Indian Stock Market: Domestic equity indices Sensex and Nifty 50 are expected to open higher on Thursday led by positive trends in global markets.
Asian markets traded higher, while the US stock market rose overnight, boosted by gains in technology stocks.
The U.S. inflation report dashed hopes that the Federal Reserve would cut interest rates by 50 basis points next week. Traders shifted their bets to an 85% chance that the Fed cuts 25 basis points from 66% on Tuesday and the probability of a 50 basis point cut fell to 15% from 34% a day ago, according to CME Group’s FedWatch tool.
Meanwhile, investors will be keeping an eye on India’s consumer price index (CPI) inflation data for August, due later today.
The Indian stock market ended a volatile session lower on Wednesday, with both indices falling half a percentage point each.
He Sensex The Nifty 50 index fell 122.65 points, or 0.49 per cent, to close at 24,918.45.
“We expect the market to consolidate in a higher zone ahead of key events. Rate-sensitive sectors are expected to be in focus along with equity-specific action,” said Siddhartha Khemka, head of research, wealth management, Motilal Oswal Financial Services Ltd.
Below are the top global market signals for Sensex today:
Asian markets
Asian markets traded higher on Thursday following a rally led by technology stocks overnight on Wall Street.
Japan’s Nikkei 225 rose 3%, while the Topix gained 2.48%. South Korea’s Kospi rose 1.2% and the Kosdaq gained 2.5%. Hong Kong’s Hang Seng index futures indicated a higher open, China’s CSI 300 futures were lower than their Wednesday close.
Gift Nifty Today
Gift Nifty was trading around 25,084 level, a premium of nearly 140 points to the previous close of Nifty futures, indicating a positive start for Indian stock market indices.
financial world
The U.S. stock market closed higher on Wednesday, boosted by gains in technology stocks.
The Dow Jones Industrial Average gained 124.75 points, or 0.31%, to 40,861.71, while the S&P 500 rose 58.61 points, or 1.07%, to 5,554.13. The Nasdaq Composite ended 369.65 points, or 2.17%, higher at 17,395.53.
Nvidia’s stock price rose 8%, while Goldman Sachs’ stock price rose 0.9% and JPMorgan’s stock price gained 0.8%. Trump Media & Technology Group’s stock price fell 10.5%, while First Solar’s stock price rose 15.2%, Sunrun’s stock price rose 11.3% and SolarEdge Technologies’ stock price gained 8.5%. GameStop’s stock fell nearly 12% and Albemarle’s stock rose 13.6%.
Inflation in the US
U.S. consumer prices rose marginally in August. The consumer price index (CPI) rose 0.2% last month after rising 0.2% in July. The U.S. CPI advanced 2.5% year-on-year, the smallest increase since February 2021 and followed a 2.9% rise in July. Economists polled by Reuters had forecast the CPI to rise 0.2% and 2.6% year-on-year.
Oil prices
Crude oil prices Brent crude futures for November rose 0.41% to $70.90 a barrel, while US crude futures for October gained 0.33% to $67.53.
Gold price today
Gold prices held steady after the release of the US inflation data. Spot gold was steady at $2,511.52 an ounce, while US gold futures were down 0.1% at $2,539.20.
US Dollar
The U.S. dollar traded near a four-week high against the euro and also gained ground against the yen. The dollar rose 0.38% to 142.905 yen, Reuters reported. The euro fell to $1.1007, holding near Wednesday’s low of $1.1002, the weakest since Aug. 16.
(With contributions from Reuters)
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