US markets decline ahead of inflation data release; GIFT Nifty flat-to-negative

US markets dipped as investors awaited crucial inflation data, European and Asian markets followed suit amid concerns over interest rates. The GIFT Nifty remained marginally lower

Navisha Joshi

March 12, 2024 / 02:38 IST

HIL: The company has received board approval for the acquisition of 100 percent shareholding in Crestia Polytech along with four other entities, namely Topline Industries, Aditya Polytechnic, Sainath Polymers, and Aditya Industries, for Rs 265 crore on a cash-free and debt-free basis. This acquisition will strengthen the company's pipes and fittings business in Eastern India.

The US markets traded in the red on March 11 ahead of Consumer Price Index (CPI) and Producer Price Index (PPI) data, which will be released on March 12. At 21:15 IST, the S&P 500 was trading 0.43 percent lower at 5,101.84, while the Nasdaq Composite was down by 0.35 percent at 16,028.56. The Dow Jones Industrial Average also traded 0.33 percent lower at 38,594.64.

The inflation data for February will determine the Federal Reserve’s monetary policy decisions for the upcoming sessions. Tech giant Nvidia’s shares fell another 0.63 percent on March 11, extending a 5.5 percent decline on March 8. Earlier this month, Nvidia had led the US markets towards all-time highs.

The GIFT Nifty traded flat-to-negative at 22,409.50 on March 11.

The European markets also declined with FTSE trading 0.16 percent lower at 7,647.53 and the DAX down 0.70 percent at 17,690.44. The CAC traded 0.46 percent lower at 7,990.96.

Earlier during the day, the Japanese Nikkei led the losses in Asian markets, trading 2.19 percent lower at 38,820.49 as worries over an increase in interest rates concerned investors. While the Hang Seng index traded 1.43 percent higher at 16,587.57, the Indian indices declined due to weak global cues. The Nifty ended 0.72 percent lower at 22,332.65 while the Sensex was down 0.83 lower at 73,502.64.