Before the Market Opens: Indian markets are likely to open on a negative note on Monday as Asian markets traded cautiously ahead of the central bank meeting later this week. Meanwhile, Gift Nifty traded 48 points lower, indicating a weak start for benchmark Nifty. Let’s look at some key indicators before the market opens today:
U.S. stocks fell on Friday, led by tech-related megacaps that have driven this year’s rally, as investors weighed interest rates ahead of next week’s Federal Reserve meeting. The Dow Jones Industrial Average fell 190.89 points, or 0.49 percent, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65 percent, at 5,117.09 and the Nasdaq Composite fell 155.36 points, or 0.96 percent, to 15,973.17.
Asian shares were flat and the dollar held firm on Monday as investors sought to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and a possible slower slide for US rates. Central banks in the US, Japan, UK, Sweden, Switzerland, Australia, Brazil and Mexico are all meeting and, although most are expected to hold steady, there is plenty of scope for surprises. Japan’s Nikkei rebounded 0.8%, having shed 2.4% last week, as a surge to record highs pulled in some profit. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%, after dipping 0.7% last week.
On Friday, the Indian stock market indices closed with heavy losses as investors took profit as sentiment remained cautious amid persistent concerns about strained valuations and froth in some segments of the market. The Sensex slipped 453.85 points, or 0.62%, to close at 72,643.43, while the Nifty 50 ended 123.30 points, or 0.56%, lower at 22,023.35.
At 8:15 am, Gift Nifty was trading 48 points or 0.22 percent higher at 22,048, indicating a negative opening for the Indian markets.
Oil prices rose in early Asian trade on Monday, consolidating gains from last week when prices rose nearly 4% on the view that supply has strengthened. Brent crude oil futures for May delivery were up 3 cents at $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude rose 10 cents to $81.14.
The rupee depreciated by 4 paise to 82.88 (provisional) against the US dollar on March 15, weighed down by incessant foreign outflows and a negative trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.95 and touched an intra-day low of 82.96 and a high of 82.85 against the greenback. The local unit finally settled at 82.88 (provisional) against the dollar, registering a loss of 4 paise from its previous close.
Gold struggled for momentum in early Asian hours on Monday as the dollar held firm and investors braced for a series of key central bank policy meetings including the US Federal Reserve this week. Spot gold was little changed at $2,156.69 an ounce, as of 0059 GMT. U.S. gold futures were down 0.1% at $2,159.90.
Foreign institutional investors (FIIs) bought stocks net ₹848.56 crore, while domestic institutional investors (DIIs) sold off ₹682.26 crore shares on March 15, provisional data from the NSE showed.
The 2024 Lok Sabha elections will be held in seven phases from April 19 to June 1 and the counting of votes will take place on June 4, the Election Commission announced at a media conference in the national capital. According to the schedule, as many as 22 states will vote in a single phase while three states will see polling in all phases. Notably, no state will see voting in six phases.
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Published: 18 Mar 2024, 10:35 IST