Stock market updates on April 03, 2024: Equity markets may witness some weakness in trades on Wednesday, in line with global peers, as prospects of an early rate cut in the US diminished.
At 07:30 am, Gift Nifty futures quoted at 22,460, hinting towards a 100-point gap-down for the Nifty 50.
Overnight, in the US, Dow and Nasdaq slipped 1 per cent after data showing strong labour demand raised fears of a delayed rate cut by the Fed. The US 10-year bond yield rose to 4.40 per cent.
Nearer home, Japan’s Nikkei and Malaysia’s Kospi dipped over 1 per cent each, while Taiwan was down 0.5 per cent.
UltraTech Cement too may see some action after the company announced its plans to invest up to Rs 32,400 crore in the next three years as part of its ongoing expansion.
That apart, shares of rate sensitives’ will be on investor radar as the RBI appointed MPC (Monetary Policy Committee) begin their 3-day meet to discuss policy measures. The RBI will annouce the outcome on Friday.
Among other assets, Gold futures logged new record highs, as the commodity topped the $2,300 per ounce. Meanwhile, Bitcoin tumbled over 7 per cent in intra-day deals yesterday.
