GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a very high opening on Monday. Here are some top cues you need to know before the markets open.

GIFT Nifty was 642 points or 2.83% lower at 23,330 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 42 points or 0.19% to finish at 22,531, while the BSE Sensex inched up 76 points or 0.10% to finish at 73,961.

Top cues to know before share market opens on June 03, 2024

Exit Polls

The top exit polls are predicting a one-sided victory for NDA. It is expected to win 370 seats (NDA had won 353 seats in 2019) according to the average of all exit polls. Today’s Chanakya, the only agency that predicted the 2014 seats correctly, has estimated 400 seats for NDA. Meanwhile, the highly respected and eagerly awaited Axis MY India Exit Poll (the agency that accurately predicted 2019 and also has a track record of correctly predicting 64 out of 69 polls to date) has placed the NDA in the higher range with 400 seats (361-401). 

GDP

India’s economy grew 7.8 per cent in the March quarter, pushing up the annual growth rate to 8.2 per cent, according to official data released on Friday. Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter. As per the data, the economy expanded 8.2 per cent in 2023-24 against a 7 per cent growth in 2022-23.

Monsoon

Bengaluru is expected to see rains this week as the monsoon has advanced into parts of Karnataka. The conditions are favourable for the Southwest Monsoon to advance into several regions, including Karnataka, within the next two to three days. According to the India Meteorological Department, the areas expected to be affected include the central Arabian Sea, Karnataka, Rayalaseema, Coastal Andhra Pradesh, and both the Westcentral and Northwest Bay of Bengal.

GST

Goods & Services Tax (GST) collections during the month of May 2024 came in at Rs 1.73 lakh crore, recording a growth of 10 per cent on-year, according to the latest data released by the Ministry of Finance on Saturday. For the previous month (April), GST collection had breached the Rs 2 lakh crore milestone. The gross GST collection during April had hit a record of Rs 2.10 lakh crore, up 12.4 per cent on-year. 

The Ministry of Finance further added that the growth was driven by a strong increase in domestic transactions (up 15.3 per cent) and a slowing of imports (down 4.3 per cent). After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent as compared to the same period last year.

FPI Flows

Foreign investors dumped as much as Rs25,586 crore from Indian equities in May on the back of political uncertainty of general elections’ outcome and high-performing Chinese markets. Before that, FPIs became net buyers of Rs35,098 crore in March and Rs1,539 crore in February, while they took out Rs25,743 crore in January.