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Business News/ Markets / Stock Markets/  6 things that changed for market overnight: Gift Nifty, oil price rally to global market cues for Sensex today
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6 things that changed for market overnight: Gift Nifty, oil price rally to global market cues for Sensex today

Asian markets traded mixed on Wednesday following overnight decline on Wall Street as investors remained cautious on surging crude oil prices.

Japan’s Nikkei 225 rose 0.32% and the Topix gained 0.41%. (Image: AP)Premium
Japan’s Nikkei 225 rose 0.32% and the Topix gained 0.41%. (Image: AP)

The Indian stock market is expected to open on a cautious note Wednesday amid mixed global cues. While Asian markets traded mixed, US stock indices ended lower overnight as a rally in crude oil prices stoked inflation worries.

Investors remained cautious as crude oil prices surged to 10-month high levels after Saudi Arabia and Russia announced to extend their voluntary oil production cut through the end of the year.

The Indian equity benchmark indices Sensex and Nifty ended higher for the third consecutive session on Tuesday amid positive domestic macroeconomic data.

“Going ahead, the market would continue trading in a broader range with positive bias as a resilient domestic economy provides strength, amidst uncertain global cues," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Also Read: Day trading guide for today: Six buy or sell stocks for Wednesday —September 6

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Wednesday following overnight decline on Wall Street as investors remained cautious on surging crude oil prices.

Japan’s Nikkei 225 rose 0.32% and the Topix gained 0.41%. South Korea’s Kospi fell 0.18%, while the Kosdaq rose 0.12%.

Hong Kong’s Hang Seng index futures were trading lower at 18,439, compared with the HSI’s close of 18,456.91.

Australia’s S&P/ASX 200 was flat ahead of the country’s Q2 GDP data.

Meanwhile, Gift Nifty was trading at 19,671 as against Nifty futures’ previous close of 19,650, indicating a positive start for the Indian benchmark indices.

Also Read: Buy or sell: Vaishali Parekh recommends buying these 3 stocks today - 6 September

Wall Street

The US stock market declined on Tuesday as all the three indices on Wall Street ended lower, weighed down by rising treasury yields and higher oil prices.

The Dow Jones Industrial Average fell 195.74 points, or 0.56%, to 34,641.97, while the S&P 500 declined 18.94 points, or 0.42%, to 4,496.83. The Nasdaq Composite ended 10.86 points, or 0.08%, lower at 14,020.95.

Among stocks, Microsoft shares gained 1.5%. Chevron shares rose 1.3%.

United Airlines share price declined 2.5% after a system-wide information technology issue forced an hour-long aircraft ground stop.

Airbnb shares jumped 7% while Blackstone rallied 3.6% on news that their stocks would join the S&P 500 index. Oracle shares rose 2.5% after Barclays upgraded the company to “overweight", Reuters reported.

Also 

Crude oil price at 10-month high

Crude oil prices surged on worries about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.

Brent crude futures rose 0.11% to $90.14 a barrel. It crossed the $90 mark for the first time since November on Tuesday in the sixth straight day of gains.

US West Texas Intermediate crude (WTI) futures gained 0.15% to $86.82 a barrel after touching a 10-month high in the previous session.

Read here: Brent crude at $90/barrel as Saudi Arabia and Russia extend production cut

Saudi Arabia will extend its voluntary oil output cut of 1 million barrels per day (bpd) for another three months until the end of December 2023, while Russia extended its voluntary decision to reduce its oil exports by 300,000 bpd to the end of this year.

Dollar near 6-month high

The US dollar rose to a near six-month high against a basket of currencies on Tuesday on safe-haven demand and as a resilient US economy raised hopes that interest rates will stay elevated.

The US dollar index - which measures the currency against six major counterparts - was up 0.62% at 104.8. The index hit a near 6-month high of 104.85 earlier in the session.

The euro fell 0.69% after hitting a near 3-month low against the dollar at $1.07225. The US dollar was last up 0.36% at 7.3035 against the Chinese yuan traded offshore. The dollar climbed to a 10-month high of 147.8 yen, Reuters reported.

SoftBank’s Arm Seeks to Raise Up to $4.87 Billion in Anticipated IPO

SoftBank Group Corp’s Arm Holdings Ltd. plans to raise as much as $4.87 billion via initial public offering (IPO). Arm will offer 95.5 million American depositary shares for $47 to $51 each, as per a company’s filing with the US Securities and Exchange Commission on Tuesday. 

The deal will value Arm at as much as $54.5 billion at the top end of the range, according to Bloomberg News calculations. The IPO size is almost half of $8 billion to $10 billion which it had previously aimed to raise.

Read here: SoftBanK's Arm Holdings launches IPO roadshow to court T Rowe Price; aims for $52 billion valuation

US factory orders fall 2.1% in July

Orders for US factory goods declined in July, nearly reversing the prior month’s rise and ending a four-month streak of gains, Reuters reported.

The Commerce Department reported on Tuesday that new orders for factory goods fell by 2.1% in July after rising by 2.3% in June. Economists polled by Reuters had expected a bigger fall for July, at a projected 2.5% decline.

(With inputs from Agencies)

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Published: 06 Sep 2023, 07:06 AM IST
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