6 things that changed for the stock market over weekend - Gift Nifty to rally in Asian shares
- The Asian markets traded higher and the US stocks gained, while a jump in crude oil prices may weigh on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having climbed 2.8% last week to a two-month high.
The Indian stock market indices are likely to open on a cautious note on Monday as indicated by trends in Gift Nifty today amid mixed global cues.
The Asian markets traded higher and the US stocks gained, while a jump in crude oil prices may weigh on sentiment.
Investors will eye a host of stock market triggers this week including domestic and global macroeconomic data, foreign capital inflow, and global market cues including US bond yields, crude oil prices, and performance in US markets.
On Friday, the domestic equity benchmark indices ended lower. The Sensex ended 187.75 points, or 0.28%, lower at 65,794.73 while the Nifty 50 declined 33.40 points, or 0.17%, to settle at 19,731.80.
However, for the week, the markets extended their bullish tone for the third successive week and gained over a percent.
Also Read: Week Ahead: Macro data, IPO action, FII activity, global cues among key market triggers this week
“Softer-than-expected inflation figures in the US, UK, and at home bolstered investor optimism, fueling hopes for an end to the interest rate cycle. The market is anticipated to maintain its positive momentum in the short term, supported by declining oil prices and moderating US yields,” said Vinod Nair, Head of Research at Geojit Financial Services.
Here are key global market cues for Sensex today:
Asian Markets
Asia markets traded higher on Monday with Japanese shares hitting three-decade highs amid strong earnings and offshore demand. Investors awaited a decision on China’s benchmark lending rates.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having climbed 2.8% last week to a two-month high.
Japan’s Nikkei 225 rose 0.12% and the Topix gained 0.15%. South Korea’s Kospi added 0.13%, while the Kosdaq was up 0.35%.
Hong Kong’s Hang Seng index futures were higher at 17,728, compared to the HSI’s close of 17,454.19.
Australia’s S&P/ASX 200 rose 0.18%.
Gift Nifty was trading around 19,805 level as against Nifty futures’ previous close of 19,803, indicating a flat start for the Indian benchmark indices.
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Wall Street
US stock market indices ended marginally higher on Friday as led by gains in energy stocks while 10-year Treasury yields touched a roughly two-month low. Comments from the US Federal Reserve officials clouded the outlook about when the US central bank might start cutting interest rates.
The Dow Jones Industrial Average rose 1.81 points, or 0.01%, to 34,947.28, while the S&P 500 gained 5.78 points, or 0.13%, to 4,514.02. The Nasdaq Composite ended 11.81 points, or 0.08%, higher at 14,125.48.
For the week, the S&P 500 added 2.2% while the Nasdaq composite rose 2.4% and the Dow climbed 1.9%, Reuters reported.
Among stocks, shares of Applied Materials fell 4%, while heavyweight Alphabet shares eased over 1% and Microsoft shares declined 1.7%.
Amazon shares gained 1.6%, Ross Stores rallied 7.2%, while Gap shares surged 30.6%. ChargePoint Holdings shares slumped 35.5%.
US dollar near two-month low
The US dollar languished near an over two-month low against its major peers on Monday amid rising views that US interest rates have peaked, with attention now on how soon the Federal Reserve could begin easing monetary conditions.
The dollar index, which measures the greenback against a basket of six currencies, rose 0.04% to 103.95, but was struggling to break away from last week’s two-month trough of 103.79. The index had fallen nearly 2% last week.
Against the dollar, the euro stood near a more than two-month high at $1.0900, Sterling slipped 0.06% to $1.24545. The offshore yuan firmed near a three-month high against the dollar at 7.2214 per dollar. The Australian dollar fell 0.17% to $0.6504, while the New Zealand dollar slipped 0.04% to $0.5990.
Oil steadies after 4% jump
Crude oil prices steadied after jumping more than 4% on Friday, rebounding from a four-month low, as after US sanctions on some Russian oil shippers lent support.
On Friday, Brent crude futures settled up $3.19, or about 4.1%, at $80.61 a barrel, while West Texas Intermediate crude (WTI) rose $2.99, or 4.1%, at $75.89.
Gold subdued after hitting two-week high
Gold prices traded lower on Monday after hitting a two-week high in the last session, weighed by a slight uptick in US Treasury yields.
Spot gold fell 0.2% to $1,975.80 per ounce, after rising 2.2% last week. US gold futures eased 0.3% to $1,978.50.
US housing starts rise moderately
US single-family homebuilding increased marginally in October while homebuilder confidence tumbled to an 11-month low in November.
Single-family housing starts, which account for the bulk of homebuilding, rose 0.2% to a seasonally adjusted annual rate of 970,000 units last month, the Commerce Department's Census Bureau said.
A survey showed confidence among home builders slumped this month. The National Association of Home Builders noted that builders anticipated lower sales over the next six months, with mortgage rates stuck above 7% since mid-August, Reuters reported.
(With inputs from Reuters)
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