The benchmark Sensex and Nifty indices are expected to open gap-down on April 3, signaling a weak start for the broader index in India. The GIFT Nifty is indicating a loss of 142 points, or 0.63 percent, with the Nifty futures trading around the 22,465.50 level.
After snapping a three-day winning streak, the Sensex closed down 110.64 points, or 0.15 percent, at 73,903.91, while the Nifty closed 8.70 points, or 0.04 percent, lower at 22,453.30 on April 2.
The pivot point calculator suggests that the Nifty may find immediate support at 21,272, followed by 21,222 and 21,141 levels. On the upside, resistance levels are seen at 21,372, 21,484, and 21,565.
In the global markets, US stocks fell on Tuesday as investors weighed the possibility of the Federal Reserve delaying interest rate cuts. Tesla shares also dropped after the company reported fewer quarterly deliveries for the first time in nearly four years.
Asian markets were trading lower on Wednesday, with Kospi down 1.5 percent and Nikkei down 1 percent.
The World Bank has raised India’s GDP growth projection for FY25 to 6.6 percent, up by 20 basis points. The agency expects growth to pick up in the coming years as robust public investment yields dividends.
The Reserve Bank of India’s Monetary Policy Committee is expected to keep the repo rate unchanged in its April meeting, according to a report by CareEdge. The central bank has kept the repo rate unchanged at 6.50 percent since April 2023.
In other news, the NSE has revised the lot size of Nifty 50 contracts, along with two other indexes. ZEE Entertainment’s MD & CEO has taken a voluntary 20 percent pay cut to focus on the company’s growth plans.
The RBI is closely monitoring risks in the banking system, with a focus on improving governance in regulated entities. The US dollar was down on Tuesday, while gold prices reached a record peak amid growing Middle East tensions. Global oil benchmark Brent rose above $89 a barrel for the first time since October.
Stay tuned to Moneycontrol for updates on the currency and equity markets, along with important headlines that could impact Indian and international markets.
