Markets may open with flat numbers

29 Aug 2023 , 08:29 AM

Indian benchmark indices may have a muted start in today’s session. Yesterday, markets closed on a positive note with modest gains. Nifty 50 closed at 19,306. Sensex ended at 64,996.60.

On the global front, US markets ended the session with substantial gains as investors await US jobs and inflation data. Dow Jones closed with a gain of 213 points. Nasdaq closed with an uptick of 115 points. S&P 500 ended 28 points higher.

Asian markets are in a higher momentum today led by comments from US Fed Chief Jerome Powell that interest rates may have hiked. Chinese Shanghai Composite is 0.30% higher. Hong Kong’s Heng Seng is trading 1.44% higher. Japan’s Nikkei 225 closed with a modest gain of 0.17%. Taiwan index is trading 0.15% higher. South Korean Kospi index is up by 0.40%.

Nifty Midcap 50 index closed 0.47% higher in the previous session. Nifty Bank stocks closed 0.60% higher.

In yesterday’s intraday session, the top gainers were Power Grid, Larsen & Toubro, Cipla, Mahindra & Mahindra, and BPCL. Nifty laggards were led by Jio Financial, Reliance Industries, Adani Enterprises, Hindalco, and Nestle India.

Oil prices remained steady on Tuesday as investors worried that future interest rate hikes in the United States might dampen demand. The Indian rupee settled on a flat note in Tuesday’s morning session.