Markets may be positive today

28 Jul 2023 , 09:06 AM

Indian stock markets may start today’s session with gains after registering gains yesterday. On Thursday, markets closed with substantial declines as US Fed Reserve introduced a 25-bps interest rate hike. Nifty 50 closed at 19,660. Sensex ended the day with a downside, at 66,266.

Globally, US markets closed under pressure after the Bank of Japan’s decision to allow long-term interest rate hikes. Dow Jones closed 237 points lower, cutting off its longest winning streak since 1987. Nasdaq ended with a loss of 77 points. S&P ended 29 points lower.

Asian peers closed in mixed territory in anticipation of the Bank of Japan’s interest rate hikes. Chinese Shanghai Composite was trading 0.77% higher. Hong Kong’s Heng Seng was up by 0.39%. Japan’s Nikkei 225 was trading 1.33% lower. Taiwan index is trading 0.26% higher. Kospi was trading marginally lower.

Nifty Midcap 50 closed 0.59% higher. Nifty Bank ended with a decline of nearly 1%.

Cipla, Sun Pharma, Divis Lab, Hero MotoCorp, and Apollo Hospital were the biggest gainers in yesterday’s session. Mahindra & Mahindra, Tech Mahindra, Tata Consumer, Britannia, and Nestle India were the top laggards.

Oil prices slipped in today’s early trade as demand concerns weighed against robust economic data. The Indian rupee closed 9 paise higher at 81.92 against the greenback.