Markets may start session in a sweet spot

9 Apr 2024 , 09:08 AM

Domestic benchmark indices may begin today’s session on a positive trajectory. Yesterday, markets ended in green territory. BSE Sensex closed 494 points higher at 74,742. NSE Nifty ended with a gain of 153 points at 22,666.

On the global front, US stocks remained steady at the end of a volatile day on Monday, with a solar eclipse providing a diversion ahead of key inflation data and the start of the first-quarter earnings season. Dow Jones closed 11 points lower. Nasdaq Composite index ended 5 points higher. S&P 500 index closed flat.

On Tuesday, industrial metals prices rose further on optimism of a global manufacturing resurgence, while Asian equities rose more cautiously ahead of this week’s US inflation data and a critical European Central Bank meeting.

Chinese Shanghai Composite was down 0.10%. Japan’s Nikkei 225 closed 0.49% higher. Hong Kong’s Hang Seng index was trading 0.82% higher. South Korean Kospi index is trading with a decline of 0.37%. Taiwan index was trading 1.51% higher.

On the nifty index, Eicher Motors, Mahindra & Mahindra, Maruti Suzuki, NTPC, and SBI Life closed as the top gainers. Adani Ports, Nestle India, Apollo Hospitals, Wipro, and Sun Pharma ended as the top losers on Monday.

Oil prices increased in early Asian trade as expectations faded that discussions between Israel and Hamas would result in a cease-fire in Gaza and a reduction in Middle East tensions.

On Monday, the rupee finished steady at 83.31 versus the US dollar, as bullish local stocks were offset by the strength of the American currency in the offshore market.

Gold prices moved higher on Tuesday, holding just below a record high as investors awaited the US Federal Reserve’s policy meeting minutes and important inflation data for clues on the timing and extent of interest rate reduction.

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