Sensex, Nifty Set for Gap-Down Opening as US Inflation Worries Resurface

15 Mar 2024 , 09:12 AM

The benchmark Sensex and Nifty are expected to open gap-down on March 15, as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 132 points.

Despite positive sentiment on March 14, the benchmark indices ended the day on a positive note, with the Nifty hovering around 22,150 amid buying across various sectors. At close, the Sensex recorded a gain of 335.39 points or 0.46%, reaching 73,097.28, while the Nifty saw an increase of 149 points or 0.68%, closing at 22,146.70.

However, trends in the GIFT Nifty suggest a gap-down opening for the broader index in India, with a projected loss of 132 points or 0.60%, with Nifty futures trading around the 22,130.50 level.

US stocks experienced a decline on Thursday, with chipmaker stocks extending losses for a second consecutive day, exacerbated by concerns about a jump in producer prices. Data revealed that US producer prices grew more than expected in February, driven by increased costs of goods like gasoline and food, prompting speculation about the timing of potential interest rate cuts by the Federal Reserve.

In Asian markets, trading was lower on Friday following the news of faster-than-expected growth in producer prices in the US, indicating potential economic challenges ahead.