Before Market Opens: 9 essential things to know at 9 am on April 3, 2024

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U.S. stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates, while Tesla shares dropped after the electric car maker posted fewer quarterly deliveries for the first time in nearly four years. Tesla’s stock fell more than 5% and was among the biggest drags on the S&P 500 and Nasdaq. The Dow Jones Industrial Average fell 437.15 points, or 1.1%, to 39,129.7. The S&P 500 lost 46.03 points, or 0.88%, at 5,197.74 and the Nasdaq Composite dropped 190.95 points, or 1.16%, to 16,205.89.

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Asian shares tracked Wall Street lower on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry. Markets are also pondering the risk of slower rate cuts ahead of U.S. data and an appearance by the world’s most powerful central banker later in the day. Oil extended its ascent, while gold prices hit another record high. 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7%. Japan’s Nikkei dropped 1%, after a 20% blockbuster rally in the first quarter. Taiwan’s shares skidded 0.8% after a powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines. China’s blue chips eased 0.3% while Hong Kong’s Hang Seng index fell 0.6%, even as a private survey showed that the expansion in the services industry picked up pace in March.

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On Tuesday, the Indian stock market indices snapped the three-day gaining run dragged by profit-taking in select private banks and auto shares amid weak global cues. The Sensex fell 110.64 points, or 0.15%, to close at 73,903.91, while the Nifty 50 settled 8.70 points, or 0.04%, lower at 22,453.30.

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At 8:20 am, Gift Nifty was trading 44 points or 0.20 percent lower at 22,455, indicating a negative opening for the Indian markets.

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The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6 percent in FY25. The global agency’s projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5 percent in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends. In its second advance estimate of GDP for 2023-24, India’s statistics ministry pegged the current year’s growth rate at 7.6 percent, 30 basis points higher than its first advance estimate of 7.3 percent.

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Oil prices extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies. Brent futures for June delivery rose 20 cents, or 0.22%, to $89.12 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for May climbed 17 cents, or about 0.2%, to $85.32 a barrel, at 0015 GMT. Both Brent and WTI had climbed to its highest since October on the previous day.

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Gold prices extended their record rally on Wednesday, buoyed by a weaker dollar and safe-haven demand from escalating tensions in the Middle East, while investors looked forward to more U.S. economic data for policy clues. Spot gold edged 0.2% higher to $2,283.47 per ounce, as of 0055 GMT, after hitting an all-time high of $2,288.09 earlier in the session. U.S. gold futures rose 1% to $2,303.80 per ounce.

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National Stock Exchange (NSE) on April said it halved the lot size for trading derivatives contracts for the Nifty 50 index to 25, and reduced the lot sizes for two other indexes as part of its periodic revision. Lot sizes of Nifty Financial Services or FINNIFTY has been cut from 40 to 25, and that of Nifty Midcap Select or MIDCPNIFTY has been cut from 75 to 50. The lot size of contracts of Nifty Bank or BANKNIFTY has been left unchanged at 15. All Nifty contracts i.e. weekly, monthly, quarterly, and half yearly expires available for trading from trade date of April 26, 2024, onwards will be with the revised market lot size.

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The rupee on Tuesday consolidated in a narrow range and settled 3 paise lower at 83.42 against the US dollar, weighed down by a strong dollar and elevated crude oil prices. Forex traders said a weak trend in domestic equities and unabated foreign capital outflows also dented investor sentiments. 

At the interbank foreign exchange, the local unit opened at 83.37, then touched an intraday high of 83.34 and a low of 83.44 against the greenback. The rupee finally settled at 83.42, a fall of 3 paise over its previous close.

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Published: 03 Apr 2024, 08:30 AM IST