Market Today
The benchmark Sensex and Nifty indices are likely to open on a positive note on April 4 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 71 points.
The Indian market ended flat in a highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04 percent, at 73,876.82, and the Nifty was down 18.6 points, or 0.08 percent, at 22,434.70.
The pivot point calculator indicates that the Nifty 50 may face resistance at the 22,501 level, followed by the 22,542 and 22,609 levels. On the lower side, the index may take immediate support at the 22,367 level followed by 22,326 and 22,260 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 positive start for the broader index in India, with a gain of 71 points or 0.32 percent. The Nifty futures were trading around the 22,595.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
The S&P 500 and Nasdaq closed higher on Wednesday after data showed the US services industry growth slowed further in March, but the advance was limited after Federal Reserve chair Jerome Powell indicated a cut in interest was still not in sight.
The Dow Jones Industrial Average fell 43.1 points, or 0.11 percent, to 39,127.14, the S&P 500 gained 5.68 points, or 0.11 percent, to 5,211.49 and the Nasdaq Composite added 37.01 points, or 0.23 percent, to 16,277.46.
Asian Markets
Asian markets rebounded following a sell-off in the previous session, as investors digest comments from US Federal Reserve Chairman Jerome Powell.
Nikkei and Straits Times indices rose 1 percent each in the early trade.
DoT postpones spectrum auction by two weeks due to LS polls
The Department of Telecom on April 3 postponed the auction of spectrum by two weeks due to the upcoming Lok Sabha elections, according to UNI. The auction will now take place after two weeks on June 6, which is just two days after the election results are announced.
The Lok Sabha elections are set to take place from April 19 to June 1.
Though the auction, the government plans to assign right to radio spectrum frequencies in the bands of 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz. It is likely to deliver Rs 96,300 crore to the government if the bands are sold at the base price.
NSE to launch four new indices in capital markets, F&O segments from April 8
The National Stock Exchange (NSE) has on April 3 announced the launch of four new indices effective from April 8, in both the capital markets and Futures & Options segments.
These four new indices are Nifty Tata Group 25 percent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare.
“Consequently, the broadcast of the indices will be made available to F&O members in NEAT+ terminals under the multiple index inquiry screen,” NSE said in a circular.
Dollar
The dollar index held near its highest level in over four months on Wednesday, pinning the yen close to its lowest its decades, though the increased threat of currency intervention by Tokyo capped further declines in the Japanese currency.
The Japanese yen was last at 151.8 per dollar, little recovered from last week’s slump to 34-year lows of 151.975, as the Bank of Japan’s historic policy shift only served to underscore its outlier status.
Gold Prices
Gold prices hit a fresh record high for the fourth straight session on Wednesday, as a cocktail of factors from growing tensions in the Middle East, US interest rate cut expectations and sticky inflation has boosted bullion’s allure.
Crude
Oil prices extended gains on Wednesday, as investors mulled supply risks stemming from Ukrainian attacks on Russian refineries and the potential for escalation in the Middle East conflict, while OPEC+ ministers held steady their output policy.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,213.56 crore, while domestic institutional investors (DIIs) purchased Rs 1,102.41 crore worth of stocks on April 3, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added SAIL and Zee Entertainment Enterprises to the F&O ban list for April 4, while retaining Hindustan Copper to the said list.
With inputs from Reuters and other agencies
