Updated March 6th, 2024 at 08:48 IST

Nifty, Sensex poised for muted opening following Asian trends

Both the Nifty 50 index and BSE Sensex incurred losses on Tuesday, retracting from four consecutive sessions of gains after data revealing strong GDP growth.

Reported by: Business Desk
Sensex | Image:Republic
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Stock market news: Benchmark indices, NSE Nifty 50 and S&P BSE Sensex are expected to start the day on a subdued note, having broken a four-session winning streak in the previous session. This mirrors the performance of Asian counterparts, as investors await the Federal Reserve Chair's congressional testimony and pivotal US job data.

At 8:10 am, the GIFT Nifty was trading at 22,425, indicating a likely opening near the Nifty 50's Tuesday close of 22,356.30.

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Both the Nifty 50 index and BSE Sensex incurred losses on Tuesday, retracting from four consecutive sessions of gains following data revealing India's economy's fastest growth in six quarters.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said, "Markets exhibited a lack of enthusiasm ahead of key US economic data and Fed Chair Powell's remarks on interest rates. Domestic equities are anticipated to undergo further consolidation in the near term."

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Asian markets remained subdued, while Wall Street closed lower overnight in anticipation of the Federal Reserve Chair's congressional testimony and crucial labor market data scheduled later in the week.

On Tuesday, foreign portfolio investors injected Rs 574 crore ($69.25 million) into the market, while domestic institutional investors made purchases worth Rs 1,835 crore.

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Stocks to watch

  • JM Financial: The Reserve Bank of India barred the company from providing financing against shares and debentures.
  • JSW Energy: A unit of the company entered into a battery energy storage purchase agreement with Solar Energy Corp.
  • Wipro: The company acquired a 27 per cent stake in SDVerse LLC for $5.85 million. SDVerse is a joint venture involving Wipro, General Motors, and auto parts supplier Magna.
  • Coal India: Gevra mine gets environmental clearance to expand to 70 metric tonnes per year.
  • Westlife Foodworld: FSSAI junks allegation that McDonald's outlets use “fake cheese” in their products. 

(With Reuters inputs.)

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Published March 6th, 2024 at 08:19 IST