Markets may see upside at the opening hour

26 Mar 2024 , 03:16 PM

Indian benchmark indices may start the session with cheery spirits. Yesterday, markets closed with substantial gains. BSE Sensex closed 349 points higher at 73,057. NSE Nifty ended with a gain of 75 points at 22,196.

On the global front, US markets closed lower as Nvidia weighs ahead of its quarterly earnings release. Dow Jones closed with a decline of 64 points. Nasdaq Composite ended 145 points lower. S&P 500 closed, down by 30 points.

Asian equities are trading in mixed sentiments on Wednesday as dwindling hopes of early interest rate reduction by the Federal Reserve weakened risk appetite. Chinese Shanghai Composite is trading 1.49% higher. Japan’s Nikkei closed with a gain of 0.46%. Hong Kong’s Hang Seng is seen with a gain of 2.56%. South Korean Kospi index is down by 0.33%. Taiwan index is trading with a decline of 0.26%.

Power Grid, HDFC Bank, Axis Bank, NTPC, and Kotak Bank emerged as the top gainers on the nifty index yesterday. Hero MotoCorp, Bajaj Auto, Eicher Motors, Coal India, and TCS locked positions as the biggest laggards.

On Tuesday, the rupee rose 4 paise to 82.97 versus the US dollar, boosted by strong equities market confidence and a weakening US dollar.

Oil prices recovered some ground in early Asian trade on Wednesday, as investors balanced fears about output cutbacks by key suppliers and attacks on ships in the Red Sea against lower expectations for US rate cuts.

The dollar fell broadly on Wednesday, tracking a global drop in bond rates, as sterling battled to maintain gains after Bank of England (BoE) Governor Andrew Bailey’s dovish comments on the central bank’s rate stance.

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