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Market may start lower as trading resumes after long weekend

Published on May 02, 2023 07:06

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 41 points at the opening bell. The domestic stock markets were shut on Monday, 1 May 2023 on account of Maharashtra Day.

The gross Goods and Services Tax (GST) revenue collection grew by 12% in April to Rs 1.87 lakh crore. It is the highest monthly mop-up since the rollout of the indirect tax regime in July 2017. Previously, the highest GST collection was recorded in April last year at Rs 1.68 lakh crore. Meanwhile, the GST collection for March 2023 stood at Rs 1.60 lakh crores.

Global markets:

Overseas, Asian stocks are trading higher as most markets reopen after the long Labor Day weekend. Mainland Chinese markets are closed for a holiday Tuesday.

South Korea`s inflation rate softened to 3.7% in April, lower than March`s figure of 4.2%.

Investors will be closely watching Australia`s central`s bank to see if it will continue to hike interest rates, having held the benchmark policy rate at 3.6% in their last meeting.

U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week`s expected interest rate hike from the Federal Reserve. The Fed, which has been raising rates to cool inflation, is reportedly expected to hike rates an additional 25 basis points on Wednesday.

Domestic markets:

Back home, the Indian stock market ended the week with a bang, as the key equity indices posted significant gains on Friday. The S&P BSE Sensex, the barometer index, rose by 463.06 points or 0.76% to close at 61,112.44, rising for the seventh consecutive session. Similarly, the Nifty 50 index advanced 149.95 points or 0.84% to 18,065, marking its fifth straight session of gains.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,304.32 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 264.27 crore in the Indian equity market on 28 April, provisional data showed.

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