BackBefore Market Opens: 9 essential things to know at 9 am on June 3, 2024
Before Market Opens: Indian markets are set to rally at open on Monday after exit polls indicated a resounding victory for PM Modi in general elections that concluded Saturday. Meanwhile, Gift Nifty was also trading 747 points higher. Let's take a look at some key cues before the market opens today:
PremiumBefore Market Opens: Indian markets are set to rally at open on Monday after exit polls indicated a resounding victory for Prime Minister Narendra Modi in general elections that concluded Saturday. Meanwhile, Gift Nifty was also trading 747 points higher, indicating a gap up start for benchmark Nifty. Let's take a look at some key cues before the market opens today:
The US stock market ended higher on Friday with the Dow registering its biggest daily percentage gain since November 2023. The Dow Jones Industrial Average jumped 574.84 points, or 1.51%, to 38,686.32, while the S&P 500 gained 42.03 points, or 0.80%, at 5,277.51. The Nasdaq Composite closed 2.06 points, or 0.01%, lower at 16,735.02. For the month, the S&P 500 rallied about 4.8%, the Nasdaq surged 6.9% and the Dow jumped 2.4%.
Asian markets traded higher on Monday following a rally on Wall Street and ahead of key economic data in the region. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3%, having slid 2.5% last week. Japan’s Nikkei 225 surged 1.01%, while the Topix index rallied 1.02%. South Korea’s Kospi gained 1.26%, and the Kosdaq rose 0.42%. Hong Kong’s Hang Seng index futures indicated a marginally higher opening.
Most pollsters predict that the Bharatiya Janata Party (BJP)-led alliance will secure between 350 and 400 seats in the upcoming election, significantly surpassing the 272 seats needed for a majority in the 543-seat lower house of parliament. In the previous election in 2019, the BJP-led alliance won 352 seats. The vote counting will take place on Tuesday.
On Friday, the Indian stock market ended with minor gains, snapping the five-day losing streak, led by gains in key heavyweights. The Sensex gained 75.71 points, or 0.10%, to close at 73,961.31, while the Nifty 50 ended 42.05 points, or 0.19%, higher at 22,530.70.
At 8:15 am, Gift Nifty was trading 747 points or 3.29 percent higher at 23,495, indicating a gap-up opening for the Indian markets.
India’s economic growth surprised on the upside as the gross domestic product (GDP) grew at 7.8% annually in the fourth quarter of FY24, beating all expectations. The government now estimates the overall growth rate for FY24 to be 8.2%, official data showed.
Gold prices steadied on Monday as investors looked forward to more U.S. economic data for clues on when the Federal Reserve might start its monetary policy easing this year. Spot gold was unchanged at $2,326.86 per ounce as of 0109 GMT. U.S. gold futures edged up 0.1% at $2,347.40.
The Indian rupee is expected to rally at the open on Monday after exit polls indicated a third term for Prime Minister Narendra Modi. Non-deliverable forwards indicate the rupee will open at 83.10-83.12 to the U.S. dollar, compared with 83.4625 in the previous session. On Friday, the rupee pared its early gains to settle lower by 13 paise at 83.42 against the US dollar amid volatile domestic equity markets and month-end dollar demand.
The Foreign institutional investors (FIIs) turned net buyers on the final day of the month, as they bought Indian equities worth ₹1,613.24 crore , while domestic institutional investors bought equities worth ₹2,114.17 crore on May 31.
3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!
