Stock market updates on March 01, 2024: Equity markets on Friday are expected to react to key macro economic data announced post market hours yesterday.
India’s Q3 GDP registered a higher-than-expected 8.4 per cent growth largely led by government capex spending. Meanwhile, the National Statistical Office (NSO), which releases the data, revised upwards FY24 growth estimate to 7.6 per cent from the 7.3 per cent projected in January. Growth was lar
On the other hand, India’s core sector output, which measures production by eight key industries, grew by 3.6 per cent in January, a 15-month low.
At 07:00 am, Gift Nifty futures quoted at 22,185, suggesting a mildly positive start for the benchmark Nifty 50.
Among individual stocks, Vedanta will be in focus after the Supreme Court dismissed the Group’s plea to reopen its copper smelter plant in Tamil Nadu’s Thoothukudi.
Shares of auto companies will also be on investors radar as they announce monthly sales for February.
Finally, do remember, this is an extended trading week with the markets open on Saturday as stock exchanges test their Disaster Recovery preparedness.
Global cues for the Day
In Asia this morning, Japan’s Nikkei soared 1.3 per cent. Most others, were trading on a flat note.
Overnight, the US markets ended higher as inflation data supported views of interest rate cut. The S&P 500 and Nasdaq hit fresh record highs and ended with most gains for February in a decade.
On Thursday, Nasdaq jumped 0.9 per cent, the S&P 500 advanced 0.5 per cent and Dow added 0.1 per cent. raised hopes of a likely rate slightly lower a day ahead of a key inflation reading that could heavily influence expectations on timing of rate cuts. Dow and the S&P 500 were marginally in red, while Nasdaq slipped 0.6 per cent.
The 10-year US Treasury bond yield dipped to 4.26.4 per cent. Whereas, Brent Crude Oil futures consolidated around $82 per barrel and Bitcoin stood firmly above the $60,000-mark for the second straight day.
