Markets may see a negative start today

18 Oct 2023 , 09:00 AM

Indian benchmark indices may start today’s intraday session on a sluggish note. Yesterday, markets closed in a positive streak. Sensex closed 261 points higher at 66,428. Nifty 50 ended with a gain of 80 points at 19,812.

On the global front, US markets ended their session mostly on the flipside. Dow Jones closed 13 points higher. Nasdaq Composite ended with a loss of 34 points. S&P 500 closed flat.

Asian stocks have been under pressure so far in today’s session, as Chinese economic statistics hinted that Beijing’s stimulus measures were finally taking effect. Chinese Shanghai Composite is trading 0.38% lower. Hong Kong’s Hang Seng is trading 0.19% higher. Japan’s Nikkei 225 ended with a decline of 0.27%. Taiwan index is down by 0.82%. South Korean Kospi index is trading with muted numbers.

Nifty Midcap 50 index ended 0.20% higher. Nifty Bank closed with a gain of 0.42%.

Among the top gainers on Tuesday were BPCL, Power Grid, Coal India, SBI Life, and HDFC Life. Tata Motors, Larsen & Toubro, UPL, IndusInd Bank, and TCS emerged as the top laggards.

The rupee maintained in a limited range on Tuesday, rising by 2 paise to 83.25 against the US dollar, despite a favourable trend in local markets. Oil prices rose about $2 in early trade on Wednesday, following industry data showing a larger-than-expected drop in US oil stockpiles.