Markets may open in a weak spot

14 Feb 2024 , 08:58 AM

Indian benchmark indices may start the session with a gap-down. Yesterday, markets closed in a positive momentum with substantial gains. BSE Sensex closed 483 points higher at 71,555. NSE Nifty ended with a gain of 127 points at 21,743.

On the global front, US markets closed with substantial losses as better than expected consumer inflation pushed back market expectations. Dow Jones closed with a decline of 525 points. Nasdaq Composite index ended 287 points lower at 15,655. S&P 500 ended down by 69 points.

Asian markets are also trading in a sluggish tone, tracking the downfalls in the global markets. Chinese Shanghai Composite is trading with a gain of 1.28%. Japan’s Nikkei 225 closed with a decline of 0.84%. Hong Kong’s Hang Seng is down by 0.39%. South Korean Kospi index is trading 1.17% lower. Taiwan index is trading 0.20% higher.

On the nifty index yesterday, Coal India, UPL, Axis Bank, ICICI Bank, and HDFC Life emerged as the biggest gainers. Hindalco, Grasim Industries, Divis Lab, Ultratech Cement, and BPCL were the top laggards.

The rupee fell 8 paise to settle at 83.08 vs the US dollar on Tuesday, as a strong greenback against key foreign currencies and surging crude oil prices dampened market optimism.

Oil prices dipped in early Asian trade on Wednesday after a US industry group reported petroleum stocks grew more than expected last week, and investors reduced their expectations for interest rate reduction from the US Federal Reserve.

On Wednesday, the dollar traded around three-month highs against key rivals as traders pulled back bets on the Federal Reserve’s first interest rate decrease following surprise high inflation data in the United States overnight.

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