Indian shares ended modestly higher in cautious trade on Monday as oil prices continued to climb on supply concerns and investors awaited cues from a slew of central bank meetings.
The BOJ, RBA, Fed, SNB, and BOE meetings are scheduled this week.
The Bank of Japan is expected to put an end to its extremely dovish monetary policy while the Fed’s policy statement and dot plots may offer some clarity on future interest rate moves.
Recent hotter-than-expected inflation readings from the U.S. have reduced optimism that the Fed’s first-rate cut may come in June.
According to the CME Group’s FedWatch Tool, the probability of the Fed leaving rates unchanged at its June meeting has climbed to 43.3 percent from 25 percent.
After a weak start, the benchmark S&P BSE Sensex picked up some momentum to end the session up 104.99 points, or 0.14 percent, at 72,748.42.
The broader NSE Nifty index also recovered from an early slide to end up 32.35 points, or 0.15 percent, higher at 22,055.70.
Metal stocks outperformed after China’s industrial output and retail sales figures for the first two months of the year topped forecasts. Tata Steel jumped 5 percent and JSW Steel added 2.8 percent.
Automakers also gained ground after the recent drop in fuel prices. Mahindra & Mahindra climbed 3.3 percent and Tata Motors advanced 2.8 percent.
IT stocks such as TCS and Infosys fell around 2 percent each on concerns surrounding inflation and interest rates.
Adani Group stocks suffered broad-based losses on news that U.S. prosecutors have widened their probe on the Group, with focus on potential bribery and the actions of its billionaire founder, Gautam Adani.
Sensex, Nifty End Choppy Session Slightly Higher
2024-03-18 10:27:08
