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Negative global cues may weigh on local stocks in early trade
03-Apr-24   08:34 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 41 points at the opening bell.

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency's projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% 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.

Global markets:

Overseas, Asian stocks are tracking Wall Street lower on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry. A powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

China?s service sector activity expanded at its fastest pace since December, according to surveys from Caixin. The services purchasing managers index in China rose to 52.7 in March, up from 52.5 in February.

US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates. Tesla?s first-quarter vehicle deliveries dropped 8.5% from a year ago, sending shares of the U.S. EV maker down 5%.

Domestic markets:

Back home, key equity indices paused for a breather on Tuesday, snapping their three-day winning streak. The barometer index, the S&P BSE Sensex, was down 110.64 points or 0.15% to 73,903.91. The Nifty 50 index shed 8.70 points or 0.04% to 22,453.30. Both the indices advanced over 2% in the past three trading sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,622.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,952.72 crore in the Indian equity market on 2 April, provisional data showed.

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