The Indian stock market is expected to open lower on Wednesday due to a major sell-off in global markets. Asian markets and the US stock market both saw significant losses, with technology stocks hit hard.
In the US, weak economic data has sparked fears of a recession, leading to a sharp drop in major indices. Investors are also concerned about possible interest rate cuts by the US Federal Reserve, with some predicting a 25 to 50 basis point cut in the upcoming September meeting.
On Tuesday, Indian markets remained flat with the Sensex down by just 4.40 points to 82,555.44, and the Nifty closing at 25,279.85.
Here are the key global market cues for today:
Asian Markets: Asian stocks are trading lower following the US sell-off, with Japan’s Nikkei 225 and South Korea’s Kospi both down sharply.
Gift Nifty: Trading around the 25,185 level, it indicates a negative start for the Indian market.
Wall Street: The US market saw its biggest drop since early August, with major tech stocks like Nvidia, Alphabet, Apple, and Microsoft all falling significantly.
US Manufacturing PMI: US manufacturing contracted slightly in August, but it remains below the growth threshold for the fifth straight month.
Nvidia: Nvidia’s stock dropped 9.5%, losing $279 billion in market value, marking the largest single-day loss for a US company.
Oil Prices: Crude oil prices continue to drop, with Brent crude and WTI both down.
Gold Prices: Gold prices remain steady as investors await the US payrolls report, with spot gold flat and US gold futures slightly up.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
