Markets may see a positive start to the day, today

24 Apr 2024 , 08:47 AM

Domestic equity indices may start today’s session in green. Yesterday, markets concluded the session with  gains. BSE Sensex closed with a gain of 90 points at 73,738. NSE Nifty ended 32 points higher at 22,368.

On the global front, US equities closed higher on Tuesday after top-tier businesses reported solid earnings, and investors were looking ahead to quarterly results from the Magnificent Seven and other megacap growth stocks. Dow Jones closed with a gain of 264 points. Nasdaq Composite index ended with a jump of 245 points. S&P 500 closed 60 points higher.

Asian equities are trading in Wednesday’s opening session, tracking the global peers. Chinese Shanghai Composite is trading with a gain of 0.44%. Japan’s Nikkei 225 closed 2.07% higher. Hong Kong’s Hang Seng index is trading 1.86% higher. South Korean Kospi index is up by 1.91%. Taiwan index is trading 2.54% higher.

On the nifty index, Grasim Industries, Bharti Airtel, Nestle India, Maruti Suzuki, and Tata Motors emerged as the top gainers. Sun Pharma, BPCL, Reliance Industries, Dr Reddy’s, and Hindalco ended as the top laggards on Tuesday.

Oil prices rose in early trade on Wednesday, adding to their gains from the previous session. This increase was in response to industry data demonstrating an unexpected drop in US crude stocks last week, signalling potentially stronger demand.

On Tuesday, the rupee rose 5 paise to 83.31 versus the US dollar. This increase was ascribed to good domestic market moves and a weaker US dollar.

Gold prices fell on Wednesday as fears of an escalation in the Middle East war receded, while investors awaited key US economic data that could give light on the timing of interest rate cuts.

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