Stock market updates for April 3, 2024: Stocks may trade slightly weaker on Wednesday, in line with their global peers, as prospects for an early U.S. interest rate cut fade.
As of 8:30 am, the gift Nifty futures price was at 22,450, suggesting the gap to Nifty 50 could narrow by 100 points.
Overnight in the US, the Dow and Nasdaq fell 1% as data showing strong labor demand heightened concerns that the Federal Reserve would delay rate cuts. The yield on the US 10-year Treasury note rose to 4.40%.
Closer to home, Asian markets traded with notable losses. Japan’s Nikkei average and Malaysia’s Kospi each fell more than 1%, while Taiwan’s fell 0.5%.
UltraTech Cement may also see some action after it announced plans to invest up to Rs 32,400 crore over the next three years as part of its continued business expansion.
That aside, developments in interest rate-sensitive stocks will be in the spotlight of investors as the RBI-appointed Monetary Policy Committee (MPC) begins its three-day meeting to discuss policy measures. RBI will announce the results on Friday.
Among other assets, gold futures hit record highs, with gold futures topping $2,300 per ounce. Meanwhile, Bitcoin fell more than 7% in intraday trading yesterday.
