9 things that changed for the Indian stock market over the weekend - Gift Nifty to Shein US IPO | Mint
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Business News/ Markets / Stock Markets/  9 things that changed for the Indian stock market over the weekend - Gift Nifty to Shein US IPO
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9 things that changed for the Indian stock market over the weekend - Gift Nifty to Shein US IPO

The Indian stock market opens after long weekend. On Friday, the indices ended flat with IT and FMCG stocks sliding. GIFT Nifty was trading higher by 6 points, or 0.03%, at 19,862.5 early morning on Tuesday, signaling a flat start for the Indian stock market.

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Indian stock market

The Indian stock market will open today after a long weekend as the exchanges were shut on Monday due to a public holiday. On Friday, the benchmark equity indices - Nifty 50 and Sensex - ended flat weighed by a slide in information technology (IT) and fast-moving consumer goods (FMCG) stocks in the midst of mixed global cues. On the other hand, metal, pharma, and bank stocks rose.

The 30-share BSE Sensex ended lower by 47.77 points or 0.07% at 65,970.04 level while the Nifty 50 closed at 19,794.70 level, down 7.30 points or 0.04%.

According to technical analysts, the key indices experienced a sluggish week, with minimal momentum and prices maintaining a narrow trading range. Despite the lack of significant movements, the Nifty 50 managed to extend its weekly winning streak, securing a 0.34% gain and closing just below the 19,800 mark.

Let's look at how the set up of global cues is looking like for the Indian stock market today:

Asian stock market

Asian stock markets opened mixed this morning. Australian shares opened higher, while equity futures signal small gains for Japan’s benchmark index and a weaker open for Hong Kong.

Also read: Stocks to Watch: TCS, Maruti, Paytm, Wipro, PB Fintech, Eicher

Gift Nifty

GIFT Nifty was trading higher by 6 points, or 0.03%, at 19,862.5 early morning on Tuesday, signaling a flat start for the Indian stock market.

US stock market

The US stock market indices struggled in the wake of a rally that put the S&P 500 near “overbought" levels. S&P 500 closed with a 0.20% loss at 4,550.43, meanwhile Nasdaq was also marginally lower at close.

UK inflation

Inflation in UK dropped to a 17-month low, the data showed.

The British Retail Consortium said Tuesday that inflation fell 0.9 percentage points in November to 4.3%, the lowest level since June 2022. It’s the sixth-straight month that the trade association has recorded declines, reported Bloomberg.

US Treasuries

The benchmark US 10-year yields fell 9 bps to 4.38% on November 27 on hopes that the US Fed will not hike rates any further. All eyes are now on the key inflation readings expected later this week.

US Dollar rate

The US dollar slid against most major currencies, weighed down by expectations that the Federal Reserve is done cutting interest rates and could start cutting them by the first half of next year, reported Reuters.

Shein Files for US IPO

Fashion retailer Shein has filed IPO papers with the US regulator confidentially, Bloomberg reported quoting sources. The initial public offering is expected to hit the Street next year.  

“The online retailer, which was founded in China but is now headquartered in Singapore, is working with Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley on the listing, said the person, who asked not to be identified because the filing wasn’t public."

Gold rate today

The gold rate hit a six-month high with a boost from the softer dollar and expectations for a pause in Fed tightening, reported Reuters.

Oil rates today

Oil rates on early Tuesday increased after a string of losses on expectations of a deeper output cut from OPEC

West Texas Intermediate traded near $75 a barrel, while global benchmark Brent was close to $80. WTI briefly rose on Monday on reports that alliance heavyweight Saudi Arabia is asking other members to reduce their production quotas before closing down 0.9%, reported Bloomberg.

A Bloomberg survey of traders and analysts late last week showed around half expect OPEC to take additional measures to tighten the market.

(With inputs from agencies)

 

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Published: 28 Nov 2023, 07:13 AM IST
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