Stock market opening: Will Sensex, Nifty rally today after GDP numbers?
The stock market is expected to open higher on Monday, June 2, following better-than-expected GDP numbers for the March quarter. The Gift Nifty futures were trading at 24,841.5 at 8:07 am, suggesting a positive start above Friday's Nifty 50 close of 24,750.7.India's economy grew by 7.4% in the January-March quarter, surprising many analysts. The growth was mainly driven by strong activity in the construction and manufacturing sectors. This fresh data has boosted investor confidence going into the new trading week.Market experts believe the positive growth numbers may help Nifty and Sensex start the week on a strong note. VLA Ambala, Co-Founder of Stock Market Today, said, 'Nominal GDP reached Rs 330.68 lakh crore, reflecting resilience in domestic demand.' Ambala added that if the market opens lower by chance, the levels of 24,520 and 24,450 may act as support. On the higher side, resistance may come in at 24,880 and 25,030.The upbeat GDP figures, along with other good signs such as early monsoon progress and low inflation outlook, are expected to support the overall mood of the market.Many traders are now looking at sectors that respond quickly to changes in interest rates, such as banks, automobiles, real estate and consumer goods. These may see more interest if the Reserve Bank of India cuts interest rates at its meeting on June 6. The market is already expecting a 25-basis-point rate cut.Even though both the Sensex and Nifty fell slightly on Friday, they ended the month of May in the green. This marked the third month in a row of gains, supported by strong foreign investments, better company results, and lower worries about trade issues. However, both indexes are still around 6% below the record highs they reached in September 2024.On Friday, foreign portfolio investors (FPIs) turned net sellers after five days of buying, but overall, they remained net buyers for the month of May. FPIs brought in $2.34 billion last month, the highest monthly inflow since September 2024.Auto stocks will be closely watched in today's trade as companies have reported their sales numbers for May. Investors will also keep an eye on other sectors like financial services and real estate.In global markets, the picture was mixed. Most Asian markets opened lower as investors remained cautious. They are waiting for key economic data from the United States, especially job and manufacturing numbers, while keeping an eye on trade policies.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
Are you saving enough for retirement? Many aren't
HighlightsThe survey conducted by Grant Thornton Bharat revealed that nearly 83 percent of participants primarily rely on three retirement products: Employees' Provident Fund, gratuity, and National Pension System, indicating a lack of diversification in retirement portfolios. While over half (55%) of respondents expect a monthly pension exceeding Rs 1 lakh, only 11% believe their current investments are adequate to meet these expectations, highlighting a significant preparedness gap in retirement planning. A notable 74 percent of respondents contribute between 1 percent and 15 percent of their salary towards retirement plans, suggesting a cautious approach to savings that may be influenced by financial constraints or competing priorities. Higher earners contribute more to retirement products , but the overall contribution is still relatively low for most individuals, suggesting that many people may not be saving enough for retirement, a survey showed on Wednesday. Nearly 83 per cent of participants relied largely on three retirement products: EPF, gratuity, and NPS. 'This reliance on traditional schemes suggests limited diversification in retirement portfolios ,' said the survey conducted by consulting firm Grant Thornton Bharat. The results showed that more than half (55 per cent) of respondents expect a monthly pension exceeding Rs 1 lakh. However, only 11 per cent believe their current investments are sufficient to meet these expectations. 'This stark disparity highlights a significant preparedness gap that needs to be addressed through better financial planning and awareness,' said the report, the survey for which was conducted by the consulting firm in Aug and Sept last year. Govt-backed plans remain the most preferred option, with 39 per cent of participants favouring such schemes. About 27 per cent of respondents showed a preference for private plans offered by reputable financial institutions. High-risk, high-return plans were particularly popular among younger respondents, with 31 per cent of participants under 25 years interested in these options. 'This finding suggests a growing appetite for risk among the younger demographic,' said the report. With regard to the age of retirement, about 56 per cent of respondents said they plan to retire between the age of 55 and 65. 'This age range aligns with standard retirement practices in India and reflects the broader societal norms regarding work and retirement in the country,' according to the report. Younger respondents, particularly those who were 25 years or below, preferred early retirement. Among this group, 43 per cent showed a preference to retire between 45-55 years. 'Trend indicates shift in attitudes among younger employees, who may prioritise work-life balance & leisure over extended career spans,' said the report. The majority, 74 per cent of respondents, said that they contribute between 1 per cent and 15 per cent of their salary toward retirement plans. 'This contribution range indicates a cautious approach to savings, possibly influenced by financial constraints or competing priorities,' said the report. Asked to respond about their knowledge of pension calculations, 52 per cent of respondents said they were somewhat aware of how their pensions are determined, while 30% admitted to being completely unaware.
Economic Times
33 minutes ago
- Economic Times
Stock market update: Nifty Realty index advances 1.75%
NEW DELHI: The Nifty Realty index closed on a positive note on Thursday. ADVERTISEMENT Shares of Sobha Ltd.(up 5.7 per cent), Brigade Enterprises Ltd.(up 3.98 per cent), Prestige Estates Projects Ltd.(up 2.82 per cent), DLF Ltd.(up 2.78 per cent) and Godrej Properties Ltd.(up 2.13 per cent) ended the day as top gainers in the pack. On the other hand, Phoenix Mills Ltd.(down 1.68 per cent) and Anant Raj Ltd.(down 0.07 per cent) finished as the top losers of the day. The Nifty Realty index closed 1.75 per cent up at 993.1. Benchmark NSE Nifty50 index ended up 130.71 points at 24750.9, while the BSE Sensex stood up 443.79 points at 81442.04. Among the 50 stocks in the Nifty index, 32 ended in the green, while 18 closed in the red. ADVERTISEMENT Shares of Vodafone Idea, Reliance Power, Eternal, YES Bank and Suzlon Energy were among the most traded shares on the NSE. Shares of Oricon Enterprises, NDR Auto Components, Welspun Investments, Privi Speciality Chemicals and Welspun Corp hit their fresh 52-week highs in today's trade, while Uma Exports, Navkar Builders, Shree Ram Proteins, Lasa Supergenerics and Axita Cotton hit their fresh 52-week lows. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
36 minutes ago
- Time of India
Stock market update: Nifty Realty index advances 1.75%
NEW DELHI: The Nifty Realty index closed on a positive note on Thursday. Shares of Sobha Ltd.(up 5.7 per cent), Brigade Enterprises Ltd.(up 3.98 per cent), Prestige Estates Projects Ltd.(up 2.82 per cent), DLF Ltd.(up 2.78 per cent) and Godrej Properties Ltd.(up 2.13 per cent) ended the day as top gainers in the pack. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Calcule rapidamente o preço do seu alarme no site. Alarme Verisure Ver oferta Undo On the other hand, Phoenix Mills Ltd.(down 1.68 per cent) and Anant Raj Ltd.(down 0.07 per cent) finished as the top losers of the day. The Nifty Realty index closed 1.75 per cent up at 993.1. Benchmark NSE Nifty50 index ended up 130.71 points at 24750.9, while the BSE Sensex stood up 443.79 points at 81442.04. Live Events Among the 50 stocks in the Nifty index, 32 ended in the green, while 18 closed in the red. Shares of Vodafone Idea, Reliance Power, Eternal, YES Bank and Suzlon Energy were among the most traded shares on the NSE. Shares of Oricon Enterprises, NDR Auto Components, Welspun Investments, Privi Speciality Chemicals and Welspun Corp hit their fresh 52-week highs in today's trade, while Uma Exports, Navkar Builders, Shree Ram Proteins, Lasa Supergenerics and Axita Cotton hit their fresh 52-week lows.
