Before the Market Opens: Indian markets are likely to open in the red on Tuesday as Chinese stocks stumbled, dragging Asian peers with them. Gift Nifty traded 34 points lower, indicating a negative start for benchmark Nifty. Let’s look at some key indicators before the market opens today:
U.S. stock market indexes retreated from record highs to finish lower on Monday as U.S. Treasury yields rose ahead of key jobs reports and Federal Reserve Chairman Jerome Powell’s congressional testimony later in the week. The Dow Jones Industrial Average fell 97.55 points, or 0.25%, to close at 38,989.83, while the S&P 500 fell 6.13 points, or 0.12%, to 5,130.95. The Nasdaq Composite finished 67.43 points, or 0.41%, lower at 16,207.51.
Chinese shares stumbled on Tuesday, dragging Asian peers with them, as investors showed their disappointment with Beijing’s plans to support the economy as its week-long annual session of parliament, the National People’s Congress, got under way. Equities around the rest of the region were also behind after retreating from record highs on Wall Street overnight on signs that the US Federal Reserve is in no rush to cut interest rates. US stock futures also pointed lower. Japan’s Nikkei slipped 0.59% after hitting a fresh peak on Monday, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4%. China’s blue chips lost 0.2%, and Hong Kong’s Hang Seng fell 1.3%.
On Monday, the Indian stock market indices extended gains for the fourth consecutive session, ending at their fresh closing highs. The Sensex gained 66.14 points, or 0.09%, to close at 73,872.29, while the Nifty 50 settled 27.20 points, or 0.12%, higher at 22,405.60.
At 8:25 am, Gift Nifty was trading 34 points or 0.15 percent lower at 22,485, indicating a negative opening for the Indian markets.
Oil prices fell for a second day on Tuesday on pledges by China, the world’s biggest crude importer, to transform its economy amid stuttering growth as the COVID pandemic failed to impress investors worried about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while US West Texas Intermediate (WTI) fell 11 cents to $78.63. Brent settled 75 cents lower at $82.80 a barrel on Monday, while WTI settled $1.24 at $78.74 a barrel.
Tata Motors Ltd (TML) on March 4 informed the bourses of its decision to split its businesses into two separate listed entities, namely the commercial vehicles (CV) and passenger vehicles (PV). “The separation is a logical progression from the subsidiarity of PV and EV businesses carried out earlier in 2022 and will further enable the respective businesses to pursue their respective strategies to deliver higher growth with greater agility and enhanced accountability,” the automaker said.
Foreign institutional investors (FIIs) sold stocks net ₹564.06 crore, while domestic institutional investors (DIIs) bought ₹3,542.87 crore shares on March 4, provisional data from the NSE showed.
The rupee appreciated 2 paise to settle at 82.89 (provisional) against the US dollar on March 4, tracking a weak US currency overseas and positive equity market sentiment.
Gold rate today witnessed some selling pressure on Monday after news reports spread that US Fed chief Jerome Powell is reiterating a hawkish stance on interest rates during testimony before the US Congress this week. Gold price on the Multi Commodity Exchange (MCX) opened lower at ₹63,401 per 10 gm level but attracted buying at lower levels and climbed to an intraday high of ₹63,502 per 10 g. In the international market, spot gold price oscillates around $2,080 per ounce level.
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Published: 05 Mar 2024, 08:35 IST