Global market today: SGX Nifty to US dollar — key triggers that may dictate Dalal Street on Friday

Here we list out important global market news that may dictate Dalal Street on Friday:

US stock market

After investors’ optimism on ‘slow and steady’ rate hike hint by US Fed officials, all key benchmark indices on Wall Street ended in green territory on Thursday. Dow Jones finished surged 1.05 per cent, S&P 500 ended 0.76 per cent higher whereas Nasdaq shot up 0.73 per cent on Thursday.

On reasons for US stock market rally, Marc Despallieres, Chief Strategy and Trading Officer at Vantage said, “US stocks advanced higher on Thursday, ending its two days of losses and closed Thursday’s session higher after Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank could be in a position to pause rate hikes sometime this summer. While Bostic’s remarks boosted sentiment on Thursday, other central-bank officials in recent days have reinforced their hawkish rhetoric as Boston Fed President Susan Collins said on Thursday that more rate hikes are required to bring inflation back in control.”

Asian markets

In early morning session on Friday, Japanese Nikkei is up 1.36 per cent, Shanghai index 0.30 per cent, Hang Seng surged 0.70 per cent whereas South Korean KOSPI went off 0.10 per cent.

Adani backer GQG Partners shares fall 3% in Australian trade

GQG Partners Inc’s listed at Australian bourses fell 3 per cent in early morning deals on Friday after the global investment firm pumped $1.87 billion into four Adani group companies. As per the latest regulatory filing by Adani group, the Florida-based firm bought 3.4 per cent stake in Adani Enterprises Ltd for about $662 million, 4.1 per cent stake in Adani Ports and Special Economic Zone Ltd for $640 million, 2.5 per cent stake in Adani Transmission Ltd for $230 million and 3.5 per cent stake in Adani Green Energy Ltd for $340 million.

SGX Nifty today

Signaling positive opening for Indian stock market today, SGX Nifty today opened upside at 217,439 and went on to hit an intraday high of 17,483.

Decoding SGX Nifty gains Anuj Gupta, Vice President — Research at IIFL Securities said, “This strong opening can be attributed to the short covering, which was widely expected today. SGX Nifty has gained over 100 points in early morning session that signals positive opening of the Indian stock market today.”

US dollar rate

After climbing in later session on Thursday deals, US dollar is witnessing some profit booking in morning Friday deals. After closing at 104.948 levels on Thursday, Dollar Index is currently quoting 104.828, 0.12 per cent lower from its Thursday close.

“The US dollar advanced higher on Thursday, erasing its recent losses and extended the intraday rally to a daily high above 105.10 mark on the back of US economic data and higher US yields. The escalating fears of inflation and higher rates from major central banks allowed the US Dollar to post the biggest daily jump since early February. However, late Thursday’s comments from Federal Reserve Bank of Atlanta President Raphael Bostic joined the cautious mood and let the greenback held onto its gains,” Marc Despallieres said.

US bond yield

US Treasury bond yields rallied multi-month high amid escalating fears of inflation and higher rates from major central banks, which lend support to the US dollar. However, in early morning session on Friday, US 10 year bond yield corrected 0.43. per cent to 4.056 while US 30 year bond yield 0.36 per cent to 4.007 levels.

Crude oil price

In early morning session, crude oil price is trading flat in international spot market. West Texas Intermediate (WTI) crude oil price fell 0.4 per cent to $77.83 per barrel.

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