Stock market updates on April 04, 2024: Benchmark indices may exhibit volatility in trades on Thursday as market digest a slew of triggers ahead of the RBI policy outcome tomorrow.
Global triggers
On Wednesday, the US market ended on a mixed note after the US Federal Reserve reaffirmed that the Fed will stick to its wait-and-see approach given the strength in the economy and high inflation rate. The S&P 500 and Nasdaq advanced 0.1 per cent and 0.2 per cent, while Dow Jones slipped 0.1 per cent.
Meanwhile, the US 10-year bond yield contiunued to hover around elevated 4.357 per cent levels. Gold futures extended its record rally to $2,319 per ounce, and Brent Crude Oil quoted near $90 per barrel.
Nearer home, Japan’s Nikkei rallied 1.5% and Kospi also logged notable gains in an otherwise mixed trend.
Domestic cues
At 07:10 am, Gift Nifty futures indicated a positive start to the trading action and quoted around 22,600 levels.
Among indidvidual stocks, shares of oil explorers such as ONGC, Oil India and Reliance will be in focus after the government in its fortnightly review hiked windfall tax on petroleum crude to Rs 6,800 a metric tonne from Rs 4,900 earlier.
In the primary market, Bharti Hexacom IPO was subscribed 34 times at the end of Day 1 of the offer period yesterday. The company is in the process of raising Rs 4,275 crore, by offering sharesz in the price band of Rs 542 – Rs 570 per share.
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