Indian Stock Market Poised for Weak Start

3 Apr 2024 , 08:57 AM

On April 3, the benchmark Sensex and Nifty indices are anticipated to open gap-down, reflecting trends in the GIFT Nifty, which indicates a weak start for the broader index with a loss of 142 points.

After a three-day winning streak, market bellwethers closed marginally lower on April 2. The Sensex concluded down 110.64 points, or 0.15%, at 73,903.91, while the Nifty saw a decline of 8.70 points, or 0.04%, settling at 22,453.30. Trends in the GIFT Nifty suggest a weak start for the broader index in India, indicating a loss of 142 points or 0.63%, with Nifty futures trading around the 22,465.50 level.

In the US, stocks retreated on Tuesday amidst considerations about the Federal Reserve potentially delaying interest rate cuts. Additionally, Tesla shares declined after the electric car maker reported fewer quarterly deliveries for the first time in nearly four years. The Dow Jones Industrial Average fell 396.61 points, or 1%, to 39,170.24. The S&P 500 lost 37.96 points, or 0.72%, closing at 5,205.81, while the Nasdaq Composite dropped 156.38 points, or 0.95%, to 16,240.45.

In Asian markets, early trade on Wednesday saw declines, with the Kospi down by 1.5% and the Nikkei down by 1%.