Markets may be flat at opening

16 Jul 2024 , 09:03 AM

Indian benchmark indices may start today’s session with muted numbers. On Monday, markets closed with positive numbers. BSE Sensex closed 146 points higher at 80,665. NSE Nifty ended with a gain of 85 points at 24,586.

On the global front, US markets closed higher after Federal Reserve Chair Jerome Powell supported expectations of a rate cut in September. Dow Jones index closed 211 points higher. Nasdaq Composite index ended with a gain of 74 points. S&P 500 closed 16 points up.

Asian markets are trading in mixed sentiments. Chinese Shanghai Composite index is trading 0.36% lower. Japan’s Nikkei 225 closed 0.51% higher. Hong Kong’s Hang Sang index is seen with a decline of 1.5%. South Korean Kospi index is trading slightly higher by 0.31%. Taiwan index is trading with a gain of 0.60%.

On the nifty index, ONGC, SBI Life, Shriram Finance, SBI, and Bajaj Auto ended as the top gainers. LTI Mindtree, Asian Paint, Grasim Industries, Tata Steel, and Axis Bank were the top laggards.

The dollar held at its lowest level in five weeks on Tuesday, following comments from Federal Reserve Chair Jerome Powell that backed expectations of a September rate cut. Meanwhile, cryptocurrency prices rose as former President Donald Trump’s reelection prospects improved.

Gold prices rose on Tuesday as Federal Reserve Chair Jerome Powell’s comments boosted the argument for a September rate cut, but investors anticipated additional U.S. economic data for more monetary policy signals.

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