Markets may open in a positive territory

12 Mar 2024 , 09:03 AM

Indian benchmark indices may start today’s session in green numbers. Yesterday, markets closed with substantial declines. BSE Sensex ended with a decline of 617 points at 73,502. NSE Nifty closed 161 points lower at 22,332 points.

On the global front, S&P 500 and Nasdaq closed down slightly on Monday, as investors prepared for this week’s consumer and producer pricing data. Dow Jones ended with a gain of 47 points. Nasdaq Composite index closed 66 points lower. S&P 500 ended 6 points lower.

Asian equities edged up on Tuesday ahead of the key US inflation report, but Japanese shares sank and the yen strengthened on mounting speculation that the Bank of Japan will leave ultra-easy monetary policy as early as next week.

Chinese Shanghai Composite is trading 0.41% lower. Japan’s Nikkei 225 closed with a decline of 0.60%. Hong Kong’s Hang Seng index is trading 1.17% higher. South Korean Kospi is up by 0.47%. Taiwan index is trading with a decline of 0.74%.

On the nifty index, Apollo Hospital, Nestle India, SBI Life, Cipla, and Dr Reddy’s ended as the top gainers. Whereas, Tata Consumer, Power Grid, Bajaj Auto, Tata Steel, and SBI were the biggest laggards.

Oil prices climbed in early Asian trade, but the market remained stable as it awaited monthly updates from oil agencies. Brent futures for May delivery increased 23 cents to $82.44 per barrel at 0221 GMT. The US crude April contract increased 17 cents to $78.10 per barrel.

The rupee fell 8 paise to 82.75 versus the US dollar on Monday, mirroring gloomy equities markets. According to forex experts, the US dollar’s weakening and a drop in crude oil prices helped to cushion the loss.

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