Indian Stock Market: Domestic stock markets are expected to open on a cautious note on Thursday amid weak global market cues.
Asian markets traded mixedly, while US stocks ended lower overnight, dragged down by selling in tech stocks.
On Tuesday, Indian stock market indexes widened their decline for the third straight session, ending down more than 0.5% on the back of global economic weakness.
The Sensex fell by 456.10 points (0.62%) to close at 72,943.68 and the Nifty 50 fell by 124.60 points (0.56%) to close at 22,147.90.
Indian stock markets were closed on Wednesday due to Ram Navami.
“Investors are concerned that the ongoing conflict could spur higher oil prices and, in turn, weigh on inflation. high and downside risks to the benchmark Nifty are still visible till the psychological 22,000 mark,” said Prashanth Tapse, senior vice president (research) at Mehta Equities.
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Here are today’s key global market cues for Sensex.
asian market
Asian markets traded mixed after overnight losses on Wall Street.
Japan’s Nikkei Stock Average fell 0.82% and TOPIX fell 0.38%. South Korea’s Kospi rose 1.04% and Kosdaq rose 1.16%. Hong Kong’s Hang Seng Index futures showed a weak start.
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Gift Nifty is trading near the 22,149 level, at a discount of nearly 50 points from Tuesday’s closing price of Nifty futures, indicating a negative start for the Indian stock market index.
wall street
US stock markets ended lower on Wednesday as investors took stock of the Federal Reserve’s interest rate stance and weak corporate earnings.
The Dow Jones Industrial Average fell 45.66 points, or 0.12%, to $37,753.31, and the S&P 500 Index fell 29.20 points, or 0.58%, to 5,022.21. The Nasdaq Composite Index fell 181.88 points, or 1.15%, to end at 15,683.37.
Among stocks, Nvidia stock fell nearly 4%, Travelers stock fell 7.41%, Prologis stock fell 7.19%, and Abbott Laboratories stock fell 3.03%. United Airlines stock soared 17.45%, JB Hunt Transport Services stock fell 8.12%, and US Bancorp stock fell 3.61%.
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US government bond yield
U.S. Treasuries have rebounded after falling, and Treasury yields have fallen. The 10-year Treasury yield fell 8 basis points (bp) to 4.58%, and the 2-year Treasury yield fell further below 5%.
oil price
Oil prices rose on Thursday, narrowing their decline to 3% in the previous session, after the United States announced it would reinstate oil sanctions on Venezuela, Reuters reported.
Brent futures were trading 0.11% higher at $87.39 per barrel, while US crude oil futures were trading 0.01% higher at $82.70 per barrel.
Also read: Biden calls for significant hike in Chinese steel tariffs
China steel tariff hike
US President Joe Biden has called for higher tariffs on steel and aluminum imports from China. The president wants to raise major tariffs on Chinese steel and aluminum products from 7.5% to 25%.
(Information provided by Reuters)
Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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