Indian Markets Set to Open Higher on Monday Following Asian Peers
Indian markets are poised to open higher on Monday, following gains in Asian peers. The Gift Nifty was trading 50 points higher, indicating a strong start for the benchmark Nifty.
The S&P 500 closed out the week with slight gains on Thursday, marking its strongest first quarter in five years. The Dow Jones Industrial Average rose 0.12 percent, the S&P 500 gained 0.11 percent, and the Nasdaq Composite lost 0.12 percent. For the quarter ended March 2024, the Dow rallied 5.62%, the S&P 500 jumped 10.16%, and the Nasdaq surged 9.11%.
Asian equities rose on Monday as US inflation figures did little to alter views that the Federal Reserve will cut interest rates this year. South Korean stocks advanced, while Japanese shares traded in a narrow range. Japan’s Nikkei 225 gained 0.41%, while South Korea’s Kospi rose 0.36%.
US GDP grew at a 3.4% annualized rate in the fourth quarter of 2023, up from previous estimates. US inflation increased moderately in February, keeping expectations of an interest rate cut in June from the US Federal Reserve on the table.
On Thursday, the Indian stock market indices ended sharply higher amid positive global cues, wrapping up the financial year 2023-2024 with robust gains. The Nifty 50 soared by 29%, while the Sensex jumped 25% during FY24.
Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts. Gold prices touched a record high after data showed US inflation moderated in February.
Foreign institutional investors (FIIs) net bought shares worth ₹188.31 crore, while domestic institutional investors (DIIs) purchased ₹2,691.52 crore worth of stocks on March 28.
Finance Minister Nirmala Sitharaman stated that India’s GDP is on track to grow by 8 percent or more in the quarter ended March 31, with expectations for the same rate of year-on-year expansion for the 2023/24 financial year.
