Trends in the GIFT Nifty indicate a flat start on March 4
The benchmark Sensex and Nifty indices are likely to open flat-to-positive on March 4 as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 6 points.
On March 2, the Nifty 50 surpassed the 22,400-mark for the first time to eventually settle at 22,378, while the Sensex ended up 61 points at 73,806.
The pivot point calculator indicates that the Nifty is likely to find immediate support at 22,368, followed by 22,356 and 22,336, while on the higher side, it may see immediate resistance at 22,383, followed by 22,421 and 22,441 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.
Also read: Trade setup for Monday: 15 things to know before opening bell
GIFT Nifty
Trends in the GIFT Nifty indicate a subdued start for the broader index in India, with a gain of 6 points or 0.02 percent. The Nifty futures last close was at 22,502 level.
S&P 500, NASDAQ Composite at all-time highs
US major averages S&P 500 and NASDAQ Composite indices rose up to 1 percent to close at all-time highs of 5,137 and 16,275, respectively, on March 1. Much of the gains came from bumper earnings of Dell and NetApp, which provides infrastructure to power and store associated data from generative AI. Dow Jones Industrial Average gained 0.23 percent to end at 39,087 on March 1.
Japan’s Nikkei 225 sets new record high, breaks 40,000-mark
Japan’s Nikkei 225 index crossed the 40,000-barrier this morning, up nearly 1 percent to set an all-time high after S&P 500 and tech-heavy NASDAQ Composite indices hit fresh highs on March 1. The broader index – Topix also scaled to fresh highs, surpassing the 2,700-mark, up 0.4 percent.
OPEC+ maintains production cuts until mid-year; Brent above $84 a barrel
Oil prices slightly rose in Asian trade on March 4 after the OPEC+ maintained its current pace of production cuts until the second quarter. Brent Crude rose 0.4 percent to trade around $84 per barrel, while West Texas Intermediate (WTI) Crude gained 0.3 percent to trade around $80 per barrel.
Gold glitters at 2-month high on hopes of sooner rate cuts
Prices of gold rose to a two-month high on March 1 after muted economic data reinforced expectations of US interest rate cuts. Spot gold rose 2.1 percent to $2,086.21 per ounce on March 1, the highest since late December, and was on track for a second straight weekly rise. Meanwhile, US gold futures settled about 2 percent higher at $2,095.7.
8 IPOs to open for subscription, 7 listings this week
Strong action will continue in the primary market in the week starting March 4, as eight initial public offerings (IPOs) are set to open for subscription, and seven companies are scheduled for listing on the bourses. The cumulative funds to be raised by the eight IPO-bound companies will be Rs 1,483.2 crore.
IPOs of RK Swamy, JG Chemicals, Gopal Snacks, VR Infraspace, Sona Machinery, Shree Karni Fabcom, Koura Fine Diamond Jewellery and Pune e-Stock Broking will open for subscription. On the other hand, Platinum Industries, Exicom Telesystems, Bharat Highways Infrastructure Investment Trust, Mukka Proteins, Owais Metal and Mineral Processing, Purv Flexipack, and MVK Agro Food Product willl debut exchanges.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 81.87 crore, while domestic institutional investors (DIIs) sold Rs 44.71 crore worth of stocks on March 2, provisional data from the NSE showed.
With inputs from Reuters and other agencies
