“7 Key Overnight Changes in the Indian Stock Market: Nifty Trends, US Dollar Impact, and Oil Prices”
The GIFT Nifty was trading at approximately 25,355, reflecting a premium of nearly 17 points over the previous close of Nifty futures. This suggests a flat-to-positive opening for the Indian stock market indices.
Gift Nifty was trading around 25,355 level, a premium of nearly 17 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
Indian stock market: On Tuesday, the Sensex and Nifty 50 are anticipated to open flat, following mixed signals from global markets. While Asian markets largely saw gains, US stock futures dipped after the holiday.
On Monday, the Indian stock market closed higher, with both benchmark indices reaching new intraday record highs. The Sensex rose by 194.07 points, or 0.24%, finishing at 82,559.84. The Nifty 50 increased by 42.80 points, or 0.17%, ending at 25,278.70.
“Although key indices continued their record-breaking streak thanks to selective buying in major stocks, several sectoral indices closed in the red, suggesting that bullish momentum may be waning. Investors are now awaiting the release of crucial US jobs data on Friday, which will be pivotal for the US Federal Reserve’s interest rate decisions this month,” noted Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
Here are the key global market cues for the Sensex today:
Asian Markets:
Asian markets mostly advanced on Tuesday following the release of South Korea’s inflation data. Japan’s Nikkei 225 increased by 0.18%, while the Topix rose by 0.38%. South Korea’s Kospi gained 0.17%, and the Kosdaq edged up 0.02%. China’s CSI 300 futures were largely flat after hitting a seven-month low on Monday. Meanwhile, Hong Kong’s Hang Seng index futures suggested a lower opening.
GIFT Nifty Today:
The GIFT Nifty was trading at approximately 25,355, showing a premium of around 17 points over the previous close of Nifty futures. This suggests a flat-to-positive opening for the Indian stock market indices.
Wall Street:
The US stock market was closed on Monday in observance of Labor Day. Futures for the Dow Jones Industrial Average fell by 63 points, or 0.1%. S&P 500 futures were slightly lower, while Nasdaq-100 futures experienced minor gains.
Oil Prices:
Crude oil prices dropped due to concerns about China’s economic outlook. Brent oil decreased by 0.36% to $77.24 per barrel, while West Texas Intermediate (WTI) crude increased by 0.53% to $73.94.
South Korea Inflation:
South Korea’s consumer inflation slowed in August to its lowest rate in nearly 3.5 years. The consumer price index rose by 2.0% year-on-year, down from 2.6% in the previous month. This marks the slowest annual increase since March 2021 and aligns with the median 2.0% rise predicted in a Reuters survey and the central bank’s medium-term inflation target of 2%.
Gold Price Today:
Gold prices declined on Tuesday as investors awaited a series of US economic reports to assess the potential size of an anticipated interest rate cut by the US Federal Reserve this month.
Gold Price Today:
Spot gold dropped 0.1% to $2,495.79 per ounce, following a decline to a one-week low in the previous session. US gold futures were steady at $2,527.70.
Dollar:
The dollar remained near a two-week high against both the yen and the euro. The dollar index, which tracks the US currency against six major rivals, stood at 101.69 in early trading, just shy of the two-week high of 101.79 reached on Monday.
(With inputs from Reuters)
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