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Business News/ Markets / Stock Markets/  Before Market Opens: 9 essential things to know at 9 am on March 18, 2024
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Before Market Opens: 9 essential things to know at 9 am on March 18, 2024

Before Market Opens: Indian markets are likely to open on a negative note on Monday as Asian markets traded cautiously ahead of central banks meeting later this weel. Meanwhile, Gift Nifty was trading 48 points lower, indicating a weak start. Let's take a look at key cues before the opening today:

Before Market Opens: 9 essential things to know at 9 am on March 18, 2024Premium
Before Market Opens: 9 essential things to know at 9 am on March 18, 2024

Before Market Opens: Indian markets are likely to open on a negative note on Monday as Asian markets traded cautiously ahead of the central banks meeting later this week. Meanwhile, Gift Nifty was trading 48 points lower, indicating a weak start for benchmark Nifty. Let's take a look at some key cues before the market opens today:

Wall Street
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Wall Street

US stocks fell on Friday, led by technology-related megacaps that have propelled this year's rally, while investors weighed the interest rate outlook ahead of next week's Federal Reserve meeting. The Dow Jones Industrial Average fell 190.89 points, or 0.49 percent, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65 percent, at 5,117.09 and the Nasdaq Composite dropped 155.36 points, or 0.96 percent, to 15,973.17.

Asian Stocks
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Asian Stocks

Asian shares idled and the dollar held firm on Monday as investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and perhaps a slower glide path for U.S. rate cuts. Central banks in the United States, Japan, UK, Sweden, Switzerland, Australia, Brazil and Mexico all meet and, while most are expected to hold steady, there is plenty of scope for surprises. Japan's Nikkei bounced 0.8%, having shed 2.4% last week as a run-up to record highs drew some profit-taking. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%, after dipping 0.7% last week.

Indian Markets on Friday
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Indian Markets on Friday

On Friday, the Indian stock market indices closed with significant losses as investors resorted to profit-taking as sentiment remained cautious amid persistent concerns over stretched valuations and froth in certain segments of the market. The Sensex slipped 453.85 points, or 0.62%, to close at 72,643.43, while the Nifty 50 ended 123.30 points, or 0.56%, lower at 22,023.35.

Gift Nifty
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Gift Nifty

At 8:15 am, Gift Nifty was trading 48 points or 0.22 percent higher at 22,048, indicating a negative opening for the Indian markets.

Crude Oil Prices
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Crude Oil Prices (AP)

Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14.

Rupee
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Rupee

The rupee declined 4 paise to 82.88 (provisional) against the U.S. dollar on March 15, weighed down by unabated foreign fund outflows and a negative trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.95 and touched the intra-day low of 82.96 and a high of 82.85 against the greenback. The local unit finally settled at 82.88 (provisional) against the dollar, registering a loss of 4 paise from its previous close.

Gold Prices
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Gold Prices

Gold struggled for momentum in early Asian hours on Monday as the dollar held firm and investors braced for a series of major central bank policy meetings including the U.S. Federal Reserve this week. Spot gold was little changed at $2,156.69 per ounce, as of 0059 GMT. U.S. gold futures inched 0.1% lower to $2,159.90.

FII Data
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FII Data

Foreign institutional investors (FIIs) net bought shares worth 848.56 crore, while domestic institutional investors (DIIs) sold 682.26 crore worth of stocks on March 15, provisional data from the NSE showed.

2024 General Elections
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2024 General Elections

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 at a media briefing in the national capital.  As per the schedule, as many as 22 states will vote in a single phase while three states will see polling in all phases. Notably, no state will see voting in six phases.

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Published: 18 Mar 2024, 10:35 AM IST
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