Sensex, Nifty may nudge lower in opening trade

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 50 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday as investors showed their disappointment at Beijing's plans to support the economy as its week-long annual session of parliament, the National People's Congress, got underway. Chinas Two Sessions meeting got under way, with investors watching out for the details of its economic plans after the country projected a GDP growth target of around 5% for 2024. The country also expects the inflation rate to rise to around 3%.

U.S. stocks closed lower on Monday, backing away from record highs, while US Treasury yields ticked higher as investors looked ahead to key jobs data and Federal Reserve Chair Jerome Powell's congressional testimony later in the week.

All eyes are on Fed Chair Jerome Powell's testimony before Congress. In his semiannual testimony on Wednesday and Thursday, he is reportedly expected to double down on his message that theres no rush to cut rates.

Domestic markets:

Back home, the domestic stock markets extended their winning streak for a fourth day, with both Sensex and Nifty closing slightly higher on Monday. The barometer index, the S&P BSE Sensex, was up 66.14 points or 0.09% to 73,872.29. The Nifty 50 index added 27.20 points or 0.12% to 22,405.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 564.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,542.87 crore in the Indian equity market on 04 March, provisional data showed.

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