Markets may open in a positive sentiment today

13 Feb 2024 , 08:44 AM

Indian benchmark indices may see positive number at the opening hour. Yesterday, markets closed with substantial declines. BSE Sensex closed with a decline of 523 points. NSE Nifty ended 167 points lower.

On the global front, US markets ended their session in mixed sentiments with restricted gains. Dow Jones closed 126 points higher. Nasdaq Composite index ended 48 points lower. S&P 500 closed 5 points lower.

Asian equities edged up on Tuesday ahead of a major US inflation data that might influence the Federal Reserve’s rate outlook and the timing of interest rate decreases. Chinese Shanghai Composite is trading 1.28% higher. Japan’s Nikkei 225 closed 2.44% higher. Hong Kong’s Hang Seng is trading with a decline of 0.83%. South Korean Kospi index is trading up by 1.01%. Taiwan index is trading 0.20% higher.

Yesterday, on the nifty index, Dr Reddy’s, Apollo Hospital, Divis Lab, Wipro, and HCLTech held the top positions on gainers’ chart. While Coal India, Hero MotoCorp, BPCL, ONGC, and Tata Steel were the biggest laggards.

On Monday, the rupee rose 7 paise to settle at 83.00 versus the US dollar, aided by a weaker greenback in global markets and lower oil costs.

For the second day in a row, oil prices were little changed on Tuesday, as uncertainty over the timing of prospective US interest rate cuts and the impact on fuel consumption outweighed concerns about Middle East hostilities that may disrupt supply.

Gold prices remained in a tight range on Tuesday as investors refrained from making large wagers ahead of a US inflation report that might provide new insight into how soon and by how much the Federal Reserve may decrease interest rates this year.

Nifty Midcap and Small Cap stocks dropped about 2% and 4%, respectively.

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