Stock Market LIVE Updates: GIFT Nifty indicates a gap-down start; US, Asian markets fall

On Tuesday, after a tepid opening, a reversal was seen under the leadership of the metal and auto stocks, which helped the Index recover most of its losses to end the session at 22,453.30 with a loss of 8.70 points.

Media and Realty sectors extended their outperformance while pressure remained in the IT pack.

Strong outperformance continued by the Broader markets as both Mid and Smallcaps ended the session higher with gains of more than 1%.

The Index has made another DOJI candlestick pattern on the daily chart and a strong move above 22,500 will open the gate for 22,640 while on the downside 22,340 will act as a support.

Trends on GIFT Nifty indicate a weak start for the broader index in India, with a loss of 156 points or 0.69 percent. The Nifty futures were trading around 22,452 level.

SRM Contractors will list its equity shares on the bourses on April 3. The final issue price has been fixed at Rs 210 per share. The stock will be in trade-for-trade segment for 10 trading days.

Bharti Hexacom, the subsidiary of the country’s second-largest telecom operator Bharti Airtel, has raised around Rs 1,924 crore through its anchor book, ahead of the opening of the IPO, which includes top global investors like Capital Group, Fidelity, Blackrock and ADIA, people familiar with the development told Moneycontrol on the condition of anonymity.

The Rs 4,275-crore public issue opens on April 3 and subscription will close on April 5. Read More

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6 percent in FY25.

The global agency’s projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5 percent in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

In its second advance estimate of GDP for 2023-24, India’s statistics ministry pegged the current year’s growth rate at 7.6 percent, 30 basis points higher than its first advance estimate of 7.3 percent. Read More

US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates, while Tesla shares dropped after the electric car maker posted fewer quarterly deliveries for the first time in nearly four years.

The Dow Jones Industrial Average fell 396.61 points, or 1%, to 39,170.24. The S&P 500 lost 37.96 points, or 0.72%, at 5,205.81 and the Nasdaq Composite dropped 156.38 points, or 0.95%, to 16,240.45.

The Indian benchmark indices snapped a three-day winning streak to close marginally lower on April 2. At close, the Sensex was down 110.64 points or 0.15 percent at 73,903.91, and the Nifty 8.70 points, or 0.04 percent, at 22,453.30.

After a weak start, the market recovered but remained in negative territory for most of the session. Final hour buying trimmed most of the losses.

Top Nifty losers were Hero MotoCorp, HCL Technologies, Kotak Mahindra Bank, ICICI Bank and SBI Life Insurance, while gainers included Tata Consumers Products, M&M, BPCL, Bajaj Auto and Adani Ports.

Among sectors, realty, metal, oil & gas, media, power and auto were up 1-2 percent, while information technology and telecom indices were down 0.5 percent each.

BSE midcap and smallcap indices rose a percent each.