The Indian headline indices- Sensex and Nifty, opened lower on Tuesday morning, tracking mixed global cues. SGX Nifty closed at 11,677.00 level, 6 points lower than the previous close on Tuesday. While Sensex was last seen trading at 38,680.88 level, 19.65 points lower than the previous close, Nifty was trading at 11,594.70, 0.84% lower than the last close. We take a look at the key factors which may steer the Sensex, Nifty today:
Crude oil prices: Brent crude oil prices extended gains after hitting fresh five month high on Monday, crossing $70 a barrel amid supply cuts from the organization of the petroleum countries or OPEC, US sanctions on Iran and Venezuala and Libya civil war. International benchmark Brent futures hit at $71.34 per barrel on Tuesday.
US Factory data: The US factory data fell moderately in February on account of rising inventories. “Factory goods orders dropped 0.5 percent, the Commerce Department said on Monday, pulled down by weak orders for machinery, transportation equipment and computers and electronic products. Data for January was revised down to show factory orders unchanged instead of edging up 0.1 percent as previously reported,” Reuters said in its report.
Equity Mutual Fund inflows: Net inflows into domestic equity mutual funds more than doubled month-on-month to Rs 11,756 crore in March from Rs 5,122 crore in February, highest since October 2018. The net inflows into equity mutual funds rose sharply by 76.59% on-year, as against Rs 6,657 crore in March 2018. However, inflows into equity funds stood at Rs 1.07 lakh crore in FY19, as against Rs 1.71 lakh crore in 2017-18, down by 36.9%, according to the data of Association of Mutual Funds of India .
Rupee movement: The rupee fell by 44 paise to 69.67 against the US dollar on Monday on account of high demand for dollar from importers and rising crude oil prices. It remained under pressure for the third successive session during which it has lost 126 paise. Today it opened 9 paise up at 69.58 against the US dollar on account of some selling in American currency by exporters and banks.