Stock market LIVE: Dow Jones falls, interest rates rise as interest rate cut hopes recede
Stock exchange updates on April 2, 2024: After starting FY25 on a winning note, major benchmark indices may see some selling pressure amid mixed signals from global peers.
At 7:10 am on Tuesday, Gift Nifty futures were trading at 22,510, indicating a gap down of 50 points against the Nifty 50.
In the broader market, mid and small caps will be in focus after their outperformance in yesterday’s trading.
Among individual stocks, Aditya Birla Fashion and Retail (ABFRL) shares will highlight plans to evaluate vertical demerger of the Madura Fashion & Lifestyle (MFL) business into a separate listed company.
Overnight, the US market ended mostly lower as hopes for an early rate cut were given new impetus after data showed the US manufacturing sector grew for the first time since September 2022. A stronger American economy does not quickly justify an interest rate cut, analysts say. The Dow Jones fell 0.6 percent, the S&P 500 0.2 percent, while the Nasdaq rose 0.1 percent. Meanwhile, the yield on 10-year US government bonds jumped back above 4.30 percent.
Closer to home, Taiwan rose 1 percent, while Nikkei and Kospi were flat.
Meanwhile, in other news, GST collections grew by 11.5 percent in March, reaching the second highest at Rs 1.78 trillion.