Sensex and Nifty’s Steady Rise Amidst Flat Opening

Sensex and Nifty's Steady Rise Amidst Flat Opening

VoM News Desk | February 1, 2024 | 02:45 PM IST | Breaking News | Follow on Google News

Sensex and Nifty’s Steady Rise Amidst Flat Opening

Sensex and Nifty’s Steady Rise Amidst Flat Opening

Steady Growth Despite Initial Flat Opening
The Sensex and Nifty kicked off budget day with a flat opening but quickly showcased resilience, trading marginally higher. At 11 am, the Sensex surged by 282.41 points (0.39%) to reach 72,034.52, while the Nifty saw a positive momentum, climbing 71.50 points (0.33%) to 21,797.20.

Asian Shares Waver Following Wall Street’s Late Decline
Asian shares experienced fluctuations on Thursday, influenced by Wall Street’s late-night decline. Investors, however, maintained optimism, holding onto expectations of substantial US interest rate cuts this year, albeit potentially delayed. The market adapts to evolving global economic dynamics.

US Stock Market Declines Post-Powell’s Remarks
Overnight, the US stock market faced a downturn after Federal Reserve Chair Jerome Powell hinted at a potential delay in rate cuts, stating the central bank might not be ready for a rate cut in March. The Dow closed with a loss of 317.01 points (0.82%), settling at 38,150.30. Simultaneously, the S&P 500 saw a decline of 1.61% to 4,845.65, and the Nasdaq closed with a 2.23% drop at 15,164.01.

Early Surge in Global Oil Prices
Global oil prices witnessed an early surge on Thursday, buoyed by signals from the Federal Reserve suggesting possible rate cuts. China’s unveiling of new support measures for its struggling property market also contributed to the positive momentum in oil prices. Investors closely monitor the energy sector amid the ever-changing dynamics of the global economy.

VoM News Desk

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