Market may open in negative zone

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 30 points at the opening bell.

On the macro front, India's merchandise exports spurt to a record high of $418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, according to official data released on Sunday.

India's annual median GDP growth forecast stood at 7.4% for 2022-23, according to a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) released on April 3. The Economic Outlook Survey estimates a minimum and maximum growth of 6% and 7.8%, respectively.

Global markets:

Overseas, Asian stocks got off to a cautious start on Monday amid talk of yet more sanctions against Russia over its invasion of Ukraine. Markets in mainland China are closed on Monday and Tuesday this week for holidays.

US stocks were modestly higher on Friday as investors assessed a new quarter of trading and a troublesome bond market recession indicator.

A closely watched part of U.S. Treasury yields inverted on Friday as short-term rates jumped following the release of jobs data stateside, raising concerns over a potential recession on the horizon. The benchmark 10-year Treasury yield last sat at 2.3895%, while the rate on the 2-year Treasury note was at 2.4625%. Yields move inversely to prices, with 1 basis point equal to 0.01%.

Domestic markets:

Back home, the benchmark indices ended with robust gains on Friday, supported by strength in banks, financial services and auto stocks. The barometer index, S&P BSE Sensex soared 708.18 points or 1.21% at 59,276.69. The Nifty 50 index surged 205.70 points or 1.18% at 17,670.45.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,909.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 183.79 crore in the Indian equity market on 1 April, provisional data showed.

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