Markets may open in a sluggish sentiment

11 Mar 2024 , 09:13 AM

Indian benchmark indices may start today’s session on a dim note. On Thursday, markets closed almost flat with modest gains. BSE Sensex ended with a gain of 33 points at 74,119. NSE Nifty closed 20 points higher at 22,493.

On the global front, US markets closed lower on Friday after touching record highs during the trading session. Dow Jones closed 69 points lower. Nasdaq Composite index ended 188 points down. S&P 500 closed with a decline of 34 points.

Asian stock markets fell on Monday, and the dollar appeared fragile ahead of a data on US inflation that may accelerate or postpone the start of global rate reduction. Chinese Shanghai Composite is trading 0.18% higher. Japan’s Nikkei 225 closed 2.48% lower. Hong Kong’s Hang Seng index is trading with an increase of 1.26%. South Korean Kospi index is down by 0.30%. Taiwan index is trading 0.33% lower.

On Thursday, Tata Consumer, Tata Steel, Bajaj Auto, UPL, and JSW Steel ended as the top gainers. On the other hand, Mahindra & Mahindra, BPCL, Reliance Industries, Axis Bank, and LTIMindtree ended as the biggest laggards.

On Monday, oil prices extended last week’s declines due to concerns about poor Chinese demand, although the slide was restrained by persisting geopolitical risk in the Middle East and Russia.

The rupee rose 16 paise to trade at 82.67 vs the US dollar on Thursday, reflecting a weak American currency against key crosses overseas and a bullish trend in global markets.

Gold prices gained on Monday, hovering near a record high set the previous session, as comments from Federal Reserve Chair Jerome Powell and U.S. economic data last week bolstered expectations for a rate drop in June.

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