Indian shares are seen opening a tad higher on Tuesday as investors react to positive cues from other Asian markets and look forward to an upcoming RBI policy meeting and the start of Q4 earnings season.
There is some cheer on the data front as an official statement showed India’s GST collection jumped 11.5 percent year-on-year in March 2024 to Rs 1.78 lakh crore.
Indian markets began the financial year 2025 on a buoyant note Monday, with benchmark indexes Sensex and Nifty rising half a percent and 0.6 percent, respectively led by metal stocks.
Asian stocks traded mostly higher this morning as most regional markets reopened after a holiday break.
The U.S. dollar hovered near a 4-1/2-month high against major peers and gold held below $2,250 per ounce while oil held near a five-month high amid heightened geopolitical risks in the Middle East and tighter supply from Mexico.
In a significant escalation of geopolitical tensions, an alleged Israeli airstrike demolished Iran’s consulate in Syria, killing two Iranian generals and five officers.
U.S. stocks gave up early gains to end mixed overnight while bond yields spiked as strong manufacturing data along with signs of rising component prices in the ISM report raised concerns about stubborn inflation and poured cold water on hopes for interest rate cuts in June.
Investors also reacted to Friday’s release of PCE inflation data and Fed Chair Jerome Powell’s comments that the U.S. central bank is in no rush to begin cutting interest rates.
The Dow shed 0.6 percent and the S&P 500 eased 0.2 percent while the tech-heavy Nasdaq Composite edged up 0.1 percent.
Major European markets were closed on Monday for the Easter holiday.
Market Analysis
Sensex, Nifty Seen Tad Higher At Open
2024-04-02 02:34:11
