Indian benchmark indices set to open on a flat note

5 Mar 2024 , 08:40 AM

Domestic equity indices may start today’s session with muted numbers. Yesterday, markets ended the session with modest gains. BSE Sensex closed 66 points higher at 73,872. NSE Nifty closed 27 points higher at 22,406. 

On the global front, US markets ended in a negative tone. Dow Jones closed 97 points lower. Nasdaq Composite index ended with a decline of 67 points. S&P 500 closed marginally lower.

Chinese equities fell on Tuesday, taking Asian counterparts with them, as investors expressed unhappiness with Beijing’s promises to assist the economy as the week-long annual session of parliament, the National People’s Congress, began.

Chinese Shanghai Composite is trading marginally lower. Japan’s Nikkei 225 closed 0.42% down. Hong Kong’s Hang Seng index is trading with a decline of 2.41%. South Korean Kospi index is trading 0.64% lower. Taiwan index, on the other hand, is trading 0.44% higher.

On the nifty index, NTPC, HDFC Life, Power Grid, ONGC, and BPCL emerged as the biggest gainers. Eicher Motors, JSW Steel, SBI Life, Mahindra & Mahindra, and Britannia Industries closed as the top laggards.

Oil prices fell for a second day on Tuesday, as China, the world’s largest oil importer, failed to convince investors concerned about slowing demand despite plans to overhaul its economy in the aftermath of the COVID crisis.

On Monday, the rupee rose 1 paisa to 82.90 versus the US dollar, reflecting a weak American currency overseas and good equities market mood.

The dollar stayed steady against the yuan on Tuesday as markets absorbed a slew of policy announcements from China, while a comeback in Tokyo inflation appeared to bring Japan one step closer to the end of negative interest rates.

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