Benchmark Indices Expected to Open with Losses Following Global Market Trends

20 Oct 2023 , 09:02 AM

Indian benchmark indices may start Friday’s intraday session with losses. Yesterday, markets closed the session on the flipside. Sensex closed 248 points lower at 65,629. Nifty 50 ended the session with a decline of 46 points at 19,625.

On the global front, US markets closed with sharp losses. Dow Jones closed 251 points lower. Nasdaq Composite ended with a decline of 128 points. S&P 500 registered a decline of 37 points.

Asian equities are also trading under pressure, tracking the global cues. Chinese Shanghai Composite is trading flat. Hong Kong’s Hang Seng is trading marginally lower by 0.11%. Japan’s Nikkei 225 closed 0.39% lower. Taiwan index is down by 0.82%. South Korean Kospi index is trading 1.83% lower.

The GIFT Nifty, trading on the NSE IX, showed a decline of 45 points, equivalent to a 0.23% drop, reaching 19,512. This also suggests that the stock market on Dalal Street may open in the negative territory on Friday.

Nifty Midcap 50 stocks closed flat. Nifty Bank index ended 0.31% lower.

Bajaj Auto, LTIMindtree, Hero MotoCorp, Nestle India, and Ultratech Cement emerged as the biggest gainers in the previous trading session. On the other hand, Wipro, Tech Mahindra, Sun Pharma, NTPC, and UPL fell sharply.

The rupee gained 15 paise versus the US dollar on Thursday, mirroring lower petroleum prices in foreign markets despite continuing geopolitical uncertainty. Oil prices rose almost 1% on Friday, as investors worried that the Israel-Gaza war will expand throughout the Middle East, disrupting supply from one of the world’s top-producing areas.