Markets may ring positive opening bells

10 Apr 2024 , 09:10 AM

Indian benchmark indices may start today’s session on a positive footing. Yesterday, markets closed on a flat note. BSE Sensex ended 59 points lower at 74,684. NSE Nifty closed 24 points down at 22,642.

On the global front, the S&P 500 rose nominally on Tuesday, a day before important inflation data, but was pulled down by financial equities as investors awaited the start of earnings season for big US banks on Friday. Dow Jones closed 9 points lower. Nasdaq Composite index ended with a gain of 53 points. S&P 500 closed 7 points higher.

Asian equities were muted as investors anticipated Japanese government action to halt the yen’s drop and U.S. inflation data later on Wednesday for hints to future interest rate changes. Chinese Shanghai Composite was trading 0.27% lower. Japan’s Nikkei closed 0.27% down. Hong Kong’s Hang Seng index is trading higher by 1.90%. South Korean Kospi index is down by 0.46%. Taiwan index is trading with a gain of 0.32%.

On the nifty index, Apollo Hospitals, Hindalco, ICICI Bank, Infosys, and Bajaj Finserv closed as the top gainers on Tuesday. Titan, Hero MotoCorp, Coal India, Reliance Industries, and Asian Paints ended as the biggest laggards.

Oil prices kept consistent in early trade on Wednesday, following two days of losses, as concerns about tighter supply due to uncertainty about Gaza ceasefire talks were countered by a larger-than-expected rise in US oil stocks.

The dollar consolidated on Wednesday as investors focused on a critical inflation report from the United States later in the day, while the yen stayed a whisker away from what markets regard to be the line in the sand where Japanese authorities can interfere.

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