Sensex Today | Market Close Highlights : Sensex ends up 140pts, Nifty at 21,840; O&G, FMCG, auto, gain, Bank down

Sensex Today Live : Indian benchmark indices had climbed down from their intraday highs, but still ended the day in positive territory on Wednesday ahead of US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

Sensex, which had opened marginally higher at 72,036.86, climed to a high of 72,402.67 in intraday trades, pared some gains later. At close, Sensex was up 140.80 points, or 0.20%, at 72,152.85.

Meanwhile, the Nifty 50, which had also opened marginally higher at 21,843.90, climbed to an intraday high of 21,930.90, during the day. At close, the Nifty 50 was up 21.65 points, or 0.1%, at 21,839.10.

Maruti Suzuki India, Nestle India, Power Grid Corp., SBI, and ITC, were the top gainers on the Sensex for the day, while Tata Steel, Tata Motors, HDFC Bank, HUL, and Axis Bank, were the top drags.

Eicher Motors, Maruti Suzuki India, Nestle India, Power Grid Corp., and SBI, were the top gainers on the Nifty 50 at the end of the day, while Tata Steel, Tata Consumer Products, Tata Motors, Hindalco, and UPL were the top drags.

The broader market ended the day on a mixed note, with the BSE MidCap index closing up 0.05%, and the BSE SmallCap index down 0.14%.

Across sectors, the Oil & Gas index closed with the highest gains, up 1.29%, followed by the Realty index, which was up 0.62%.

Other heavyweight indices like FMCG, Auto, and Healthcare, also ended the day in green.

In contrast, the Bank index was down 0.16% at close, and Financial Services was down 0.28%. Metal was down 0.79%, followed by Pharma, down 0.24%.

Sensex Today Live : Across sectors, the Oil & Gas index was leading gains, up 1.32%, followed by the Realty index, which was up 0.68%. Other heavyweight indices like FMCG, Auto, Healthcare and Realty, were also in the green.

In contrast, the Bank index was down 0.20%, and Financial Services was down 0.31%. Metal was down 0.71%, followed by Pharma, down 0.23%.

Sensex Today Live : The broader market was mixed, with the BSE MidCap index up 0.12%, and the BSE SmallCap index down 0.05%.

Sensex Today Live : Eicher Motors, Maruti Suzuki India, Power Grid Corp., Nestle India, and ONGC, were the top gainers on the Nifty 50, and Tata Steel, Tata Consumer Products, Axis Bank, and Hindalco, were the top drags. 

Sensex Today Live : Maruti Suzuki India, Power Grid Corp., Nestle India, SBI, and ITC, were the top gainers on the Sensex, while Tata Steel, Tata Motors, Axis Bank, HCL Tech, and HUL, were the top drags. 

Sensex Today Live : Indian benchmark indices had climbed down from their intraday highs, but were still trading in positive territory on Wednesday ahead of US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At 3 pm, Sensex was up 85.90 points, or 0.12%, at 72,097.95, and Nifty was up 17.50 points, or 0.08%, at 21,834.95.

Sensex Today Live : Aster DM Healthcare informed the exchanges today that it has received recevied key regulatory approvals to separate its India and GCC business, and sell a part of its GCC business to a consortium led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE.

The Fajr Capital-led consortium will acquire a 65% stake in the company’s GCC business. The company, in an exchange filing, said, the separation plan is now nearing completion, with key regulatory approvals (including approval from Saudi Arabia’s General Authority for Competition) obtained and transaction milestones achieved.

It added that conditions precedent outlined in the Sale and Purchase Agreement (SPA) are now complete and the company’s business operations in Qatar have been brought under Aster DM Healthcare FZC.

Sensex Today Live : Housing & Urban Development Corporation (Hudco) today informed the exchanges, its Board of Directors, in their meeting held on 20 March, has approved the declaration of Interim Dividend for the financial year 2023-24 of ₹1.50 per equity share. The board has also fixed Friday, the 29 March, 2024 as the record date for determining the eligibility of shareholders for payment of Interim Dividend.

The company, in an exchange filing, said, “The board has has also approved:

i. Raising of funds through issue of bonds/debentures, up to a maximum amount of Rs. 40,000 Crore during financial year 2024-25, depending upon actual funds requirement; and

ii. Increase in overall borrowing limit to Rs. 1,50,000 Crore from existing limit of Rs. 1,00,000 Crore as earlier approved by shareholders u/s 180(1)(c) of the Companies Act, 2013, subject to the approval of same by Shareholders. “

Sensex Today Live : Mahesh Patil, the Chief Investment Officer at Aditya Birla Sun Life AMC, anticipates a modest return of 10-12% for investors in 2024, considering that the markets have already reached their peak returns.

Patil recommends concentrating on sectors that demonstrate consistent growth and have clear visibility in the present context. He is optimistic about the banking, automobile, industrial, consumer discretionary, information technology, and healthcare sectors as potential investment areas.

Patil, in his conversation with Mint, suggested that the recent rise in small and mid-cap investments might slow down due to current regulatory issues. He predicts that large caps will perform better than midcaps and smallcaps in the future. (Read edited excerpts from the interview here.)

Sensex Today Live : Compared to larger stocks, small-cap stocks often encounter liquidity issues. To address this, the Securities and Exchange Board of India (Sebi) has begun conducting stress tests to assess whether fund managers can effectively liquidate stocks to fulfill redemption demands. Fund disclosures now indicate the time needed to liquidate 25% and 50% of holdings, providing investors with a clearer understanding of a fund’s liquidity situation. These stress tests are designed to mitigate Sebi’s worries about market volatility resulting from substantial inflows. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had climbed down from their intraday highs, but were still trading in positive territory on Friday ahead of US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At 2 pm, Sensex was up 169.12 points, or 0.23%, at 72,181.17, and Nifty was up 36.75 points, or 0.17%, at 21,854.20.

Sensex Today Live : Jaideep Hansraj was recently named the group president of One Kotak, a Kotak Mahindra Bank initiative aimed at enhancing internal collaboration among the bank and its subsidiaries. This significant change within the conglomerate, which has been somewhat overlooked, marks a substantial internal shift.

Conglomerates are, by definition, expansive business entities comprising numerous companies under a diverse group umbrella. The notion of ‘core competency’ was introduced by entrepreneur and author Coimbatore Krishna (C.K.) Prahalad in the 1990s and was enthusiastically embraced by India Inc. Following this, conglomerates and diverse Indian family business groups began to streamline, divesting from unrelated businesses and adopting a more focused approach. (Read the full story here.)

Sensex Today Live : In response to a rule by the Reserve Bank of India (RBI) that mandates it to either list its shares for public trading or remain privately owned by relinquishing its use of public funds, Tata Sons has finally revealed its strategy. It has chosen to remain private, as evidenced by its decision to sell a portion of its stake in Tata Consultancy Services (TCS) to settle debt. This decision aligns with the typical operations of the Tata Group and should not come as a surprise to those familiar with it. As per the RBI regulations implemented in 2022, Tata Sons, the investment holding firm of the group, is classified as an “upper layer” non-banking financial company due to its possession of public funds and assets exceeding ₹100 crore. This classification implies that it has until September 2025 to conduct an initial public offering (IPO). (Read the full story here.)

Sensex Today Live : Indian benchmark indices were up on Friday as markets globally awaited the US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At 1 pm, Sensex was up 191.87 points, or 0.27%, at 72,203.92, and Nifty was up 51.15 points, or 0.23%, at 21,868.60.

Sensex Today Live : Shoppers Stop informed the exchanges today that it has started new outlets in four cities.

In an exchange filing, the company said, it has opened the news stores in Kolkata, Vadodara, Thiruvananthapuram, and Meerut.

Sensex Today Live : IIFL Finance informed the exchanges today that it has allotted NCDs worth ₹500 crores via the private placement basis.

In an exchange filing, the company, said, “We wish to inform that Finance Committee of the Board of Directors of the Company vide Resolution dated March 20, 2024 approved allotment of 50,000 (Fifty Thousand) Non-Convertible Debentures namely Secured Redeemable Non-Convertible Debentures– Series D25 of Face Value of INR 1,00,000 (Rupees One Lakh) each, for cash at par, aggregating to INR 5,00,00,00,000 (Rupees Five Hundred Crores) on Private Placement Basis.”

Sensex Today Live : TCS infomred the exchanges today that it has started Pace Port, an innovation hub, in London to help foster Innovation-led growth in the country.

In an exchange filing, the company said, “Tata Consultancy Services has announced the opening of its new Pace Port™, a dedicated innovation hub in the heart of London that aims to drive and accelerate innovation-led growth in the United Kingdom while helping businesses bring innovation to life.”

The company said the TCS Pace Port Innovation Hub is set to become a dynamic center for cutting-edge technology, research, and development in the region.

Amit Kapur, Head of UK & Ireland at TCS, said, “UK businesses are committed to investing in technology and digital solutions to transform their business and operating models. Bringing our global network of Pace Ports to London will provide an environment that fosters collaboration, drives innovation, and helps businesses in the UK harness cutting-edge technology, collaborate and grow across industry borders into ecosystem models. Establishing the TCS Pace Port London in the heart of the city reflects TCS’s unwavering commitment to fueling innovation, catalyzing and contributing to the economic growth of the United Kingdom.”

Sensex Today Live : Indian benchmark indices were up but muted on Friday as markets globally awaited the US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At 12 am, Sensex was up 111.57 points, or 0.15%, at 72,123.62, and Nifty was up 26.65 points, or 0.12%, at 21,844.10.

Sensex Today Live : NLC India today informed the exchange that it has completed the 7% stake sale via an offer for sale, announced on March 6 to raise up to ₹2,000 to ₹2,100 crore.

The floor price for the OFS was pegged at ₹212 per share. Through the sale, the government aimed to raise up to ₹2,000 crore- ₹2,100 crore.

Sensex Today Live : CreditAccess Grameen informed the exchanges today that it has received a demand order for ₹46.03 crore for AY 2022-23, from the Income Tax department.

However, the company, in an exchange filing, added, “The Company is of the opinion that the said demand notice is based on incorrect facts and assumptions, and hence the Management is confident of taking up this with the IT department explaining the full facts of the case. Based on the advice from tax experts, the Company would be taking all necessary steps to take this to the logical conclusion and safeguard its interests.”

Sensex Today Live : Non-life insurance premium growth was moderate at 13% yoy in February 2024, retail health and motor OD fared better with 16-21% growth.

SAHIs continue to grow fast, reporting 29% yoy growth, but Star Health’s growth was lower at 19%.

ICICI Lombard reported strong growth of 39%, driven by key segments such as motor and health.

Muted growth in motor premiums (up 10% yoy) and moderate 16% yoy growth in health premiums led to 13% growth in non-life premiums in February 2024.

Sustained weakness in motor TP (7-9% in the past six months) has led to muted overall motor premium growth even as OD growth was higher at 16%.

Retail health was strong at 21% yoy in February 2024, driven by SAHIs (up 26%). Group health growth was moderate at 15%, despite strong 41% growth for SAHIs due to weakness by multi-line general insurers (up 10%).

General insurers reported moderate 10% growth while SAHIs were up 29% yoy in February 2024.

Trends for listed players

Motor and health drive growth for ICICI Lombard. ICICI Lombard reported strong 39% yoy growth in February 2024, driven by 76% growth in motor (on a low base) and 30% in health. The company sold part of its motor TP portfolio in February, leading to a lower base (ex-motor TP growth was 17%). ICICI Lombard has maintained market share at 13% and 9% in motor OD and TP, respectively.

Retail health premium growth was strong at 26% yoy in February 2024; 32% in group health. 11MFY24 premium growth (ex-crop) of 17% was driven largely by group health (up 31%). Retail health and motor premium growth was lower at 21% and 12% in 11MFY24.

Star Health’s retail growth remains moderate. Retail growth remained moderate at 17% yoy in February 2024, in line with 17% growth reported in 11MFY24. SAHIs reported higher growth of 26% yoy in February 2024 and 24% in 11MFY24. Group health growth for Star Health was strong at 61% in February 2024 on a low base, 29% in 11MFY24.

Group health drives growth for Bajaj. Bajaj Allianz reported 18% yoy growth (ex-crop) in February 2024, driven largely by group health (up 42%). Motor premiums were flat yoy, leading to decline in market share to 6% from 7% level earlier. Similarly, 11MFY24 growth of 44% for Bajaj was driven by group health (up 46%).

Sensex Today Live : Indian benchmark indices were down on Friday as markets globally awaited the US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At 11 am, Sensex was down 110.83 points, or 0.15%, at 71,901.22, and Nifty was down 26.95 points, or 0.12%, at 21,790.50.

Sensex Today Live : Rating: SELL

Target Price : INR 650

Downside : 15%

CMP : INR 762 (as on 19 March 2024)

Delayed inflows may mar business

Orderbook at INR 236bn as of December 2023

The orderbook for Garden Reach Shipbuilders & Engineers stood at ₹23,600 crores, as of December 2023, 1% lower QoQ.

About 94% of the backlog comprised defence shipbuilding, and the balance was commercial ships, ship repair, bridges, and engines.

Within shipbuilding, backlog for three P-17A frigates stood at ₹12,700 crores, for eight anti-submarine warfare shallow water craft (ASW-SWC) at ₹5,000 crores, for three survey vessels ₹1,000.5 crores, and for four next-generation offshore patrol vessels (NG-OPV) ₹3,400 crores.

GRSE aims to maintain the orderbook in ₹23,000-25,000 crores range in the next three years and has also guided to achieve a turnover of ₹300 crores+ in FY24, at a growth of ~17% over FY23, followed by 25% CAGR in the next three years (Elara estimate: 30%).

Sensex Today Live : Asian Granito India today informed the exchanges that it has signed up bollywood star Ranbir Kapoor as its brand ambassador.

In an exchange filing, the company said, “In the coming months, Asian Granito India Ltd will launch a captivating brand campaign and TV commercial featuring Ranbir Kapoor. The campaign will not only highlight the brand’s exceptional products but also showcase its dedication to creating living spaces that reflect individuality and modern sensibilities.”

Commenting on the collaboration, Kamlesh Patel, Chairman and Managing Director of Asian Granito India Ltd, said, “We are delighted to welcome Ranbir Kapoor to the Asian Granito family. His charisma and appeal resonate deeply with our brand values, and we are excited to embark on this journey together. With Ranbir as our brand ambassador, we are confident of reaching new heights and creating memorable experiences for our customers.”

Sensex Today Live : Ramky Infrastructure today informed the exchages that it has entered into two contracts with the Greater Chennai Corporation to clear the Kodungaiyur dumping ground through biomining.

The company said the cumulative size of the two contracts is ₹216.65 crores.

Sensex Today Live : Jupiter Wagons today informed the exchages that its board has approved the acquisition of rolling stocks manufacturer Bonatrans India for a consideration of ₹271 crores.

The company, in an exchange filing, said, the Aurangabad, Maharashtra-based company has a production capacity 20,000 wheels pieces, and 10,000 axles pieces per annum, primarily used in rolling stocks. The turnover for the last three financial years were, ₹63.50 crores, ₹51.00 crores and ₹40 crores, in FY23, FY22, and FY21, respectively.

Sensex Today Live : Indian benchmark indices were muted on Friday as markets globally awaited the US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At 10 am, Sensex was up 59.16 points, or 0.08%, at 72,071.21, and Nifty was down 4.30 points, or 0.02%, at 21,813.15.

Sensex Today Live : On Tuesday, Hindustan Unilever Ltd announced that it is considering different strategies for its ice cream business in India. This comes after Unilever, its parent company, decided to separate its €7.9 billion ice cream division by the end of 2025.

The spokesperson for HUL, in response to Mint’s inquiries, stated that the ice cream business has a unique business model. It includes a cold-chain go-to-market operating model, seasonality, and a different pace of innovation compared to the rest of Unilever’s operations. In light of this announcement, they are assessing various possibilities for the Indian ice cream business.

In FY23, HUL’s total operational revenue was ₹59,144 crore, with the ice cream division accounting for approximately 3% of this. (Read the full story here.)

Sensex Today Live : The government is set to roll out a new policy for the development of greenfield washeries, aimed at boosting the utilization of domestic coking coal by private steel companies.

As part of this policy, the Ministry of Coal will lease land to private steel firms for a long duration, along with a guarantee of coking coal supply.

An informed source expressed optimism that steel manufacturers, who currently import coking coal, will establish washeries on the government-allocated land. They will then process the domestic coking coal for their own use. (Read the full report here.)

Sensex Today Live : All sector indices were in the green, with heavyweight Nifty Bank up 0.30%. Nifty auto was leading the gains, up 1.24%. 

Sensex Today Live : The broader market started on a positive note, with the BSE SmallCap index up 0.43%, and the BSE MidCap index climbing 0.47%.

Sensex Today Live : Eicher Motors, Maruti, BPCL, Power Grid Corp., and Bajaj Auto, were the top gainers on the Nifty 50, and UPL, Hindalco, Grasim Industries, Britannia, and HDFC Life, were the top losers on the index. 

Sensex Today Live : Maruti Suzuki India, HCL Tech, Power Grid Corp., Wipro, and Nestle India, were the top gainers on the Sensex, while HUL, Bajaj Finserv, ICICI Bank, Asian Paints and HDFC Bank, were the top losers. 

Sensex Today Live : L&T Technology Services today informed the exchanges that it will be intensifying its efforts to develop gen AI expertise within the company.

LTTS said that it plans to train 1,000 company engineers on gen AI and NVIDIA technologies over the next three years.

The company, in an exchange filing said the move is aimed at fostering global AI adoption, and it plans to deliver scalable AI solutions to enterprises around the globe.

LTTS is attending the NVIDIA GTC global AI conference, running March 18-21, to engage with customers. The company said it is committed to upskilling 1,000 engineers over the coming three years on NVIDIA software, such as NVIDIA AI Enterprise, the most efficient and reliable runtime for generative AI, which includes NVIDIA NeMo, NVIDIA NIM and more.

Sensex Today Live : Indian benchmark indices opened in the green on Fridayas markets globally awaited the US Federal Reserve’s interest rate decision and commentary regarding when it might start cutting rates.

At opening bell, Sensex was up 158.14 points, or 0.22%, at 72,170.19, and Nifty was up 66.90 points, or 0.31%, at 21,884.35.

Sensex Today Live : Indian benchmark indices were marginally at pre-open on Wednesday, as global markets await the US Federal Reserve’s interest rate announcement and commentary.

Sensex was up 24.81 points, or 0.03%, at 72,036.86, and Nifty was up 26.45 points, or 0.12%, at 21,843.90 during pre-open.

Sensex Today Live : HDFC Bank today informed the exchanges that it has completed the divestment of its stake in HDFC Credila.

In an exchange filing, the company said, “We wish to inform you that HDFC Bank, has, as of March 19, 2024, sold 14,01,72,180 equity shares of HDFC Credila to the Acquirers. Accordingly, HDFC Credila has ceased to be a subsidiary of HDFC Bank.”

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are projected to commence trading on a slightly positive note this Wednesday, reflecting the optimistic mood in global markets.

The Gift Nifty trends also suggest a positive opening for the Indian benchmark index. The Gift Nifty was observed trading around the 21,910 mark, showing a discount of more than 20 points from the previous close of Nifty futures.

On March 19, the domestic equity indices concluded with a decline of over a percent, with the Nifty 50 index dropping to its lowest level in over a month. The Sensex plummeted by 736.37 points to close at 72,012.05, while the Nifty 50 ended 238.25 points, or 1.08%, lower at 21,817.45.

After a period of narrow range-bound movement, the Nifty formed a long bear candle on the daily chart. The immediate support range of 21,900 – 21,850 was breached on the downside, resulting in a lower close for the Nifty.

“Nifty appears to have invalidated its bullish pattern of higher tops and bottoms by moving below the recent higher bottom of 21,860 of February 29. This could potentially lead to the resumption of a bearish pattern of lower tops and bottoms, according to the daily timeframe chart. The overall chart pattern of Nifty is weak, indicating a potential further decline in the near term,” stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

Sensex Today Live : On Wednesday, the local stock market indices are predicted to start the day with caution, potentially recovering from a steep decline in the previous session, buoyed by encouraging signals from global markets.

Overnight, Asian markets saw gains, and the US stock market closed in positive territory, all eyes on the upcoming interest rate decision from the US Federal Reserve.

On Tuesday, the Indian stock market ended with substantial losses, with widespread selling as investors exercised caution in response to the Bank of Japan’s first interest rate hike in 17 years, marking the end of an eight-year negative interest rate policy.

The Sensex plummeted by 736.37 points, or 1.01%, closing at 72,012.05, while the Nifty 50 fell by 238.25 points, or 1.08%, to settle at 21,817.45.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates that the market will continue to consolidate due to ongoing caution as the US Fed meeting begins. While the US Fed is expected to maintain its current stance and keep the rate steady, its commentary will be crucial as it will offer insights into the central bank’s future rate actions. (Read the full story here.)

Sensex Today Live : Ahead of the fiscal year-end and impending key US rate decisions, investors withdrew funds from the markets. This comes despite warnings from experts about potential further losses following a year of significant gains.

The benchmark indices, Sensex and Nifty, experienced a drop of over 1%, hitting a five-week low. The losses over the past week amounted to more than 2%. On Monday, the Sensex fell 1% to 72,012.05 points, while the Nifty closed 1.1% lower at 21,817.45.

The broader markets also faced a downturn, with both the Nifty Smallcap 250 and Nifty Midcap 100 settling 1.2% lower. The Nifty IT index saw a decline of 2.9%, primarily driven by a 4.37% fall in Tata Consultancy Services Ltd (TCS). Among the index heavyweights, Infosys Ltd, Reliance Industries Ltd (RIL), Larsen and Toubro Ltd (L&T), and ITC Ltd were the leading contributors to the losses.

As the Nifty slipped below the critical support level of 21,900, market experts predict a potential further decline of 200-300 points. (Read the full story here.)

Sensex Today Live : Global stocks were in wait-and-watch mode ahead of the interest rate announcements and commentary from the Federal Reserve today.

Gift Nifty futures was trading ahead of Nifty 50’s Tuesday close, but broader trends indicated that markets in India may be headed for a muted start.

At 8:03 am, Gift Nifty was at 21,930.50, more than 100 points ahead of Nifty 50’s Tuesday close of 21,817.45.

Asian shares were hesitant on Wednesday on concerns the Federal Reserve could signal a slower path of rate cuts this year, while the yen plumbed a fresh four-month low on expectations that policy in Japan will remain accommodative for a while longer.

Tokyo’s Nikkei is closed for a holiday in Japan, but the yen’s weakness lifted Nikkei futures by 0.6%, a day after the Bank of Japan ended years of negative interest rates in a well-telegraphed move.

MSCI’s broadest index of Asia-Pacific shares outside Japan eked out a gain of 0.2%. Australia’s resources heavy shares was 0.3% higher, while China’s blue chips slipped 0.2% and Hong Kong’s Hang Seng index fell 0.5%.

China’s central bank left its benchmark lending rates unchanged on Wednesday, as widely expected.

The dollar gained 0.2% to 151.16 yen, a fresh four-month high, and moved closer to the 152 level that prompted Japanese authorities to intervene to stem the currency’s slide in late 2022. It slumped about 1.1% overnight.

While Japan’s historic shift away from negative interest rates and massive stimulus ushered in a new era of economic policy for the nation, analysts expect the BOJ’s monetary normalisation to proceed at a glacial pace. That has meant an extended lifespan for the popular carry trades where investors borrow yen to buy higher yielding currencies.

With BOJ out of the way, focus is now squarely on the Federal Reserve policy meeting outcome later in the day where the risk is the new economic projections – the dot plot – could signal just two interest rate cuts, down from three, or a later start to the policy easing.

Ruskin expects the dot plot and the message from Fed Chair Jerome Powell at the post-meeting press conference to err on the slightly hawkish side, which would be positive for the U.S. dollar.

Markets have pushed back the timing for the first Fed cut to June, and maybe even July, due to recent data showing inflation has remained sticky.

A slew of European Central Bank officials including Christine Lagarde will be speaking later in the day. Some officials have endorsed June as the likely month to start discussing ECB rate cuts.

Oil prices retreated from multi-month highs on a strong dollar. Brent eased 0.2% to $87.19 a barrel, while U.S. crude lost 0.4% to $83.18 per barrel.

Gold prices were steady at $2,156.08 per ounce, some distance away from the record high of $2194.99 hit earlier this month.