06th March 2024- Pre-Market Data Points.

 

Market Scan before Stock Market Opens Today

The current outlook for the broader Indian stock market, represented by the GIFT Nifty, suggests a relatively unchanged beginning with a marginal decrease of 18 points or 0.08 percent.

Both the main indices, the Sensex and the Nifty, are expected to open without significant fluctuations on March 6, as per trends in the GIFT Nifty, indicating a subdued start for the broader index with a slight loss of 18 points.

On March 5, Indian stock benchmarks halted their four-day winning streak, closing lower due to mixed global signals and selling pressure in IT and FMCG sectors during a highly volatile trading session. At the close, the Sensex stood at 73,677.13, down by 195.16 points or 0.26 percent, while the Nifty was at 22,356.30, down by 49.30 points or 0.22 percent.

According to the pivot point calculator, the Nifty is expected to find immediate support levels at 22,291, followed by 22,256 and 22,200. Resistance levels may be encountered at 22,370, 22,439, and 22,495.

In the US markets, Wall Street saw significant declines on Tuesday, accompanied by record highs in bitcoin and gold prices as investors monitored forthcoming economic data and central bank decisions. The Dow Jones Industrial Average dropped 404.64 points, or 1.04 percent, to 38,585.19, the S&P 500 decreased by 52.3 points, or 1.02 percent, to 5,078.65, and the Nasdaq Composite fell 267.92 points, or 1.65 percent, to 15,939.59.

Across Asian markets, trading was predominantly lower on Wednesday, with the Kospi down by 0.5 percent and the Nikkei by 0.3 percent.

Bitcoin achieved a new record high on Tuesday, driven by increased investment in US-based spot exchange-traded crypto products and expectations of declining global interest rates. The cryptocurrency hit $69,202, surpassing the previous all-time peak of $68,999.99 in November 2021. Interest from investors has risen since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.

Foreign institutional investors (FIIs) were net buyers of shares worth Rs 574.28 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 1,834.61 crore on March 5, according to provisional data from the NSE.