The Indian stock market, represented by the Sensex and Nifty 50 indices, is likely to start on a flat or slightly negative note today, following losses in global markets.
Here’s what happened overnight:
- Global Market Impact: Asian markets opened lower after Wall Street ended its eight-day winning streak, as investors waited for the US Federal Reserve’s meeting minutes and comments from Fed Chair Jerome Powell at the upcoming Jackson Hole Economic Symposium.
- US Interest Rate Speculation: Financial markets are predicting a 69.5% chance of a 25 basis-point interest rate cut by the US Federal Reserve in September, with a 30.5% chance of a bigger 50 basis-point cut.
- Sensex and Nifty Performance: On Tuesday, the Indian stock market gained around half a percent, with the Sensex closing at 80,802.86 and the Nifty 50 at 24,698.85.
- Asian Markets: Japan’s Nikkei 225 and Topix indices fell, along with South Korea’s Kospi and Kosdaq, and Hong Kong’s Hang Seng index also indicated a lower opening.
- Gift Nifty: The Gift Nifty was trading slightly lower, suggesting a muted start for the Indian stock market.
- US Markets: The Dow Jones, S&P 500, and Nasdaq all closed lower, breaking their recent winning streak.
- Oil and Currency Markets: Oil prices showed mixed trends, and the US dollar hit a seven-month low as US Treasury yields dropped, reflecting expectations of a potential interest rate cut next month.
These factors suggest that the Indian stock market might experience cautious trading today as investors watch global cues and await further developments.
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