Sensex, Nifty likely to open flat amid weak global cues
Indian equity markets are expected to open on a cautious note on Wednesday, with higher crude oil prices, geopolitical uncertainty and weak global cues weighing on sentiment ahead of key US inflation data. Indian equity markets are likely to open flat on Wednesday amid weak…
Indian equity markets are expected to open on a cautious note on Wednesday, with higher crude oil prices, geopolitical uncertainty and weak global cues weighing on sentiment ahead of key US inflation data. Indian equity markets are likely to open flat on Wednesday amid.
The rebound in crude oil prices continues to impact the sentiment of Indian stock markets, said analysts. The dominant headwind for the market remained the renewed surge in global oil prices.
What Happened
“The prospect of elevated energy costs weighed on risk appetite, particularly in an oil-importing economy such as India,” said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth. Consumer Price Index (CPI) data due on Wednesday, which is expected to provide fresh direction.
Gift Nifty at 24,542.50 indicates a flattish opening for Indian stocks.
The net direct tax collection grew 23.09 per cent to over ₹8.11 lakh crore till August 10 in the current fiscal.
The net corporate tax collection rose 19.83 per cent to about ₹2.70 lakh crore, while non-corporate tax collection (which includes personal income tax) mop-up rose 23 per cent to ₹5.07 lakh crore.
Key Details
Meanwhile, India reported healthy tax collections. Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to trade with a cautious undertone as persistent uncertainty surrounding the U.S.-Iran negotiations continues to weigh on investor sentiment.
Securities Transaction Tax (STT) revenues grew 51 per cent to ₹33,824 crore till August 10.
Overnight cues from Wall Street were subdued, with the S&P 500 and Dow Jones Industrial Average each declining about 0.3%, while the Nasdaq Composite slipped 0.6%, as investors turned cautious ahead of Wednesday’s U.S.
Asian markets are trading mixed, with Japan’s Nikkei 225 edging marginally lower, while South Korea’s Kospi is up more than 2% in early trade, providing some support to regional sentiment.
Why It Matters
Even so, elevated crude oil prices, lingering geopolitical uncertainty, and mixed global cues are likely to keep investors cautious. Comments have to be in English, and in full sentences.
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What Reports Say
Coverage of the story so far points to:
Continued reporting by BusinessLine as more details emerge
