Markets may open in a flat trajectory

31 Aug 2023 , 08:43 AM

Indian benchmark indices may open at a flat note as US economic data adds on to soft expectations. Yesterday, markets closed with muted numbers. Nifty 50 closed at 19,347. Sensex ended at 65,087.

Globally, US markets ended marginally higher as economic data drives rate-pause bets. Dow Jones ended 37 points higher. Nasdaq closed 76 points higher. S&P 500 closed with a gain of 17 points.

Asian markets are trading in a higher momentum as Chinese and Hong Kong shares reflect gains. Chinese Shanghai Composite is trading 0.38% higher. Hong Kong’s Heng Seng is trading with a gain of 0.42%. Japan’s Nikkei 225 closed 0.57% higher. Taiwan index is 0.32% lower. South Korean Kospi index is trading under pressure.

Nifty Midcap 50 stocks closed 0.86% higher. Nifty Bank ended with a decline of 0.59%.

Top gainers yesterday were Jio Financial Services, Tata Steel, Maruti Suzuki, Eicher Motors, and Mahindra & Mahindra. Biggest laggards were Power Grid, BPCL, Hero MotoCorp, Dr Reddy’s Laboratories, and SBI.

Global oil prices rose in early trade on Thursday, supported by reduced supply in the United States.

The rupee recovered 17 paise versus the US dollar on Wednesday, as the US dollar fell in global markets as concerns about interest rate hikes eased.