Indices trading flat amid global cues

9 Feb 2024 , 12:27 PM

Indian benchmark indices, the Sensex and the Nifty, kicked off trading on February 9 with marginal gains, driven by positive performance from heavyweight stocks such as Bajaj Finance, Reliance Industries, SBI, TCS, Titan, and Asian Paints.

As of 12:25 PM, the Sensex was up 77.73 points or 0.11% at 71506.16, while the Nifty edged higher by 24.30 points or 0.11% to reach 21742.30. Market breadth was skewed towards decliners, with 722 shares advancing, 2462 shares declining, and 65 shares remaining unchanged.

Leading the gainers on the Nifty were stocks like ITC, SBI, ICICI Bank, Apollo Hospitals, and Axis Bank, while ONGC, Coal India, Hindalco Industries, NTPC, and BPCL were among the top losers.

On the global front, US treasury bond yields, including the 10-year and 2-year yields, remained above the 4% mark as Federal Reserve officials tempered hopes of an early rate cut. Additionally, better-than-expected jobless claims data reinforced the notion of a robust labor market, reducing the likelihood of an imminent rate cut.

The US dollar index, measuring the greenback’s strength against a basket of six currencies, remained steady above the 104 level. This stability could potentially influence market movements in India.