On Wednesday, the S&P 500 and Nasdaq experienced slight declines, as investors opted to take profits in chipmaker shares ahead of key economic data and insights into inflation trends ahead of the Federal Reserve meeting scheduled for next week. The semiconductor index dipped 2.5% after enjoying robust gains recently, though it remained up 17% year to date. Nvidia, a prominent player in the chip industry, saw its shares fall 1.1%, despite previously leading the market’s growth driven by optimism around artificial intelligence. In contrast, the Dow Jones Industrial Average exhibited a modest increase of 37.83 points, equivalent to 0.1%, reaching 39,043.32. Conversely, the S&P 500 faced a loss of 9.96 points, or 0.19%, settling at 5,165.31, while the Nasdaq Composite saw a decline of 87.87 points, or 0.54%, closing at 16,177.77.
Japan’s Nikkei 225 fell 0.45% and the Topix fell 0.21%. South Korea’s Kospi gained 0.22%, while the Kosdaq index was marginally higher. Hong Kong’s Hang Seng index futures indicated a stronger opening.
On Wednesday, the Indian stock market witnessed a major decline, with the indices experiencing a fall of more than 1%, driven by widespread selling across various sectors. The mid- and small-cap segments were particularly hard hit, facing continued downward pressure. The Sensex, a key benchmark index, saw a big drop of 906.07 points, or 1.23%, to close at 72,761.89. Similarly, the Nifty 50, another major index representing broader market sentiment, registered a notable decline of 338.00 points, or 1.51%, to settle at 21,997.70.
At 8:15 am, Gift Nifty was trading 15 points or 0.07 percent higher at 22,072, indicating a flat opening for the Indian markets.
Oil prices continued their upward trajectory, building on previous gains fueled by several factors. A surprise decline in US crude inventories suggested a strengthening demand scenario, contributing to the bullish sentiment in the market. Additionally, concerns about possible disruptions in oil supply have emerged following attacks on Russian refineries in Ukraine, further supporting prices. Brent futures saw an increase of 10 cents, or 0.12%, to $84.13 a barrel at 0115 GMT, while US West Texas Intermediate (WTI) crude rose 7 cents, or 0.9%, to $79.79 a barrel. Both contracts rose about 3% to a four-month high the previous day, driven by optimism around the US demand outlook and heightened geopolitical tensions.
Gold prices traded flat in early Asian trading hours on Thursday, within close range of record high levels on a broadly weaker dollar, as traders awaited more economic data that could drive hopes for a mid-year rate hike from the US Federal Reserve. Spot gold was flat at $2,173.89 an ounce, as of 0147 GMT. US gold futures dipped 0.1% to $2,178.20.
Foreign institutional investors (FIIs) sold stocks net ₹4,595.06 crore, while domestic institutional investors (DIIs) bought ₹9,093.72 crore shares on March 13, provisional data from the NSE showed.
The rupee declined by 5 paise to settle at 82.85 (provisional) against the US dollar on Wednesday, following extensive selling in domestic markets. Forex traders said the rupee is likely to trade with a slightly negative bias on a recovery in the greenback and concerns over elevated crude prices. At the interbank foreign exchange market, the local unit opened at 82.82 and witnessed an intra-day low of 82.91 and a high of 82.82 against the greenback during the trading session. The local unit finally settled at 82.85 (provisional) against the dollar, registering a loss of 5 paise from its previous close.
State Bank of India (SBI), the country’s largest lender, has forged a partnership with One97 Communications, the entity behind the Paytm brand and app, to facilitate consumers’ UPI payments. Earlier, Paytm’s UPI services were operated through Paytm Payments Bank Limited (PPBL). However, following regulatory actions by the Reserve Bank of India (RBI) against PPBL, Paytm was forced to seek collaborations with banks to act as a third-party application provider (TPAP), aligning with the strategies adopted by its main rivals such as. PhonePe and Google Pay.
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Published: 14 Mar 2024, 08:33 IST