Global Markets Today: US stocks suffered daily losses last Friday amid heavy selling pressure and extended their weekly rout after data showed core PCE rose at the highest rate in six months. The US Dollar remained strong as the dollar index remained above 105 level despite profit-booking in Monday morning trade. The SGX Nifty opened at 17,505, indicating further weakness in Indian stock markets.
Here we list down the major global market triggers that may guide indian stock market Today:
US market
The weekly losses of major indices on Wall Street deepened on Friday as the S&P 500 index fell 1.05 percent, with the Dow Jones improving 1.02 percent and tech heavyweight Nasdaq shedding 1.69 percent.
On the cause of weakness on Wall Street, Mark Despellieres, chief strategy and trading officer at Vantage, said, “US stocks extended their weekly rout after data showed core PCE rose at the highest rate in six months. Annual core The PCE price index, which is also the Federal Reserve’s favorite gauge of inflation, rose to 4.7 percent, well above the market’s expectation of 4.3 percent.
In morning trade on Monday, the SGX Nifty opened at 17,505 and went as low as 17,477.
SGX Nifty has a weak opening today, Anuj Gupta, Vice President – Research at IIFL Securities said, “Today’s lower opening of SGX Nifty indicates a negative trend and we can expect a sluggish opening on Dalal Street today. Immediate support for SGX Nifty is placed at 17,380, while 17,250 is a key one for the index. Holy support is expected to hold. Similarly, on the upside, SGX Nifty is expected to face resistance at 17,650 while 17,800 may act as a major hurdle for the index.”
Asian market
In Monday morning trade, the Japanese Nikkei is down 0.15 per cent, the Shanghai index is down 0.42 per cent, Hong Kong’s Hang Seng is down 0.88 per cent while South Korean KOSPI is down 1.19 per cent.
us dollar rates
Despite booking profits in the morning session, US dollar managed to maintain its strength as dollar index remained above 105 level. The dollar index is currently down 0.10 percent at 105.095 in Monday morning deals.
As the US dollar strengthened, Mark said, “hawkish Federal Reserve concerns have provided strong support to the safe-haven greenback, as the hawkish Federal Reserve (Fed) underlines markets’ bets of higher Fed rates. CLEVELAND Fed Chair Loretta Meister told CNBC on Friday that her funds rate was above the median in December and still thinks they need to stay somewhat above 5 percent.”
US bond yield
The US 10-year bond yield is currently down 0.34 percent at 3.935 while the US 30-year bond yield is down 0.42 percent at 3.922.
crude oil price
Due to rise in US dollar rates, crude oil price on MCX rose over 1.55 per cent on Friday and closed at Rs. 6,355 per barrel while the price of crude oil in the international spot market is $76.40 per barrel.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any Investment Decision.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.