Markets may start today’s session on a weak foot

16 Apr 2024 , 08:49 AM

Domestic equity indices may ring the opening bells of today’s session with not so positive numbers. Yesterday, markets ended with substantial losses. BSE Sensex ended 845 points lower at 73,400. NSE Nifty closed 247 points down at 22,273.

On Monday, US equities fell sharply, first boosted by strong retail sales data but later succumbing to a rise in Treasury rates and concerns over growing geopolitical tensions between Iran and Israel. Dow Jones closed 248 points lower. Nasdaq Composite index ended with a decline of 291 points. S&P 500 closed 62 points down.

On the Asian front, equities fell, as the dollar rose to heights not seen in more than five months. This rise was fueled by March’s U.S. retail sales numbers, which were above forecasts, reinforcing the view that the Federal Reserve is unlikely to cut interest rates this year.

Chinese Shanghai Composite is trading with a decline of 1.3%. Japan’s Nikkei 225 closed 2.11% lower. Hong Kong’s Hang Seng index is down by 1.40%. South Korean Kospi index is trading 2.28% down. Taiwan index is trading with a decline of 2.39%.

On the nifty index, ONGC, Hindalco, Maruti Suzuki, Nestle India, and Britannia Industries ended in the top gaining positions. Shriram Finance, Wipro, ICICI Bank, Bajaj Finance, and Bajaj Finserv closed as the biggest losers.

On Monday, the rupee fell 6 paise to 83.44 versus the US dollar, reflecting significant losses in equities markets and an inflated dollar against key competitors outside amid geopolitical concerns.

Oil prices rose on Tuesday amid growing Middle Eastern tensions, following words from Israel’s military head hinting a retaliation to Iran’s recent missile and drone strike.

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