Indian equity market may see weak start today; here’s why
Domestic equity markets ended on a strong note with gains of over one per cent on Thursday.
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 82 points at the opening bell.
In the wake of rising COVID-19 cases in Maharashtra, Uddhav Thackeray-led state government on April 4 imposed new curbs to control the transmission rate of the contagion. Maharashtra will be put under night curfew from 8 pm to 7 am from April 5. Global markets:
Overseas, shares in Japan nudged higher on Monday as investors cheered a strong bounce in U.S. job growth last month amid accelerating vaccine rollout. Markets in Australia, mainland China and Hong Kong are closed today for holidays.
In US, the S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering U.S. economy.
The Labor Department reported Friday that nonfarm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%.
Domestic markets: Back home, the markets remained shut on Friday, 2 April 2021 on account of Good Friday. The domestic equity indices ended near the day’s high on Thursday, led by strength in banks and auto stocks. The barometer index, the S&P BSE Sensex, jumped 520.68 points or 1.05% to 50,029.83. The Nifty 50 index advanced 176.65 points or 1.20% to 14,867.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 149.41 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 296.84 crore in the Indian equity market on 1 April 2021, provisional data showed.
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