Market Analysis Highlight- A huge setback for trends in GIFT Nifty today as it opens up with a weaker start, losing 98 points equaling 0.43 percent.
As another trading day begins, we await the opening bell, armed with information gleaned from pre-market trends. Here is your window to day’s trading with insights into potential market opportunities and trends.
Join us as we show you the pre-market analysis, with movers and shakers, uncovering the real pulse of the market with key economic data.
The key stakeholders Sensex and Nifty are likely to commence on a negative note today as per the trends. The GIFT Nifty indicates a weaker start for the broader Indian market, losing as many as 98 points.
Spoiling the Great Start to the Financial New Year
The Equity Market of India had started the new financial year with a bang. It hit the fresh highs, enlarging the winning streak to the third straight session. 1st April was a commendable day for buying across sectors like realty, metal names, and power.
At the end of the day earlier, the SENSEX was up 363.20 points, equaling to 0.49 percent, at 74,014.55. Also, Nifty was up 135.10 points, equaling 0.61 percent at around 22.462.
As of today i.e. 2nd April, the Nifty 50 may be facing resistance at the 22,471 level. The levels can go up to 22,536 and 22,575.
Trends and analysis
GIFT Nifty
Trends indicate a weak start, as mentioned above. The stats will revolve around 98 points or 0.43 percent. The futures of the Nifty were traded around 22, 510 levels.
Asian Markets
Trading was marginal in the entire Asian Market. The early trade on Tuesday indicated Nikkei up 0.3 percent.
Second Highest GST collection
India’s march collection mopped-up a total of Rs. 1.78 lakh crore in goods and service tax. This is the second highest tax collection, showcasing a collosal 11.5 percent year-on-year growth. For the entire financial year, gross GST collection was a whooping Rs. 20.17 lakh crore. This is an 11 percent increase from the last year.
Dollar Price
The price of the Dollar rose on 1st March. This shows the growth of the US manufacturing sector. However, the yen stayed below 152 dollars making traders feel uneasy over the possibility of intervention.
Check out the dollar price index here
Gold Prices
On Monday, gold prices reached new all-time highs. However, stocks on Wall Street slightly declined from their near-record levels. This was because the optimism surrounding a potential interest rate cut by the Federal Reserve faded. The strong performance of the US economy suggested that rate cuts might not be necessary anytime soon.
Crude
Crude prices increased by about 1 percent, reaching a five-month high on Monday. This was driven by expectations of higher oil demand, especially after positive economic news from both the US and China. Additionally, ongoing cuts by OPEC+ and incidents affecting Russian refineries contributed to tightening global oil supplies.
FII and DII Data-Market Analysis
According to provisional data from the NSE, foreign institutional investors (FIIs) sold shares worth Rs 522.30 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,208.42 crore on April 1.
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