Benchmark indices Sensex and Nifty are likely to open on a positive note on April 1 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 63.50 points.
The market posted solid gains on the last day of FY24 and extended the winning streak for the second consecutive session on March 28 (F&O expiration day), led by buying across sectors.
At the close, the Sensex rose 655.04 points or 0.90 per cent to 73,651.35, and the Nifty rose 203.20 points or 0.92 per cent to 22,326.90.
The pivot point calculator indicates that the Nifty 50 may face resistance at 22,359 level, followed by 22,553 and 22,688 levels. On the downside, the index may find immediate support at the 22,201 level, followed by the 22,118 and 21,983 levels.
Stay tuned to Moneycontrol to find out what's happening in the forex and stock markets today. We have compiled a list of important headlines across news platforms, which could affect the Indian and international markets.
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GIFT Nifty trends indicate a good start for India's broader index, with a gain of 63.50 points or 0.28 per cent. Nifty futures were trading around the 22,545 level.
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US markets
The S&P 500 closed the week with slight gains on Thursday, with the benchmark index posting its strongest first quarter in five years, as investors digested the latest batch of economic data while looking ahead to the next inflation reading.
The Dow Jones Industrial Average rose 47.29 points, or 0.12 percent, to 39,807.37, the S&P 500 gained 5.86 points, or 0.11 percent, to 5,254.35 and the Nasdaq Composite lost 20. 06 points, or 0.12 percent, to 16,379.46.
Asian markets
Asian markets were firm in early trading on Monday as investors assessed Chinese business activity in February and awaited economic data from Japan.
Data from China's National Bureau of Statistics showed that manufacturing activity expanded in March, with the Purchasing Managers' Index recording a reading of 50.8, compared with February's reading of 49.1.
India's core sector growth rises to 6.7% in February from 4.1% in January
India's eight major sectors recorded 6.7 per cent growth in February, according to data released by the Ministry of Commerce and Industry on March 28.
Growth in India's eight major infrastructure industries - coal, crude oil, steel, cement, electricity, fertilizers, refinery products and natural gas - was a revised 4.1 percent in January. In February 2023 it was 7.4 percent.
Collectively, the output growth rate of these sectors slowed to 7.7 per cent in April-January this fiscal year, down from 8.2 per cent in April-February 2022-23.
The growth of fertilizer production was in the negative zone.
US economic growth for the latest quarter is revised slightly upward to a healthy 3.4% annual rate
The U.S. economy grew at a solid 3.4 percent annual pace from October to December, the government said Thursday, improving its previous estimate. The government had previously estimated that the economy grew at an annual rate of 3.2 percent last quarter.
The revised measure of the country's gross domestic product, the total output of goods and services, from the Commerce Department confirmed that the economy slowed from its red-hot 4.9 percent expansion rate in the July-September quarter.
US consumer confidence beats estimates in March and hit nearly three-year high, UMich says
U.S. consumer confidence unexpectedly rose in March to the highest level in nearly three years, thanks in part to growing confidence that inflation will continue to weaken.
The University of Michigan's benchmark consumer sentiment index rose to a final reading for the month of 79.4, the highest since July 2021, from 76.9 in February. It beat consensus estimates of 76.5 in a Reuters poll of economists, which had been the same as the preliminary March estimate released two weeks ago.
Consumer assessments of both current conditions and economic prospects improved from March's mid-month readings and February's final readings.
Inflation expectations over a one-year horizon decreased to 2.9 percent from 3 percent in February to match January's reading, which had been the lowest since December 2020. Over a five-year horizon, inflation expectations Consumers saw inflation slow to 2.8 percent from 2.9 percent previously. month.
India's foreign exchange reserves hit record level
India's foreign exchange reserves rose for the fifth consecutive week to hit a record $642.63 billion on March 22, central bank data showed on Friday.
Canara Bank to dilute its 13% stake in Canara Robeco Asset Management through IPO
Canara Bank plans to sell 13 per cent stake in Canara Robeco Asset Management Company (CRAMC) taking the mutual fund subsidiary public.
The public sector lender in a filing to the stock exchanges said it had given its approval to start the process of diluting 13 per cent stake through an initial public offering (IPO).
However, the proposed IPO remains subject to approval by the Reserve Bank of India and the financial services department of the Ministry of Finance, Government of India, it added.
India's GDP to grow 8% or more in January-March quarter, finance minister says
India's gross domestic product (GDP) is on track to grow 8 percent or more in the quarter ended March 31, Finance Minister Nirmala Sitharaman said on Saturday.
The economy is expected to show the same year-on-year expansion rate for the financial year 2023/24, Sitharaman added, citing the impact of better inflation management and macroeconomic stability.
Infosys to get unexpected tax refund of Rs 6,329 crore
Infosys Ltd, India's second largest software services provider, will receive a tax refund of Rs 6,329 crore from the income tax department. However, the company also faces a hefty tax liability of Rs 2,763 crore, according to the assessment orders.
"The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024," the company said in a statement to the exchanges.
The orders fall under various sections of the Income Tax Act, 1961. Such refunds, including interest, pertain to the assessment years spanning from 2007-08 to 2018-19.
On the other hand, the tax obligation corresponds to the assessment year 2022-23, including interest. Further, for the assessment year 2011-2012, Infosys has a tax claim of Rs 4 crore, including interest.
FII and DII data
Foreign institutional investors (FIIs) bought net shares worth Rs 188.31 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,691.52 crore on March 28, provisional data from the NSE. With contributions from Reuters and other agencies
