Global Markets: SGX Nifty to OPEC+ Production Cut – Key Factors You Need to Know

Here we list the major global market triggers that can guide indian stock market Today:

american stock market

Major benchmark indices closed in the green on Wall Street on Friday after the bank crisis eased in the US. The Dow Jones Industrial Average rose 1.26 percent, the S&P 500 rose 1.44 percent, while the Nasdaq rose 1.74 percent.

Why the US stock market soared in the last session of FY2023, said Mark Despallieres, chief strategy and trading officer at Vantage, “US technology stocks continued their rally this week as the Fed edged higher on a modest increase in the preferred inflation measure. Concerns over inflation eased after February. The personal consumption expenditure price index, which excludes food and energy, rose 0.3%, slightly below the median estimate. The overall PCE price index rose 5% from a year earlier, still below the Fed’s 2. % above target but below January figures. On the other hand, gains in tech stocks coincided with a rise in Treasury prices after a volatile quarter that shifted expectations for bank failures and interest rates. The two-year yield is around 4.05. %, while the 10-year maturity declined to 3.48%. The US Dollar also strengthened against major currencies.”

crude oil price

Crude oil prices rose sharply in morning deals on Monday, following the surprise announcement of production cuts by OPEC+ countries on Sunday. wti crude In the opening session, the oil price rose up to 5.67 percent and climbed to the level of $80 per barrel.

Anuj Gupta, Vice President – Research at How Crude Oil Prices Will Impact Indian Markets IIFL Securities “It will not have an immediate impact on Indian markets, but if it sustains in the range of $80 to $90 for a few more sessions, in that case we will see rising concerns about CAD (current account deficit) and inflation,” said. Reason can see some pressure.” Because India heavily depends on imports to meet most of its demands.

asian stock markets

In the morning session, the Japanese Nikkei was up 0.45 per cent, the Shanghai index climbed 0.24 per cent, the Hang Seng closed 0.08 per cent, while the South Korean KOSPI closed down 0.05 per cent.

During the morning session on Monday, SGX Nifty opened higher today and the index traded in a range-bound direction indicating sluggish momentum at the opening bell on Dalal Street.

Speaking on SGX Nifty today, Anuj Gupta of IIFL Securities said, ‘SGX Nifty has given a breakout on the weekly charts backed by an uptick in volumes. Hence buying on dips should be continued as the overall trend is still positive.’

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