Markets may open in a positive sentiment today

7 Mar 2024 , 08:48 AM

Indian benchmark indices may start today’s session with some gains. Yesterday, markets ended the session with substantial gains. BSE Sensex closed 409 points higher. NSE Nifty 50 closed with a gain of 118 points.

On the global front, Wall Street’s three major indexes finished with gains on Wednesday, as economic data and remarks from Federal Reserve Chair Jerome Powell fueled hopes that the US central bank will lower its benchmark interest rate this year. Dow Jones closed with a gain of 76 points. Nasdaq Composite ended with a gain of 92 points.

Asian stocks rose in relief on Thursday, but the dollar fell as the world’s most powerful central banker promised investors that US interest rates will fall this year, paving the way for European authorities.

Chinese Shanghai Composite is trading 0.71% higher. Japan’s Nikkei 225 closed with a decline of 0.90%. Hong Kong’s Hang Seng index ended 0.09% higher. South Korean Kospi index was marginally up. Taiwan index is trading 1.02% higher.

On the Nifty index, top gainers were Bajaj Auto, Kotak Bank, Bharti Airtel, SBI Life, and Axis Bank. While, Adani Enterprises, NTPC, Ultratech Cement, BPCL, and ONGC closed on the flipside.

Oil prices jumped on Thursday as U.S. oil inventories grew less than expected last week and fuel stocks fell sharply. Brent crude prices increased 15 cents to $83.11 per barrel at 0021 GMT, while West Texas Intermediate crude futures rose 18 cents to $79.31 per barrel.

On Wednesday, the rupee rose 7 paise to 82.83 against the US dollar, boosted by a weakening of the US dollar against main competitors overseas and a surge

in domestic equity markets.

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