Markets may start on a weak note

7 Dec 2023 , 09:02 AM

Indian benchmark indices may open today’s session with lackluster numbers. Yesterday, markets closed with substantial gains. Sensex ended with a gain of 358 points at 69,654. Nifty 50 closed 83 points higher at 20,938.

On the global front, US markets closed under pressure. Dow Jones ended with a decline of 70 points. Nasdaq Composite closed 83 points lower. S&P 500 ended lower by 18 points.

Asian markets fall, tracking the weakness on Wall Street. Chinese Shanghai Composite is trading 0.45% lower. Hong Kong’s Hang Sang is down by 1.64%. Japan’s Nikkei 225 closed with a decline of 1.65%. Taiwan index is trading 0.52% lower. South Korean Kospi index is trading 0.23% lower.

Wipro, LTIMindtree, ITC, Larsen & Toubro, and TCS emerged as the top gainers. Adani Enterprises, Eicher Motors, Cipla, NTPC, and Axis Bank closed with a decline.

Nifty Midcap 50 index closed 0.33% higher. Nifty Bank stocks closed 0.38% lower.

Oil prices have stabilised after dropping nearly 4% overnight to their lowest levels since June. Concerns about global gasoline demand drove down prices, despite vows from OPEC+ members to keep supply under control.

On Wednesday, the rupee gained 5 paise to settle at 83.32 versus the US dollar, aided by a bullish trend in local markets and reduced crude oil prices.

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