Sensex and Nifty Set to Open Lower on Wednesday Amid Global Sell-Off

Sensex and Nifty Set to Open Lower on Wednesday Amid Global Sell-Off

In the dynamic landscape of the Indian stock market, the Sensex and Nifty 50 indices are anticipated to commence trading on a lower note this Wednesday, reflecting the prevailing global market downturn.

Sensex and Nifty Set to Open Lower on Wednesday Amid Global Sell-Off

Following a substantial sell-off in international markets, Asian stocks exhibited declines, while US equities concluded with significant losses after the release of US inflation data, dashing hopes for prompt interest rate adjustments by the US Federal Reserve.

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Elevated US inflation figures contributed to a surge in the US dollar and treasury yields, anticipated to dampen investors’ risk appetite across various markets.

On Tuesday, the Indian stock market indices concluded on a positive note, propelled by gains in specific banking heavyweights amidst a mixed bag of global cues.

The Sensex soared by 482.70 points or 0.68%, culminating at 71,555.19, whereas the Nifty 50 concluded 127.20 points or 0.59% higher at 21,743.25.

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According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., the Nifty is projected to remain within a broad range, influenced by global factors and a varied spectrum of domestic Q3 earnings, which currently lack substantial support. The upcoming US inflation data will be closely scrutinized, as it holds significant implications for potential US Fed interest rate adjustments.

Market Update: Sensex and Nifty Set to Open Lower on Wednesday Amid Global Sell-Off

Here are key global market cues influencing the Sensex and Nifty today:

Asian Markets: Asian markets registered declines following the overnight downturn on Wall Street, fueled by US January inflation data surpassing expectations.

Gift Nifty Today: The Gift Nifty hovered around the 21,615 level, indicating a gap-down start for the Indian stock market indices compared to Nifty futures’ previous close.

Wall Street: US stock market indices faced downward pressure on Tuesday, with the Dow Jones Industrial Average experiencing its most substantial one-day percentage decline in nearly 11 months.

US Inflation: US consumer prices recorded higher-than-expected growth in January, contributing to a surge in US Treasury yields and the US dollar.

Oil Prices: Crude oil prices witnessed an upward trend on Tuesday, driven by ongoing geopolitical tensions in the Middle East and eastern Europe.

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As market dynamics continue to evolve, it is crucial for investors to stay abreast of the latest developments and consult certified experts before making any investment decisions.

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