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Markets may open with positive numbers

19 Feb 2024 , 08:59 AM

Indian benchmark indices may start the fresh week with some positive cues at the opening hour. On Friday, markets closed in high spirits. BSE Sensex closed 376 points higher at 72,426. NSE Nifty ended with a gain of 130 points at 22,041. 

On the global front, US markets closed the previous day on a lethargic note as a hotter-than-expected producer pricing report dashed optimism for the Federal Reserve’s upcoming interest rate reduction. Dow Jones closed 145 points lower. Nasdaq Composite index ended with a decline of 131 points. S&P 500 closed 24 points lower.

Asian equities, on the other hand, are trading in mixed sentiments as global expectations for early rate reduction faded, Chinese markets returned from holiday with just modest gains. Chinese Shanghai Composite is trading 0.68% higher. Japan’s Nikkei 225 closed 0.32% lower. Hong Kong’s Hang Seng is trading with a decline of 0.82%. South Korean Kospi index is trading 0.85% higher. Taiwan index is up by 0.20%.

On Friday, top gainers on the nifty index were Wipro, SBI Life, Mahindra & Mahindra, Adani Ports, and Bajaj Auto. Power Grid, Britannia Industries, SBI, Reliance Industries, and NTPC were the top laggards.

Oil prices fell on Monday morning as markets digested remarks from US Federal Reserve officials indicating a more patient approach to prospective interest rate decreases, amid sparse early activity on a federal holiday in the United States.

On Friday, the rupee surged 4 paise to 83.01 versus the US dollar, buoyed by rising local equities markets and lower crude oil prices.

Gold prices edged up on Monday, helped by a weaker dollar, as the bullion rebounded from a plunge last week caused by strong inflation statistics in the United States, which dampened chances for early Fed rate reduction.

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Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
  • stock market
  • Stock Market Commentary
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