Benchmark indices may open on a sluggish note; Asian shares hold ground

6 Feb 2024 , 09:09 AM

Indian equity indices may start today’s session with flat numbers. Yesterday, indices ended session on a negative note. BSE Sensex closed 354 points lower at 71,731. NSE Nifty ended with a decline of 82 points at 21,772.

On the global front, US markets closed in red after Federal Reserve Chair Jerome Powell strongly refuted expectations that rate cuts were likely. Dow Jones ended down by 274 points. Nasdaq Composite index closed 31 points lower. S&P 500 index ended with a decline of 16 points.

Asian equities moved up on Tuesday, buoyed by a rebound in battered Chinese markets, but investors remained cautious following a slump on Wall Street on dwindling hopes of a near-term Federal Reserve rate decrease, which supported the dollar. 

Chinese Shanghai Composite is trading with a gain of 0.82%. Japan’s Nikkei closed 0.66% lower. Hong Kong’s Hang Seng index closed 1.96% higher. South Korean Kospi index is trading with a decline of 0.54%. Taiwan index is seen 0.20% higher.

On Monday, Tata Motors, Coal India, BPCL, Sun Pharma, and Cipla emerged as the biggest gainers. UPL, Bajaj Finance, Bharti Airtel, HDFC Life, and Grasim were the top laggards.

Oil prices were little changed in early trade on Tuesday, as market players analysed US Secretary of State Antony Blinken’s travel to the Middle East to negotiate a regional ceasefire offer.

The rupee fell 5 paise to 83.03 versus the US dollar on Monday, as the US currency strengthened overseas and negative sentiment in domestic equities markets weighed on the local currency.

For feedback and suggestions, write to us at [e-mail]