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The benchmark Sensex and Nifty indices are likely to open gap-up on March 1 as trends in the GIFT Nifty indicate a strong start for the broader index with a gain of 203 points.
In a highly volatile session on February F&O expiry day, the Indian benchmarks ended with marginal gains with the Nifty finishing around 22,000 level.
At close on February 29, the Sensex was up 195.42 points or 0.27 percent to 72,500.30, and the Nifty was up 31.65 points or 0.14 percent to 21,982.80.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,892, followed by 21,844 and 21,768 levels, while on the higher side, it may see immediate resistance at 22,044, followed by 22,092 and 22,168 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 203 points or 0.92 percent. The Nifty futures were trading around the 22,186 level.
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Nasdaq notches first record high close since 2021
The Nasdaq reached a record high close on Thursday for the first time in over two years, its latest rally propelled by investor optimism about artificial intelligence that has fueled surges in Nvidia and other heavyweight tech stocks.
The Nasdaq advanced 144.18 points, or 0.90 percent, to 16,091.92, beating its November 19, 2021 record high of 16,057.44.
Asian Markets
Asia-Pacific markets tracked Wall Street gains overnight, while investors awaited manufacturing data from China.
While most Asia stock markets were lower on Thursday, China’s CSI 300 closed almost 2 percent higher at 3,516.08 ahead of its purchasing managers’ index reading for February.
India’s GDP growth accelerates to 8.4% in Q3; FY24 growth pegged at 7.6%
India’s gross domestic product (GDP) grew 8.4 percent in the December quarter, data released by the Ministry of Statistics and Programme Implementation on February 29 showed, blowing all expectations out of the water.
A survey of economists by Moneycontrol estimated Q3 GDP growth to slow down to a three-quarter low of 6.5 percent from 7.6 percent in the three months ended September 30, 2023. The estimate for growth in the second quarter has now been revised up to 8.1 percent, while that for the first quarter has been revised higher to 8.2 percent from 7.8 percent.
India’s core sector growth hits 15-month low of 3.6% in January
India’s eight core sectors posted a growth of 3.6 percent in January, according to data released by the Ministry of Commerce and Industry on February 29.
At 3.6 percent, the growth in India’s eight key infrastructure industries – coal, crude oil, steel, cement, electricity, fertilisers, refinery products and natural gas – in the first month of 2024 is the lowest in 15 months.
In December 2023, core sector growth had printed in at 3.8 percent. The commerce ministry, on February 29, revised this figure up to 4.9 percent.
The output of the eight core sectors had grown by 9.7 percent in January 2023.
India’s April-January fiscal deficit widens to Rs 11.03 lakh cr, 64% of FY24 target
The Central government’s fiscal deficit widened to Rs 11.03 lakh crore in April 2023-January 2024 from Rs 9.82 lakh crore in April-December, data released by the Controller General of Accounts showed on February 29.
At Rs 11.03 lakh crore, the fiscal deficit for the first 10 months of the current financial year accounts for 63.6 percent of the revised estimate of Rs 17.35 lakh crore. The original budget estimate was Rs 17.87 lakh crore.
The fiscal deficit in April 2022-January 2023 was 67.8 percent of the target for 2022-23.
Dollar
The dollar fell on Thursday after data showed that US inflation was in line with economists’ expectations in January, easing concerns that price pressures could be seeing a renewed uptick.
The yen gained after a policymaker hinted at the need to exit ultra-easy policies, while bitcoin held near a more than two-year high reached on Wednesday.
US prices picked up in January, but the annual increase in inflation was the smallest in nearly three years, keeping a June interest rate cut from the Federal Reserve on the table.
Gold Prices
Gold scaled a one-month high on Thursday as the dollar slipped after U.S. inflation data came in line with expectations, with traders’ attention turning to further commentary from Federal Reserve officials for cues on interest rate cuts.
Spot gold was up 0.5 percent at $2,045.59 per ounce as of 12:59 p.m. ET (1759 GMT). US gold futures gained 0.6 percent at $2,054.40. Silver rose 1 percent to $22.67 per ounce, platinum was flat at $878.73, and palladium ticked 1.1% higher to $939.75.
Crude oil
Oil prices edged higher on Thursday as US inflation data reinforced expectations for a June cut to interest rates, supporting the demand outlook, while comments from US President Joe Biden indicating an ongoing Gaza conflict boosted supply sentiment.
Brent crude futures for April delivery, which expires on Thursday, rose 9 cents to $83.77 a barrel by 11:55 a.m. EST (1655 GMT). The more active May contract, was up 58 cents at $82.73. The April US crude contract, rose 65 cents to $79.19 per barrel.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 3,568.11 crore, while domestic institutional investors (DIIs) sold Rs 230.21 crore worth of stocks on February 29, provisional data from the NSE showed.
With inputs from Reuters and other agencies
