Global Market Update: The US equity market closed in the green on Thursday due to buying in telecom, technology and consumer services stocks. US Dollar is witnessing some relief rally in morning trade as Dollar Index is back towards 102 level. This may not bode well in emerging markets including Dalal Street. Indicating a weak start to Friday’s session, SGX Nifty opened higher today but came under selling pressure within minutes of Asian stock market deals.
Here we list down the major global market triggers that may affect the Indian stock market today:
US stock market
The US stock market pared losses, with traders piling in some of the world’s biggest technology companies, seen by many on Wall Street as a haven during times of stress and economic uncertainties. The Dow Jones gained 0.23 per cent, the S&P 500 index added 0.30 per cent, while tech heavyweight Nasdaq gained nearly 1 per cent in Thursday deals. Apple Inc. and Microsoft Corp. As such, gains in megacaps put the Nasdaq 100 near the threshold of a bull market after rallying nearly 20 percent from its December lows.
As technology stocks rallied on Wall Street, Marc Despallieres, chief strategy and trading officer at Vantage, said: “In the wake of the banking turmoil, which has roiled markets and raised fears of a recession, tech giants have significantly Banks also declined. Treasury Secretary Janet Yellen told lawmakers that the US was prepared to take more steps to protect deposits if needed. In recent weeks, two Federal Reserve have only slightly reduced their borrowings from backstop facilities, a sign that institutions are taking advantage of central bank liquidity in the wake of the turmoil.”
block inc share price
After shares of Adani Group, Hindenburg Research announced taking short positions in Block Inc, accusing Jack Dorsey of misleading investors. Following this announcement by the short seller, Block Inc share price was hit by a sell-off on Thursday. Shares of the American multinational technology conglomerate opened with a big negative gain of $60 per share and touched a low of $56.50 per share, which is almost $5 per share from its 52-week low of $51.34 per share. is far. Block Inc share price fell 14.82 percent to close at $61.88 on Thursday.
asian stock market today
In morning trade, the Japanese Nikkei is down 0.47 per cent, the Shanghai index went down 0.51 per cent, the Hang Seng rose 0.90 per cent, while the South Korean KOSPI lost 0.78 per cent.
Indicating a muted opening on Friday, SGX Nifty opened higher today but succumbed to profit-booking within minutes of opening today. SGX Nifty today opened at 17,107 and touched a high of 17,231. But, the SGX Nifty soon turned into a selloff and hit a low of 17,048.
Anuj Gupta, Vice President (Research), IIFL Securities said, “One is advised to maintain buying at the support level as short covering ahead of expiry is widely expected and hence the short covering should motivate the bulls.” Looking forward to trying to take advantage of the expected relief rally.” ,
us dollar price
After falling below 102 levels, dollar index moved back towards 102 levels on Thursday on relief rally due to short covering before the end of trading hours. In morning deals, the dollar index managed to stay above 102 levels with minor gains.
Speaking on INR vs USD, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas said, “We expect Indian Rupee to trade with slight downside bias on weaker Dollar, Dovish FOMC may favor risk assets. Global Equities Dovish may recover on FOMC as well. May be supportive for domestic currency. However, selling pressure from foreign investors and dollar demand from importers may limit further gains in the rupee for the month. Recovery may also cap the bullish momentum. Traders can take cues from weekly unemployment claims, current account balances and new home sales data from the US. Traders can now also look at the Bank of England’s monetary policy. 25- The rate is expected to increase bps.USDINR spot price is expected to trade in a range. from 81.60 82.70”.
US bond yield
In morning deals, the US 10-year bond yield was trading sluggish while the US 30-year bond yield was up 0.10 per cent at 3.685.
crude oil price
Crude oil prices in the international market saw some buying in the morning deals as WTI crude oil prices rose 0.20 per cent to USD 75.66 per barrel.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of o2help. We advise investors to do due diligence with certified experts before making any investment decision.
