Stock market news: Benchmark indices, NSE Nifty 50 and S&P BSE Sensex are poised for a higher open today, following the lead of Asian markets and continuing the bullish trend from the previous session, supported by robust economic indicators from China. The Gift Nifty GIFc1 was trading at 22,557.50 as of 8:03 am, indicating a positive start for the blue-chip NSE Nifty 50 above Monday's closing level of 22,462.

Both the Nifty 50 and BSE Sensex achieved record highs on Monday after a three-week consolidation period, buoyed by strong performances in the metal sector following encouraging manufacturing data from China. Furthermore, optimism was reinforced by a moderation in a key inflation metric in the US, which contributed to positive sentiment.

Looking ahead, analysts from Motilal Oswal Financial Services and WealthMills Securities anticipate sustained momentum in the markets, driven by monthly business updates and the upcoming earnings season, which is set to commence next week. This could potentially fuel a rally towards new peaks.

In Asian markets, the MSCI Asia ex-Japan index opened higher, adding 0.69 per cent, reflecting the positive sentiment across the region. However, Wall Street exhibited a mixed performance overnight, as optimism surrounding moderating inflation was tempered by strong US economic data, which may delay anticipated rate cuts by the Federal Reserve.

Data released on Monday showed that US manufacturing expanded for the first time in 1-1/2 years in March, driven by increased production and new orders, suggesting a less urgent need for rate cuts starting in June.

In terms of investor activity, provisional data from the National Stock Exchange revealed that foreign portfolio investors sold shares worth Rs 522 crore on a net basis, while domestic institutional investors bought shares worth Rs 1,208 crore on Monday.

Stocks to monitor

• Hero MotoCorp: Company posted a decline in total sales for March compared to the previous year.
• Aditya Birla Fashion: Announced plans to demerge Madura Fashion & Lifestyle into a separate listed entity. 
• TVS Motor Company: Company reported a 12 per cent year-on-year increase in total sales for March 2024.
• Infosys: The company received a tax demand of Rs 341 crore from the income tax department for the Assessment Year 2020-2021.