GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 26 points at the opening bell.

The International Monetary Fund raised India’s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India's FY26 GDP growth at 6.5%. The global financial agency sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.

On the political front, India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Global markets:

Overseas, Asian stocks are trading mixed following Wall Street’s overnight losses. Investors in Asia will assess Australia’s unemployment rate, which is one of the metrics the country’s central bank weighs when considering monetary policy.

US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings.

The U.S. economy grew “slightly” over the past six weeks while price increases moved at a “modest” pace and employment showed “slight” gains as well, the Federal Reserve said in its latest Beige Book report filed Wednesday.

Domestic markets:

Back home, stock markets got slammed for a third straight session on Tuesday, with the Nifty 50 falling below 22,150. The barometer index, the S&P BSE Sensex slipped 456.10 points or 0.62% to 72,943.68. The Nifty 50 index lost 124.60 points or 0.56% to 22,147.90. In three trading sessions, the Sensex shed 2.79% while the Nifty 50 declined 2.66%. Domestic stock markets were closed on Wednesday, 17 April 2024 on account of Ram Navami.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,468.09 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,040.38 crore in the Indian equity market on 16 April, provisional data showed.