per cent.
Nearer home, Taiwan jumped 1 per cent, while Nikkei and Kospi held marginal gains, while China indices were in red.
Meanwhile, in other news, GST collections in March grew 11.5 per cent to hit the second-highest at Rs 1.78 trillion.
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First Published: Apr 02 2024 | 7:28 AM IST
