The Sensex and Nifty are expected to start on a negative note on April 5, with trends in the GIFT Nifty indicating a weak opening for the broader index in India. The GIFT Nifty is showing a loss of 73 points or 0.32 percent, with Nifty futures trading around the 22,574 level.
On April 4, the Indian benchmark indices reached record highs, experienced some fluctuations, but ultimately closed in the green after a volatile session. The Sensex ended 350.81 points higher at 74,227.63, while the Nifty was up 80 points at 22,514.70, marking their best close ever.
The pivot point calculator suggests that the Nifty 50 may face resistance at the 22,600 level, with immediate support at 22,359. Traders and investors are advised to stay tuned to Moneycontrol for updates on the currency and equity markets, as well as important headlines that could impact both Indian and international markets.
In global markets, the three major US stock indexes fell more than 1 percent each on Thursday, with the S&P 500 experiencing its biggest daily percentage drop since February 13. Asian markets were also trading lower, following the cautious comments from US Federal Reserve officials on the outlook for interest rate cuts.
The Reserve Bank of India (RBI) is set to announce its interest rate decision on April 5, with expectations leaning towards a status quo in key rates. The RBI’s Monetary Policy Committee is likely to retain its policy stance of withdrawal of accommodation, according to a Moneycontrol poll.
In other news, the NCLAT is scheduled to decide on the next course of action in the appeal regarding the Zee-Sony merger on April 15. Additionally, the RBI has deferred implementing directions on exchange-traded forex derivatives to May 3, citing concerns about participation in the market.
Overall, market participants are advised to keep a close eye on developments in the global economy, central bank policies, and corporate mergers, as these factors could influence trading activities in the coming days.
