Pre-market report: On May 2, the benchmark Sensex and Nifty indexes are probably going to open with a gap-up since the GIFT Nifty’s trends signal to a strong start for the overall index, which has gained 127.50 points.
The market reversed all of its intraday gains during the extremely volatile session on April 30, and it finished negative due to selling in the IT, metal, media, oil, and gas names.
The Nifty was down 38.60 points, or 0.17 percent, at 22,604.80, while the Sensex was down 188.50 points, or 0.25 percent, at 74,482.78, at the conclusion of business on April 30.
According to the pivot point calculation, resistance is anticipated for the Nifty 50 at 22,734, 22,785, and 22,867 points. On the downside, the index can find quick support at 22,570, then 22,519, and 22,437 points.
Pre-market GIFT Nifty
Trends in the GIFT Nifty, which gained 127.50 points, or 0.56 percent, earlier this morning, suggest that the wider index in India is off to a solid start. The 22,746.50 level was the trading range for the Nifty futures.
Top 15 things to know before the opening bell for today’s trade setting
US Exchanges
On the day of a significant Federal Reserve policy decision regarding the future of interest rates, US stocks ended lower on Tuesday as markets assessed economic data indicating rising labor costs and declining consumer confidence.
The Nasdaq Composite dropped 325.26 points, or 2.00%, to 15,664.13, while the S&P 500 shed 79.92 points, or 1.56%, to close at 5,036.25 points. At 37,823.57, the Dow Jones Industrial Average dropped 574.08 points, or 1.47%.
Markets in Asia
As investors anticipated the U.S. Federal Reserve’s rate announcement, the Australian and Japanese markets experienced a decline on Wednesday.
India’s core sector growth increased in March to 5.2%.
The Ministry of Commerce and Industry released figures on April 30 that showed an increase of 5.2 percent in March for India’s eight major industries.
While the previous month’s growth in India’s core sector was less than that of February 2024 (7.1 percent), it was nevertheless larger than that of March 2023 (4.2 percent).
The eight main industries—coal, crude oil, steel, cement, power, fertilizers, refinery products, and natural gas—produced 7.5 percent less in 2023–2024 year over year than in 2022–2023.
Five of the eight core sectors had a contraction in output in March, or growth at a slower rate than in February 2024. Crude oil production increased by just 2 percent in March, compared to 7.9 percent in February 2024. These factors contributed to the decline in core sector growth.