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First Tick: Top 10 global cues for today’s trade

November 11, 2024November 11, 2024 Bruce Langford

The GIFT Nifty is indicating a negative start for the day.

Indian benchmark indices Sensex and Nifty 50 are likely to see a negative start on November 11, tracking cues from GIFT Nifty trading around 24,129, a short while ago this morning.

Indian equities ignored positive global market cues after the US Federal Reserve cut its benchmark lending rate by a quarter percentage point. The benchmark indices ended lower for the second consecutive session on November 8 with Nifty below 24,150.

At close, the Sensex was down 55.47 points or 0.07 percent at 79,486.32, and the Nifty was down 51.15 points or 0.21 percent at 24,148.20.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Down)

The GIFT Nifty is trading lower, indicating a negative start for the day. Nifty futures were trading at 24,129 at 07:00 am IST.

Asian Equities (Down)

Asian shares slipped after China’s new economic support disappointed some investors and data showed persistent deflationary pressures. Bitcoin surged past $81,000 to a record.

	Change From Previous Close (%)	MTD (%)	YTD (%)
Topix	0.03	1.42	8.33
Nikkei	-0.02	0.71	10.31
Hang Seng
Taiwan	-0.64	2.40	25.78
Kospi	-1.09	-1.70	-10.38

US Equities (Gain)

The US S&P 500 zoomed past 6,000 points on Friday to a new record while Treasury yields retreated, as investors again cheered Donald Trump’s decisive victory, although disappointment about China’s latest fiscal support dampened the mood elsewhere.

The S&P 500 index climbed to an intra-day high of 6,012.45 points before pulling back to finish up 0.4%. The Dow Jones Industrial Average climbed 0.6%, and the Nasdaq Composite ended flat.

	Change From Previous Close (%)	MTD (%)	YTD (%)
Dow Jones	0.59	5.69	18.35
S&P500	0.38	5.45	27.46
Nasdaq	0.09	6.95	30.28

US Bond Yield (Flat)

US 10-Year and 2-Year Treasury were trading flat in the early trade on Monday.

	Current Price	MTD	YTD
US 10-Year Treasury	4.30	4.10	4.65
US 2-Year Treasury	4.25	3.96	5.06

Dollar Index (Flat)

The dollar was little changed in early Asian trading.

	Current Price	MTD	YTD
Dollar Index	105.01	102.89	105.86

Asian currencies (Down)

Asian currencies were trading mostly lower in the early trade on Monday. However, on month-to-date basis, all the currencies gave negative return with Thai Baht and South Korean Won fell over 3 percent each, while Malaysian Ringgit, Japanese Yen, Philippines Peso down over 2 percent each.

	Change From Previous Close (%)	MTD (%)	YTD (%)
Indonesian Rupiah	0.434	-0.108	-1.74
South Korean Won	0.181	-3.20	-7.45
Japanese Yen	-0.326	-2.60	-7.89
Philippines Peso	-0.332	– 2.18	– 5.31
Thai Baht	0.015	-3.30	-0.111
Taiwan Dollar	-0.267	– 0.115	– 5.03
China Renminbi	-0.586	– 1.68	– 1.17
Malaysian Ringgit	-0.330	-2.40	4.48
Singapore Dollar	-0.106	-1.65	-0.475

Crude (Falls)

Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No. 2 oil consumer.

	Change From Previous Close (%)	MTD (%)	YTD (%)
US West Texas	-0.40	1.24	-2.16
Brent Crude	-0.31	0.67	-4.40

Gold (Down)

Gold edged lower following a volatile week, in which it was whipsawed by a surging dollar in the wake of Donald Trump’s election win and then a Federal Reserve rate cut.

	Change From Previous Close (%)	MTD (%)	YTD (%)
Gold	-0.34	-2.51	29.68
Silver	-0.11	-4.28	31.38

LME Commodities (Down)

All the LME commodities price were trading lower in the early trade on Monday with Aluminium, Zinc and Copper fell more than 2 percent each, while Nickel fell over 1 percent.

	Change From Previous Close (%)	MTD (%)	YTD (%)
Aluminium	-2.75	0.11	9.92
Copper	-2.28	-0.66	10.33
Nickel	-1.15	4.32	-1.24
Lead	-0.69	0.22	-2.15
Zinc	-2.38	-1.63	12.10

Fund Flow Action

The foreign institutional investors (FIIs) sold equities worth Rs 3,404 crore on November 8, while domestic institutional investors purchased equities worth Rs 1,748 crore on the same day.