Trading at a premium of over 30 points from the Nifty futures’ previous close, Gift Nifty was trading around the 22,445 level, suggesting a good start for the Indian stock market indices.
On Tuesday, conservative investors will be watching conflicting global market signals, which should lead to a higher opening for the domestic share market.
Inflation statistics could impact when the US Federal Reserve shifts to monetary easing, so it’s no surprise that Asian markets were divided following cautious trading on Wall Street.
Market players will closely monitor the inflation data that is set to be issued later Tuesday in both the US and India.
On Monday, investors in India’s stock market sold off in droves, sending the benchmark indices down almost 1% as traders remained wary ahead of crucial macroeconomic data and weak global signals.
Closed at 73,502.64, the Sensex fell 616.75 points, or 0.83%, and the Nifty 50 finished at 22,332.65, down 160.90 points, or 0.72%.
Irrational run-ups and pricey valuations in small and midcap stocks were brought to light by the SEBI chief, which lowered sentiment. The deadline for small and midcap funds to announce stress test disclosures is March 15. The wider market is expected to be under pressure for the foreseeable future because of this. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd., stated that moving forward, the market should expect consolidation along with significant bouts of volatility.
Because of the improved risk-reward ratio, he suggests moving to large caps.
Following Wall Street’s mixed performance overnight and Japan’s corporate inflation coming in higher than expected, Asian markets were in a state of flux.
The Nikkei 225 and Topix both lost 1.12% and 1.37%, respectively, in Japan. The Kosdaq jumped 0.55% and the Kospi gained 0.18% in South Korea. The futures for Hong Kong’s Hang Seng index pointed to an upward start.
A bullish start for the Indian stock market indices was indicated by Gift Nifty trading around the 22,445 level, which is about 30 points higher than the Nifty futures’ previous finish.
Before this week’s consumer inflation statistics, which may shed new light on the future trajectory of interest rate cuts by the US Federal Reserve, the US stock market indices closed Monday with mixed results.
The S&P 500 lost 5.75 points, or 0.11%, to 5,117.94, while the Dow Jones Industrial Average rose 46.97 points, or 0.12%, to 38,769.66. Traders sold down 65.84 points, or 0.41%, of their Nasdaq Composite holdings at 16,019.27.
Among the stocks we looked at, Nvidia’s fell 2%, Amida’s fell 4.3%, and Broadcom’s fell 1.2%.
Based on data from the central bank, wholesale prices in Japan increased at a quicker rate than anticipated in February, with the Corporate Goods Price Index (CGPI) up by 0.6% year-on-year.
Despite favorable developments including record levels of capital spending by corporations and substantial salary raises, Japanese Finance Minister Shunichi Suzuki stated that the country is not yet in a position to declare deflation defeated, according to Reuters.
Following a three-day decline, crude oil prices have leveled off in anticipation of a slew of economic reports that might steer the market.
The price of Brent crude rose 0.17 percent to $82.35 per barrel, while the price of US West Texas Intermediate futures rose 0.09 percent to $78.00 per barrel, following a 1.5 percent decline in the prior three sessions.
The new spot exchange-traded funds for bitcoin saw a spike in investment, driving the price of the digital asset to a new record high above $72,000. The price of bitcoin, which was recently up 6.24% at $72,321, has been boosted by hopes that the US Federal Reserve may shortly decrease interest rates. As of this now, the price of one bitcoin is $72,886.14.