Sensex Today | Share Market Live Updates : Gift Nifty indicates muted to positive start; Global peers’ mood cautious
Sensex Today | Share Market Live Updates : Asian equity markets were under pressure Tuesday with investors focused on China, where officials have set an ambitious 5% growth target alongside measures to boost confidence.
Futures pricing indicated selling in Chinese stocks Tuesday amid growing investor concern over Beijing’s ability to correct an economic slowdown. Information that began to filter through early Tuesday included a 5.5% urban unemployment and 3% inflation target.
The Golden Dragon index of US-listed Chinese equities fell 4% in New York trading on Monday in a sign of the weak sentiment facing the country’s stock market.
Australian shares were flat while Japanese equities opened lower after the Nikkei 225 breached 40,000 index points Monday as optimism in Japan supports the stock market. US equity futures edged lower in early Asian trading following a small decline for the S&P 500 on Monday.
In Asia, focus will be on the annual parliamentary meetings in Beijing. Investors will be closely watching data being reported in the government’s annual work report, with released numbers also including a 7.2% rise in defense spending – the biggest in five years.
Treasuries were steady in Asian trading after 10-year yields increased four basis points to 4.22% on Monday. Fed Bank of Atlanta President Raphael Bostic said he expects the Fed’s first cut — which he has penciled in for the third quarter — will be followed by a pause the following meeting to assess how the policy shift is affecting the economy.
Fed Chair Jerome Powell heads to Capitol Hill for his semiannual testimony before Congress on Wednesday and Thursday and is expected to double down on his message that there’s no rush to cut rates.
In commodities, oil prices were little changed early Tuesday. Gold held above $2,100 following a Monday rally. Bitcoin traded around $67,800.
Sensex Today Live : Six key things that changed for market overnight – Gift Nifty, China’s GDP to rise in US bond yields
Sensex Today Live : On Tuesday, the domestic equity indices are likely to start on a muted note due to weak cues from the global market. Asian markets are trading lower, and the US stock market indices ended in negative territory overnight, awaiting crucial economic data. Market players seem to be exercising caution in anticipation of Powell’s two-day congressional testimony later this week, the decision on policy by the European Central Bank, and the Labor Department’s important jobs report for February.
China’s “Two Sessions” meeting commenced today, with the country setting an ambitious GDP growth target of “around 5%” for 2024 and projecting the inflation rate to rise to “around 3%.”
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, stated, “Considering the positive domestic sentiments, we anticipate the market momentum to persist over the next few days with Nifty likely advancing towards the 22,500 zones. However, the broader market may face pressure due to profit booking and an unfavorable advance-decline ratio. Therefore, we advise traders to exercise selectivity when dealing with mid/small caps.” (Read the full story here.)
Sensex Today Live : Gift Nifty indicates muted to positive start for Indian benchmarks
Sensex Today Live : With Gift Nifty futures trading ahead by 100 points from Monday’s Nifty close, Indian benchmarks looked all set to start on a positive note, but concerns about the China’s moves to stabilize its economy could prove to be a dampener for markets elsewhere.
At 7:40 am, Gift Nifty futures was trading at 22,495, nearly a 100 points ahead of Monday’s Nifty close of 22,405.60.
Wall Street stocks closed lower on Monday, backing away from record highs, while U.S. Treasury yields ticked higher as investors looked ahead to key jobs data and Federal Reserve Chair Jerome Powell’s congressional testimony later in the week.
After European stocks backed off from record highs, the major U.S. equity indexes followed suit, failing to eke out further gains following Friday’s record-setting rally.
All three U.S. indexes struggled for gains through much of the range-bound session, but lost momentum in the final hour.
The S&P 500 closed modestly lower, while the Nasdaq and the Dow registered more pronounced declines.
The Dow Jones Industrial Average fell 97.55 points, or 0.25%, to 38,989.83, the S&P 500 lost 6.13 points, or 0.12%, to 5,130.95 and the Nasdaq Composite dropped 67.43 points, or 0.41%, to 16,207.51.
The pan-European STOXX 600 index lost 0.03%, and MSCI’s gauge of stocks across the globe shed 0.01%.
Emerging market stocks rose 0.51%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.57% higher, while Japan’s Nikkei rose 0.50%.
Oil held a drop with traders assessing tensions in the Middle East ahead of economic data releases from the US.
West Texas Intermediate traded below $79 a barrel after declining by 1.5% on Monday, while Brent crude closed under $83.
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