Markets may see upside at opening hour

20 Mar 2024 , 08:55 AM

Indian benchmark indices may start today’s session with a positive sentiment after a sluggish sentiment over the last week. Yesterday, BSE Sensex ended 736 points lower at 72,012. NSE nifty closed with a decline of 238 points at 21,817.

On the global front, Wall Street’s three major indexes closed with gains on Tuesday after shares in hotshot chipmaker Nvidia recovered from early losses, and investors looked ahead to the Federal Reserve’s policy meeting conclusion on Wednesday for hints on interest rate policy. Dow Jones closed with a gain of 320 points. Nasdaq Composite index ended 63 points higher. S&P 500 closed 29 points higher.

Asian markets were reluctant on Wednesday amid concerns that the Federal Reserve may imply a slower pace of rate cuts this year, while the yen fell to a new four-month low on views that Japan’s policy will stay supportive for some time.

Chinese Shanghai Composite is trading 0.01% lower. Japan’s Nikkei closed 0.66% higher. Hong Kong’s Hang Seng index is trading with a gain of 0.24%. South Korean Kospi index is trading 1.19% higher. Taiwan index is up by 0.15%.

On the nifty index, Bajaj Auto, Bajaj Finance, Eicher Motors, Kotak Bank, and HDFC Bank ended as the biggest gainers on Tuesday. TCS, BPCL, Cipla, Britannia Industries, and IndusInd Bank closed as top laggards.

Oil prices fell in early Asian trading on Wednesday, as a stronger dollar dampened investor appetite and traders took some profits after benchmarks soared to multi-month highs in the previous two days.

On Tuesday, the rupee fell 13 paise to 83.03 versus the US dollar, driven down by a sharp selloff in local stocks and a rising greenback against key foreign exchange rates.

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