Before Market Opens: 9 essential things to know at 9 am on March 7, 2024
Before Market Opens: Indian markets are likely to open on a positive note on Thursday following a surge in Asian peers as Japan’s Nikkei hit a record high in early deals. Meanwhile, Wall Street also ended higher in overnight deals adding to the positive sentiment. Gift Nifty was trading 55 points higher, indicating a positive start for benchmark Nifty. Let’s take a look at some key cues before the market opens today:
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Wall Street followed world shares to a higher close on Wednesday and the benchmark US Treasury yield dipped to a one-month low after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year. The Dow Jones Industrial Average rose 75.86 points, or 0.2 percent, to 38,661.05, the S&P 500 gained 26.11 points, or 0.51 percent, to 5,104.76 and the Nasdaq Composite added 91.96 points, or 0.58 percent, to 16,031.54.
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Asian markets traded higher on Thursday, with Japan’s Nikkei 225 index hit a fresh record high, following overnight gains on Wall Street The Nikkei 225 gained 0.8%, while the Topix rose 0.6%, also hitting a record high. South Korea’s Kospi added 0.42%, while the Kosdaq rose 0.1%. Hong Kong’s Hang Seng index futures indicated a higher opening.
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On Wednesday, the Indian stock market indices gained over half a percent each with the benchmark Sensex surpassing the coveted 74,000 mark for the first time. The Sensex rose 408.86 points, or 0.55%, to close at 74,085.99, while the Nifty 50 settled 117.75 points, or 0.53%, higher at 22,474.05.
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At 8:15 am, Gift Nifty was trading 44 points or 0.25 percent higher at 22,646, indicating a positive opening for the Indian markets
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Oil prices ticked higher on Thursday after U.S. crude inventories rose less than expected last week and fuel stocks saw large draws. Brent crude futures rose 15 cents to $83.11 a barrel by 0021 GMT, while U.S. West Texas Intermediate crude futures rose 18 cents to $79.31 a barrel.
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Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday signaled that stronger economic data since the start of the year will likely make it appropriate for the Fed to cut rates only twice, or possibly just once, this year. In prepared remarks ahead of his congressional testimony, Powell said inflation had “eased substantially” since hitting 40-year highs in 2022, but that policymakers still needed “greater confidence” in its decline before rate cuts. The median forecast of his colleagues in December was three rate cuts this year, which would take the Fed policy rate to a range of 4.5%-4.75%, from its current 5.25%-5.5% range.
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Gold prices on Wednesday hovered near a record peak hit in the previous session after U.S. Federal Reserve Chair Jerome Powell said interest rate cuts are still likely in the coming months if inflation continues to ease. Spot gold ticked 0.1% lower to $2,146.29 per ounce, as of 0138 GMT. U.S. gold futures fell 0.2% to $2,153.60.
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The rupee Wednesday closed at its strongest level versus the US dollar in six months as disappointing American economic data caused the greenback to weaken globally while overseas investors deployed funds in local capital markets. The domestic currency settled at 82.83 per US dollar on Wednesday, its strongest closing level since September 4, 2023, Bloomberg data showed. On Tuesday, the rupee had closed at 82.90 per US dollar.
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Foreign institutional investors (FIIs) net bought shares worth ₹2,766.75 crore, while domestic institutional investors (DIIs) purchased ₹2,149.88 crore worth of stocks on March 6, provisional data from the NSE showed.
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Published: 07 Mar 2024, 08:33 AM IST
