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Cautious start expected for Indian market amid mixed global cues

Published on Mar 14, 2024 08:30

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 23 points at the opening bell.

Global Markets:

The US Dow Jones index futures is currently up by 29 points, signaling a positive opening for US stocks today.

Asian markets remained largely flat on Thursday after Wall Street`s tech-driven rally fizzled out. Investors are now focused on two key events: the outcome of spring wage negotiations in Japan and India`s wholesale inflation data.

Japan`s wage negotiations have concluded, with early reports indicating large companies offered significant pay raises. This could lead the Bank of Japan to tighten its monetary policy when they meet next week.

In the US market, the S&P 500 and Nasdaq closed slightly lower on Wednesday as investors took profits from chipmaker stocks. This comes as they await producer price data and further signs on the inflation trend before the Federal Reserve meeting next week.

Domestic Equity Market:

The domestic stock markets plunged on Wednesday in a broad sell-off, as the recent meltdown in mid and small-cap stocks continued to wreak havoc. The benchmark Sensex crashed 906.07 points or 1.23% to settle at 72,761.89, while the Nifty 50 tumbled 338 points or 1.51% to close at 21,997.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,595.06 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 9,093.72 crore in the Indian equity market on 13 March 2024, provisional data showed.

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