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BusinessIndian stock markets open on a high note but soon slip into...

Indian stock markets open on a high note but soon slip into negative territory amid mixed global cues


The frontline domestic stock indices Sensex and Nifty opened on a positive note on Thursday tracking supportive global trends. However, they could not retain the early gains and shifted into negative territory.

Both the benchmark indices Sensex and Nifty started the day's trade with gains as global markets were trading positively. Sensex opened with a rise of over 350 points while Nifty jumped over 110 points at the opening bell.

However, this optimism could not be sustained for long. By late morning, both the key indices moved into the red. At around 11 am, Sensex was trading lower by 178 points and Nifty had slipped by 62 points.

According to market experts, the general sentiment in the global markets continues to remain positive following encouraging economic data releases from some major countries. The latest US inflation numbers coming lower than expected have boosted hopes of an early pause in rate hikes by the US Federal Reserve.

On the currency front, the Indian rupee started on a flat note against the US dollar. However, the ongoing election season and continuing foreign fund outflows are keeping the pressure on the local currency.

Crude oil prices too extended gains as demand outlook from the US appears to be improving. Brent crude was trading higher by around 0.4% while WTI prices rose over 0.5% during the late morning session in Indian markets.

The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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