Stock market updates on March 02, 2024: Benchmark indices are likely to extend gains in today’s Saturday special trading session on the back of positive overseas cues. Yesterday, the Nifty rallied over 350 points to settle at an all-time high of 22,339.
The NSE and BSE are conducting this special trading session in two parts. First trading will take place on the normal site from 09:15 to 10:00 AM; while for the second slot trading will be switched to its Disaster Recovery Site (DRS) to test its preparedness for any unforeseen events, from 11:30 to 12:30 noon.
At 07:30 am, Gift Nifty futures quoted at 22,515, suggesting a gap-up of over 50-odd points on the benchmark Nifty 50.
Global cues
Overnight in the US, the S&P 500 and Nasdaq scaled fresh record highs after the manufacturing PMI growth contracted to 47.1 per cent as against 49.1 per cent in January. This was the 16th straight month that the PMI remained below 50-mark.
The weak economic data blostered hopes of interest rate cut later this year. Dow Jones gained 0.2 per cent, while the S&P 500 and Nasdaq jumped 0.8 per cent and 1.1 per cent, respectively.
The US 10-year treasury bond yield dipped sharply to 4.186 per cent. Brent Crude Oil futures rose nearly 2 per cent to 83.46 per barrel.
