Bharat Stock Market Opens with Minor Gains: Today, Bharat benchmark indices started the day with slight gains, following a trend set by weaker Asian markets due to robust US economic data and the Federal Reserve’s indication that there might not be any rate cuts in March. The BSE Sensex opened 239.40 points higher, standing at 71970.80, while the NSE Nifty edged up by 53.50 points to reach 21825.20.
Rupee Strengthens Against the Dollar: The Bharatiya Currency began the day on a stronger note, gaining 2 paise against the US dollar, with its value now at 83.03. Meanwhile, the US dollar index futures, which assess the dollar against other global currencies, experienced a slight decline, standing at 104.29, down by 0.03 per cent.
Rise in International Crude Prices: International crude prices saw an uptick, fueled by concerns over fuel supply amidst ongoing conflicts in Europe and West Asia. Brent oil futures rose by 0.06 per cent to $78.04 a barrel, while WTI oil futures increased by 0.08 per cent to $72.84 per barrel.
Domestic Indices Experience Pullback: On Monday, domestic benchmark indices closed lower primarily due to a pullback in financial sectors. Exchange data revealed that while foreign portfolio investors (FPIs) bought shares worth $62.5 million, domestic institutional investors sold stocks worth 11.89 billion rupees on a net basis.
Asia-Pacific Markets Show Mixed Trends: Asian futures remained mostly in the red, except for the Chinese markets. The CSI 300 index and Hang Seng managed to advance by 2 per cent, countering recent equity sell-offs. Japan’s Nikkei declined by 0.66 per cent, while South Korea’s Kospi also traded in the negative territory with a dip of 0.52 per cent.
Wall Street Ends in the Red: The previous session on Wall Street saw equities closing in the red as bond yields surged and hopes for rate cuts in the US were dimmed by comments from Fed Chair Jerome Powell. Bond yields rose by 13 per cent to 4.16 per cent. Additionally, McDonald’s stocks fell by 3 per cent due to lower-than-expected Q4 earnings. The Dow Jones Industrial Average (DJIA) dropped by 0.71 per cent to 38,380.12, while S&P 500 and NASDAQ futures dipped by 0.32 per cent and 0.20 per cent, respectively.
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