Top 10 things to know before the market opens

The benchmark Sensex and Nifty indices are likely to open on a negative note on April 2 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 98 points.

The Indian equity market started the financial year 2024-25 with a bang, hitting fresh highs to extend the winning streak to a third straight session on April 1 on buying across sectors, especially in power, realty and metal names.

At close, the Sensex was up 363.20 points, or 0.49 percent, at 74,014.55, and the Nifty was up 135.10 points, or 0.61 percent, at 22,462.

The pivot point calculator indicates that the Nifty 50 may face resistance at the 22,471 level, followed by the 22,536 and 22,575 levels. On the lower side, the index may take immediate support at the 22,434 level, followed by 22,410 and 22,371 levels.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.

GIFT Nifty

Trends in the GIFT Nifty indicate a weak start for the broader index in India, with a loss of 98 points or 0.43 percent. The Nifty futures were trading around the 22,510 level.

Trade setup for today: Top 15 things to know before the opening bell

US Markets

The Dow and S&P 500 edged lower on Monday, dragged down by investor worries over the timing of interest rate cuts by the Federal Reserve after stronger-than-expected manufacturing data pushed Treasury yields higher.

The Dow Jones Industrial Average fell 240.52 points, or 0.60 percent, to 39,566.85, the S&P 500 lost 10.58 points, or 0.20 percent, to 5,243.77 and the Nasdaq Composite gained 17.37 points, or 0.11 percent, to 16,396.83.

Asian Markets

Asian markets were trading with marginal gains in the early trade on Tuesday with Nikkei up 0.3 percent.

India’s March GST collection second-highest ever at Rs 1.78 lakh crore

India’s goods and services tax mop-up for March 2024 at Rs 1.78 lakh crore is the second highest collection ever, registering a 11.5 percent year-on-year growth, the finance ministry said in a release on April 1.

For the entire fiscal year 2023-24, gross GST collection stood at Rs. 20.14 lakh crore, a 11.7 percent increase compared to the previous year.

Infosys receives tax demand of Rs 341 crore from I-T dept

Software services major Infosys said on April 1 that it has received a tax demand of Rs 341 crore from the Income Tax department for the assessment year 2020-21.

“The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order,” Infosys said in an exchange filing.

Additionally, a subsidiary of the IT firm has received an order for refund of Rs 15 crore from the tax authorities for the assessment year 2014-15. The company is evaluation the implications of the order on the financial statements for the quarter and year ending March 31, it said.

The orders are according to various sections of the Income Tax Act, 1961.

US manufacturing sector grows for the first time in 18 months

US manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued and prices for inputs pushed higher.

The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February.

The rebound ended 16 straight months of contraction in manufacturing, which accounts for 10.4 percent of the economy. That was the longest such stretch since the period from August 2000 to January 2002.

Dollar

The dollar rose on Monday after data showed the U.S. manufacturing sector grew in March for the first time since September 2022, while the yen loitered below 152 per dollar keeping traders on edge over the threat of intervention.

Gold Prices

Gold prices hit fresh all-time peaks on Monday but stocks on Wall Street eased from near-record highs, with optimism that the Federal Reserve was close to cutting interest rates fading as a strong US economy negates the necessity of cuts anytime soon.

Crude

Crude prices edged up about 1 percent to a five-month high on Monday on expectations oil demand will climb following the release of positive economic news from the US and China, while OPEC+ cuts and attacks on Russian refineries tighten global supplies.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 522.30 crore, while domestic institutional investors (DIIs) purchased Rs 1,208.42 crore worth of stocks on April 1, provisional data from the NSE showed.

With inputs from Reuters and other agencies