Global markets: SGX Nifty, US market, other points that will move Indian market
Global markets today: .he markets around the globe remained muted, US stocks fell in late trade on Tuesday, Asian markets also struggled on Wednesday morning continuing the subdued sentiment as dollar continued to stay firm. Higher interest rates for longer coupled with slower growth expectations kept the market sentiment down beat making the investors go risk-off.
Here we list out important global market indicators that may drive the Indian stock market today:
US Market
Wall Street stocks finished lower following a choppy session Tuesday as consumer confidence data disappointed while US Treasury bond yields edged lower. The Dow Jones Industrial Average finished down 0.7 percent at 32,656.70.
The broad-based S&P 500 dipped 0.3 percent to 3,970.15, while the tech-rich Nasdaq Composite Index shed 0.1 percent to 11,455.54.
US Dollar
The US dollar, which gained on most majors through February, was broadly steady elsewhere. With stocks having handed back January gains in February, while bonds slid on renewed worry about rising rates, traders are looking to the next flush of economic indicators to gauge the outlook, reported Reuters. The dollar index rose 0.1%.
The mixed tone of data in the last few days seems to have lots of assets pausing at major chart levels.
SGX Nifty
SGX Nifty was lower in the opening trade with a cut of nearly 50 pts from Nifty Futures Tuesday close but pared some losses later. This indicates a start in the red for the Indian market.
Asian Market
Asian markets started the day lower taking from the muted sentiment in the US. Investors now await fresh economic data to chart the course ahead.
In the morning trade, MSCI’s broadest index of Asia-Pacific shares outside Japan touched its lowest since early January at 509.4, before crawling back to be flat at 511.46. Japan’s Nikkei and S&P 500 futures each fell 0.5%, reported Reuters.
China’s Manufacturing PMI in February rose to 52.6 – the highest level since April 2012.
Gold Prices
The gold price in the international market remained lower with spot gold trading 0.2% lower at $1,824.06 per ounce. Higher interest rates scenario takes away from gold as an inflation hedge.
India Q3 GDP
India reported a slower growth in gross domestic product at 4.4% for the quarter ended December 31, 2022.
“Contrary to our expectation of ~4.5% YoY and Bloomberg consensus of 4.6% YoY, real GDP growth in 3QFY23 came in at 4.4% YoY, v/s 13.2%/6.3% YoY in 1Q/2QFY23. (1Q number revised from 13.5%),” said Nikhil Gupta, Chief Economist, Motilal Oswal Financial Services.
This was on account of collapse in consumption, both private as well as government. Capital formation held up overall GDP growth in 3Q.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.