The Sensex and Nifty 50 are expected to open on a positive note today, taking cues from global markets. Asian stocks showed gains, and Wall Street ended mixed, with some indices bouncing back overnight.
On Monday, Indian markets continued their losing streak for the seventh session:
- Sensex: Fell 241.30 points (-0.31%) to close at 77,339.01.
- Nifty 50: Dropped 78.90 points (-0.34%) to settle at 23,453.80.
Prashanth Tapse, Senior VP at Mehta Equities, noted that Indian equities are under pressure due to foreign fund outflows, rising US bond yields, and underwhelming local earnings.
8 Key Global Cues Driving the Market Today
- Asian Market Gains
- Japan’s Nikkei 225 gained 0.68%, and the Topix index rose 0.65%.
- South Korea’s Kospi and Kosdaq were flat.
- Hong Kong’s Hang Seng futures suggested a positive opening.
- Gift Nifty Hints at Positive Start
- Gift Nifty traded at 23,545, a 30-point premium, signaling a mildly upbeat opening for Indian indices.
- Gift Nifty traded at 23,545, a 30-point premium, signaling a mildly upbeat opening for Indian indices.
- Wall Street Recap
- Nasdaq: Gained 0.60%, ending at 18,791.81.
- S&P 500: Rose 0.39% to 5,893.62.
- Dow Jones: Declined slightly by 0.13% to 43,389.60.
- Tesla shares surged 5.6%, while Nvidia dropped 1.3%.
- US Homebuilder Sentiment
- Confidence in the housing market hit a 7-month high, with sales expectations reaching their best level in 2.5 years.
- Confidence in the housing market hit a 7-month high, with sales expectations reaching their best level in 2.5 years.
- US Dollar Eases from Highs
- The dollar index fell by 0.51%, closing at 106.19, just below its one-year peak of 107.07.
- The dollar index fell by 0.51%, closing at 106.19, just below its one-year peak of 107.07.
- US Treasury Yields Cool Down
- The 10-year Treasury yield dropped to 4.414%, down from its recent high of 4.505%.
- Two-year yields eased to 4.284%.
- Oil Prices Hold Steady
- WTI crude was near $69/barrel, following a 3.2% jump on Monday.
- Brent crude rallied 3.18%, closing at $73.30/barrel.
- Gold Prices Rebound
- After six days of losses, gold prices surged as the dollar weakened.
- Spot gold rose 1.93% to $2,610.73/ounce, with futures settling at $2,614.60/ounce.
What It Means for Today’s Trade
Positive cues from global markets and Gift Nifty suggest an optimistic start for Indian equities. However, continued caution is advised due to market uncertainty caused by foreign fund outflows and bond yield movements. Investors should keep an eye on support and resistance levels in the indices.
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