Nifty, an increase in oil prices, and a Bitcoin bounce are just a few of the seven major events that occurred overnight on the Indian stock market.
Indian stock market: Tuesday’s start of the domestic equity benchmark indices, Sensex and Nifty 50, is anticipated to be muted in line with muted global market signals.
In the wake of dismal sentiment leading up to the publication of important economic data this week, Asian markets were divided while US stocks closed down.
If the figures from January’s personal consumption expenditures price index (PCE), the favored inflation gauge of the US Federal Reserve, show that price pressures are not dropping fast enough, it could dampen the current euphoria.
Following unexpectedly robust consumer and producer price data, the markets have recently delayed the anticipation of easing to June from May, according to CME’s FedWatch Tool, and have all but ruled out a cut at the Fed’s March meeting (Reuters reported this).
In the hours leading up to crucial macroeconomic data, Indian stock market indices closed down on Monday on the back of weak global indications.
At 72,790.13, the Sensex fell 352.67 points, or 0.48%, and the Nifty 50 down 90.65 points, or 0.41%, to 22,122.05.
“Macro data releases scheduled for the week would serve as cues for global markets. According to Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd., we anticipate a market consolidation in upper zones in line with worldwide trends.
Sensex today’s major worldwide market cues are as follows:
Asian Markets
Tuesday saw mixed trading throughout Asian markets as a result of the overnight decline on Wall Street and muted investor morale.
The Nikkei 225 and the Topix gained 0.3% and 0.1%, respectively, in Japan. Among South Korean stock indexes, the Kospi fell 0.1% and the Kosdaq fell 0.3%. Futures on the Hang Seng index in Hong Kong pointed to a little higher opening.
If you’re looking to purchase or sell equities today (February 27), Vaishali Parekh has three recommendations.
Gift Nifty Today
In contrast to Nifty futures’ prior closing of 22,138, Gift Nifty was trading at approximately 22,151, suggesting a little positive opening for the Indian stock market indices.
Wall Street
Monday saw a decline across US stock market indices as attention turned to forthcoming economic data that may influence when the Federal Reserve cuts interest rates.
The S&P 500 lost 19.27 points, or 0.38%, to 5,069.53, and the Dow Jones Industrial Average lost 62.30 points, or 0.16%, to 39,069.23. The Nasdaq Composite closed at 15,976.25, down 20.57 points, or 0.13%.
The stock prices of Google parent Alphabet fell 4.44 percent, Berkshire Hathaway, which is run by Warren Buffett, fell 1.94 percent, and Micron Technology rose 4.02%. In contrast to Intuitive Machines’ 34.62% decline, Domino’s Pizza’s stock price rose 5.85%.
Japan’s inflation
Inflation among Japanese consumers fell to 2.0% in January, the third consecutive monthly decline. Government data revealed that prices, excluding volatile fresh food, rose annually at a rate of 2.3% in December. Economists surveyed by Bloomberg had predicted a 1.9% decline in the core CPI, thus the actual decline was rather smaller.
Bitcoin price
Thanks to renewed hope for long-term demand from exchange-traded funds (ETFs), the price of bitcoin soared beyond $53,000, its all-time high. Up 3.5% to $53,600, the biggest cryptocurrency in the world saw a surge.
Here you may read: Bitcoin’s strong ETF inflows push price near $54,000, the highest level in two years.
US Dollar
On Tuesday, the US dollar was trading at a loss as traders anticipated important economic data due out next week in the hopes of receiving new signals regarding the timing of the Fed’s interest rate cuts.
After losing 0.17% on Monday, the US dollar index, which tracks the greenback vs a group of currencies including the euro and yen, remained unchanged at 103.78 early Asian time.
Energy Costs
Following a rise, the price of crude oil leveled down. U.S. West Texas Intermediate (WTI) crude futures increased by 0.08% to $77.64 following a 1.4% increase on Monday, while Brent crude oil increased by 0.06% to $82.58 per barrel.