Indian Stock Market: Domestic stock markets are expected to open higher on Wednesday amid caution on various global market cues.
US stocks closed mixed last night ahead of key inflation data, while Asian markets ended mostly lower.
Market participants will now focus on US and Chinese inflation indicators, as well as the release of the US Federal Open Market Committee (FOMC) minutes later today.
On Tuesday, the Indian stock market benchmark index hit a new all-time high during trading before ending with a modest decline.
The Sensex index fell by 58.80 points or 0.08% to close at 74,683.70 and the Nifty 50 index fell by 23.55 points or 0.1% to close at 22,642.75.
“We expect the uptrend to continue on the back of healthy fourth-quarter earnings updates and strong macro data.The market is likely to continue to be stock-specific as earnings season begins.Skymet With India predicting a normal monsoon in 2024, we expect agriculture and rural stocks to be in the spotlight,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services. said.
Here are today’s key global market cues for Sensex.
asian market
Asian markets were mostly lower on Wednesday following the release of Japan’s corporate inflation data.
Japan’s Nikkei Stock Average fell 0.18%, and the TOPIX fell 0.23%. Hong Kong’s Hang Seng Index futures showed solid gains. South Korean markets are closed.
Read here: Asian stocks rise ahead of US inflation: Market Wrap
Give a thoughtful gift today
Gift Nifty is trading around 22,813 levels, at a premium of nearly 80 points from the previous close of Nifty futures, indicating a gap upstart for the Indian stock market index.
wall street
U.S. stock markets ended mixed Tuesday, weighing on financial stocks, ahead of key inflation data.
The Dow Jones Industrial Average fell 9.13 points, or 0.02%, to 38,883.67, and the S&P 500 rose 7.52 points, or 0.14%, to 5,209.91. The NASDAQ Composite Index rose 52.68 points (0.32%) to end at 16,306.64.
Among stocks, Alphabet’s stock rose 1.1%, hitting a new high as its market capitalization neared the $2 trillion mark. Moderna shares rose 6.2%.
Shares of exchange operator Coinbase Global fell 5.5%, and shares of software company MicroStrategy fell 4.8%.
Japanese corporate inflation
Japan’s corporate goods price index rose 0.8% in March from the same month last year, the third straight month of increases, accelerating from February’s revised 0.7% rise and in line with economists’ forecasts compiled by Reuters. On a month-on-month basis, Japan’s CGPI increased by 0.2%.
Also read: Stock market today: Exide, Idea, India Cements are among 7 stocks included in today’s F&O ban list
currency
The US dollar strengthened ahead of a major inflation report. The dollar index against six competitors was firm at 104.10.
The Japanese yen rose 0.06% to 151.70 yen to the dollar, close to its lowest level in 34 years. The euro was stable at $1.085575, and the pound was almost flat at $1.26760.
oil price
Crude oil prices stabilized after falling for two consecutive days. Brent crude oil futures rose 0.01% to $89.43 per barrel, and US West Texas Intermediate (WTI) crude oil futures rose 0.04% to $85.26.
US Treasury yield
U.S. Treasury yields fell from their highest level in more than four months as investors awaited inflation data.
The benchmark 10-year Treasury yield fell 6.6 basis points to 4.358%, while the 30-year Treasury yield fell 5.7 basis points to 4.4964%. The two-year bond yield fell 5.1 basis points to 4.7384%.
(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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