Markets may have a muted start

5 Sep 2023 , 08:40 AM

Indian benchmark indices may start with muted numbers today. Yesterday, markets closed with substantial gains, as Sensex closed 241 points higher at 65,628. Nifty 50 ended with a gain of 94 points at 19,529.

On the global front, US markets closed mostly on the positive side. Dow Jones ended 116 points higher. Nasdaq closed flat. S&P 500 closed 8 points higher.

Asian peers witnessed a decline as investors lost optimism over the Chinese economy. Chinese Shanghai Composite is trading 0.58% lower. Hong Kong’s Heng Seng is trading down by 1.37%. Japan’s Nikkei 225 ended 0.21% lower. Taiwan index was trading marginally lower. South Korean Kospi index is trading 0.24% lower.

Nifty Midcap 50 stocks closed 0.60% higher. Nifty Bank ended with a marginal upside.

On Monday, the top gainers on the nifty index were Coal India, Wipro, Ultratech Cement, HCL Tech, and Jio Financial. On the other hand, the top laggards were Mahindra & Mahindra, Nestle India, ITC, Axis Bank, and Bajaj Finance.

The rupee fell 9 paise to 82.71 against the US dollar on Monday, driven down by a rise in crude oil prices.

On Tuesday, oil prices were in a mixed trajectory as support from China’s economic stimulus measures faded, balancing hopes of an extension of production restrictions by two key OPEC+ members, Saudi Arabia and Russia.