Markets may open on a sweet note

27 Feb 2024 , 09:03 AM

Indian benchmark indices may start the day with positive numbers. Yesterday, markets closed on a sluggish note. BSE Sensex ended 353 points lower at 72,790. NSE Nifty ended with a decline of 91 points at 22,122.

On the global front, US markets closed in a dim tone as the focus shifted after last week’s AI-led gains to upcoming economic data. Dow Jones ended 62 points lower. Nasdaq Composite index is trading 20 points lower. S&P 500 closed down by 19 points.

Asian markets struggled to gain ground on Tuesday, with slightly higher-than-expected Japanese inflation keeping investors on edge ahead of pricing data due in Europe and the United States this week. Chinese Shanghai Composite is trading with a gain of 0.36%. Japan’s Nikkei 225 closed 0.15% lower. Hong Kong’s Hang Seng index is trading 0.84% lower. South Korean Kospi index is down by 0.38%. Taiwan index is trading with a downside of 0.68%.

On the nifty index, Larsen & Toubro, Power Grid, Adani Enterprises, Tata Consumer, and SBI Life emerged as the biggest gainers. While, Asian Paints, Apollo Hospital, Hindalco, Divis Lab, and Tech Mahindra closed on the flipside.

On Monday, the rupee gained 3 paise to close at 82.88 versus the US dollar in range-bound trading, reflecting equities market volatility.

Oil prices rose in early Asian trade on Monday, extending their gains for the third day in a row, as shipping interruptions fueled supply concerns. Brent oil prices jumped 16 cents, or 0.2%, to $82.69 per barrel at 0106 GMT, while West Texas Intermediate crude futures (WTI) rose 15 cents, or 0.2%, to $77.73 per barrel.

Gold prices were steady on Tuesday as investors anticipated a major U.S. inflation figure coming later this week, which might give additional insight on when the Federal Reserve may begin decreasing interest rates.

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