Good Morning Indian markets could open higher, in line with m | Make Money with Amit Bhawani 👨‍🏫💲

Good Morning

Indian markets could open higher, in line with mostly positive Asian markets today and sharply higher US markets on Thursday.…

U.S. stocks ended sharply higher on Thursday, with the Dow Jones Industrial Average and S&P 500 posting their biggest one-day gains since January, after another set of strong big-tech earnings reports helped boost the broader market while offsetting signs of slowing economic growth. Thursday’s gains were the largest since Jan. 6 for the Dow and S&P 500, with both indexes erasing a week-to-date decline.

Meanwhile, gross domestic product numbers showed the U.S. economy grew at a softer-than-expected 1.1% annual pace during the first three months of 2023. Wall Street economists had forecast an increase of 2%. Inflation rose at an annual 4.2% pace in the first quarter, compared with a 3.7% increase in the 2022 fourth quarter.
In aggregate, S&P 500 companies have reported earnings 7.9% above expectations (vs historical number of 4.1%), according to an update from Refinitiv released Wednesday evening.

Shares in Asia rallied Friday after robust technology earnings boosted Wall Street and offset quicker-than-expected US inflation data. Investors in Asia will be closely watching as the Bank of Japan concludes its monetary policy meeting today, the first under new BOJ governor Kazuo Ueda.

Nifty rose for the fourth straight session on April 27 to reach nine week highs. At close, Nifty was up 0.57% or 101.5 points at 17915.31. Nifty managed to breach the resistance of 17863 and close above it. If it manages to stay above this level, more upsides could be in store for Nifty. 18034 and 18135 could be the next resistances for the Nifty while 17827-17842 band could offer support.