Global market: SGX Nifty to US dollar — key triggers for stock market today
Global market today: Amid US debt ceiling negotiations, US stock market finished higher on Wednesday after hawkish statement by US Fed officials.
US dollar remained strong as Dollar Index continue to sustain above the psychological 102.50 levels but gold price slipped below $2,000 per ounce levels.
\WTI crude oil price is trading below $73 per barrel whereas Brent crude oil price is below $77 per barrel.
SGX Nifty today opened higher and is currently sustaining above the psychological 18,250 levels, signaling positive opening on Dalal Street.
Here we list out key triggers that may dictate Indian stock market today:
US stock market
After hawkish statement by US Fed officials on interest rate hike, key benchmark indices on Dalal Street ended higher on Wednesday.
Dow Jones index gained 1.24 per cent, S&P 500 index surged 1.19 per cent whereas Nasdaq shot up 1.258 per cent.
Asian stock market
In early morning deals, Japanese Nikkei is up 1.51 per cent, Shanghai index gained 0.69 per cent, Hong Kong’s Hang Seng surged 1.46 per cent while south Korean KOSPI added 0.57 per cent.
SGX Nifty today
Signaling positive opening on Dalal Street, SGX Nifty today opened higher and went on to hit intraday high of 18,294 levels.
The index is trading in long 180 points range and it has sustained above the psychological 18,250 levels in morning session on Thursday.
US dollar rate
After hawkish statement by US Fed officials on interest rate hike, US dollar surged further as Dollar Index sustained above 12.50 levels putting other assets under pressure.
On US dollar vs INR, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas said, “We expect Rupee to trade with a negative bias on risk-off sentiments in global markets on the back of the debt ceiling crisis and weaker than expected data from China.
Strength in the US Dollar may also weigh on Rupee.
However, weak crude oil prices and foreign inflows may support Rupee at lower levels.
Traders may remain cautious ahead of housing market data from US.
We expect USDINR spot to trade in between 82 to 83 in the near term.”
Gold rate today
After risen US dollar after hawkish statement by the US Fed officials, gold price came under pressure and slipped below the psychological $2,000 per ounce levels.
However, gold price today is around $1,980 levels, which is close to its current support of $1,975 per ounce.
US bond yield
In early morning deals, US 10 year bond yield is down 0.56 per cent to 3.562 levels whereas US 30 year bond yield is down 0.84 per cent to 3.846 levels.
Bylivemint
