1166: Marketbuzz Podcast with Vivek Iyer: Nifty 50 set for a gap down start today

Asian markets have taken cues from a slightly soft handover from the Wall Street and are witnessing a bit of red. The GIFT Nifty too is indicating a gap down start for the Indian benchmakr indices.

After the heavy gains the markets witnessed in 2023, the markets across the world have started 2023 on a cautious note. US markets, in the previous trade session, were quite mixed, with the Dow Jones ending slightly above the flat line and the NASDAQ fell over 1.6%.

Yesterday, the European markets too were quite muted.

Oil prices fell yesterday despite mounting worries on the Red Sea. In fact, they witnessed a bit of a bump up, but by the end of the session, brent futures fell over 1.5% and WTI Futures were down 1.7%. They now continue to hover around the $70/barrel.

The Indian markets ended with cuts on Tuesday after an extremely volatile session. The Nifty Bank index fell over 500 points and the Nifty IT index was another sector that witnessed a significant pullback from recent highs. The Nifty Farmer index on the other hand was a clear outperformer,

However, FII buying has resumed with over Rs 1,600 crore of buying in the cash market.

Among the key things to watch out for are operational updates by companies such as DMart. The monthly sales volumes of Hero MotoCorp were slightly disappointing, and the markets may react to that..