Markets may see upside today

3 Aug 2023 , 08:46 AM

Indian benchmark indices may see a positive session today after a terrible fall in their last session. Yesterday, markets closed with substantial losses. Nifty 50 closed at 19,526. Sensex ended at 65,783.

On the global front, US markets closed under pressure owing to interest rate concerns. Dow Jones ended 348 points lower. Nasdaq ended with a decline of 310 points. S&P 500 closed 63 points down.

Asian peers are trading lower as Fitch downgraded US sovereign debt sparking profit-taking. Chinese Shanghai Composite was down by 0.89%. Japan’s Nikkei 225 closed 2.30% lower. Hong Kong’s Heng Seng was trading 2.46% lower. Taiwan index was trading 2.08% lower. South Korean Kospi was down by 0.91%.

Nifty Midcap 50 stocks closed 1.40% lower. Nifty Bank was down by 1.31% in the last session.

In yesterday’s trade, only 5 stocks emerged the gainers, Divis Lab, Nestle India, Hindustan Unilever, Asian Paints, and Tech Mahindra. The top laggards were Hero MotoCorp, Tata Steel, Tata Motors, Bajaj Finserv, and NTPC.

Oil prices moved a little in early trade today as markets weighed on bullish data of US inventory. Rupee fell 45 paise to settle at 82.67 versus the greenback.