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Sensex, Nifty may open lower on negative global cues

Published on Mar 18, 2024 08:34

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 45 points at the opening bell.

On the political front, Lok Sabha elections 2024 will take place in seven phases from April 19 to June 1 and the counting of votes will take place on June 4, the Election Commission announced on 16 March 2024.

Global markets:

Overseas, Asian stocks are trading mixed ahead of key central bank policy decisions due this week for clues into the future global interest rate trajectory. The Bank of Japan`s rate decision is scheduled for Tuesday, while Federal Reserve is due to announce its rate decision on Wednesday.

China reported stronger-than-expected numbers for retail and fixed asset investment for the first two months of 2024. Retail sales rose 5.5% and industrial production was up 7%. The unemployment rate for cities was 5.3% in February.

U.S. stocks closed lower on Friday, led by technology-related megacaps, while investors weighed the interest rate outlook ahead of next week`s Federal Reserve meeting.

Domestic markets:

Back home, domestic stocks fell on Friday, tracking losses in other Asian stock markets. In the barometer index, the S&P BSE Sensex slipped 453.85 points or 0.62% to 72,643.43. The Nifty 50 index lost 123.30 points or 0.56% to 22,023.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 848.56 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 682.26 crore in the Indian equity market on 15 March, provisional data showed.

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