Markets may start today’s session on a positive foot

20 Mar 2024 , 11:58 PM

Indian benchmark indices may open today’s session with positive numbers. Yesterday, markets ended with a gain of 1,305 points at 73,806. NSE Nifty ended with a gain of 396 points at 22,378.

On the global front, US markets closed with modest gains as traders await for more fresh economic data. Dow Jones ended with a gain of 90 points. Nasdaq Composite index closed 183 points higher. S&P 500 ended with a jump of 41 points.

Asian stock markets rose on Monday as the Nikkei hit a new high as investors braced for a week jam-packed with central bank meetings and important data that will help revise market forecasts for when interest rates will begin to fall.

Chinese Shanghai Composite is trading marginally up. Japan’s Nikkei 225 closed with a gain of 0.79%. Hong Kong’s Hang Seng index is trading 0.20% higher. South Korean Kospi index is up by 1.14%. Taiwan index is trading 1.99% higher.

On the nifty index, Tata Steel, Hero MotoCorp, Tata Motors, Adani Ports, and JSW Steel ended as the top gainers. Mahindra & Mahindra, Maruti Suzki, NTPC, Sun Pharma, and Nestle India ended as the biggest laggards.

Gold prices stayed at a two-month high on Monday, after weaker U.S. economic data last week fueled prospects of a Federal Reserve interest rate decrease in June, sending the dollar and bond yields down.

Oil prices jumped on Monday after OPEC+ members agreed to prolong voluntary oil supply curbs of 2.2 million barrels per day into the second quarter, which was broadly in line with market forecasts.

The rupee fell 2 paise to settle at 82.91 versus the US dollar on Friday, owing to higher crude oil prices in the international market and increased demand for the American currency from importers.

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