markets-open-flat-investors-eye-global-cues

The BSE Sensex and Nifty50, key Indian equity benchmarks, opened flat on Thursday.

 

The BSE Sensex reached 74,200, while the Nifty50 was near 22,575.

 

By 9:20 AM, the BSE Sensex was trading at 74,219.56, down 1.50 points, and the Nifty50 was at 22,589.90, down 8 points.

 

On Wednesday, domestic markets traded sideways, closing with minor gains.

 

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted that investors are now focused on Nvidia's earnings report, the US Federal Reserve meeting minutes, and UK inflation data, all expected later in the day.

 

Khemka expects overall positive market sentiment to continue.

 

From a technical standpoint, Om Mehra of SAMCO Securities suggested that if the upward momentum persists, the Nifty50 could potentially reach 22,750 and even surpass its all-time high of 22,794.70.

 

In the US, stocks declined on Wednesday as investors reviewed the Federal Reserve's latest meeting minutes. However, Nvidia's shares surged by approximately 6% post-market after a strong revenue forecast.

 

The Dow Jones Industrial Average fell 0.51%, the S&P 500 dropped 0.27%, and the Nasdaq Composite decreased by 0.18%.

 

Asian markets opened lower, with shares in Japan, South Korea, and Australia declining alongside Hong Kong equity futures. S&P 500 futures rose 0.2% by 9:04 AM Tokyo time, while Hang Seng futures dropped 0.7%. Japan's Topix edged up 0.1%, Australia's S&P/ASX 200 fell 0.5%, and Euro Stoxx 50 futures decreased by 0.4%.

 

Oil prices continued to decline for the fourth consecutive day on Thursday amid concerns that rising US borrowing costs could impact demand. Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $77.14.

 

The dollar remained near a one-week high on Thursday, following its best day this month against major peers.

 

This was influenced by the Federal Reserve meeting minutes, which indicated a willingness among some officials to raise interest rates.