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Business News/ Markets / Stock Markets/  Before Market Opens: 9 essential things to know at 9 am on April 16, 2024
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Before Market Opens: 9 essential things to know at 9 am on April 16, 2024

Before Market Opens: Indian markets are set to open lower on Tuesday following weakness in global markets as stronger-than-expected US retail sales for March reinforced hopes that the Fed is unlikely to be in a rush to cut rates this year. Rising geopolitical tensions also kept markets in check.

Before Market Opens: 9 essential things to know at 9 am on April 16, 2024Premium
Before Market Opens: 9 essential things to know at 9 am on April 16, 2024

Before Market Opens: Indian markets are set to open lower on Tuesday following weakness in global markets as stronger-than-expected US retail sales for March reinforced hopes that the Fed is unlikely to be in a rush to cut rates this year. Rising geopolitical tensions also kept markets in check. Gift Nifty was trading 129 points lower, indicating a weak start for benchmark Nifty. Let's take a look at some key cues before the market opens today:

Wall Street
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Wall Street (REUTERS)

U.S. stocks closed sharply lower on Monday, as an early lift from a strong retail sales report succumbed to a jump in Treasury yields and concerns about rising geopolitical tensions between Iran and Israel. The Dow Jones Industrial Average fell 248.13 points, or 0.65%, to 37,735.11, the S&P 500 lost 61.59 points, or 1.20%, to 5,061.82 and the Nasdaq Composite lost 290.07 points, or 1.79%, to 15,885.02.

 

US Retail Sales Data
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US Retail Sales Data

U.S. retail sales rose 0.7% last month, the Commerce Department's Census Bureau said on Monday, while economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise 0.3%. The stronger-than-expected data comes after a report last week underscored inflation remains stickier than markets had expected, leading to a drastic scaling back of rate cuts this year.

Asian Stocks
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Asian Stocks (Pixabay)

Asian stocks fell and the dollar climbed to more than five-month highs on Tuesday as stronger-than-expected U.S. retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year. Rising geopolitical tensions kept risk sentiment in check, lifting prices of gold and oil, while investor focus in Asia turns to China with GDP data due at 0200 GMT. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.4% to nearly seven-week lows of 521.92, with Japan's Nikkei down 1.6%.

China GDP
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China GDP

China's economy grew 5.3% in the first quarter year-on-year, official data showed on Tuesday, comfortably beating analysts' expectations, a welcome sign for policymakers as they try to shore up demand and confidence in the face of a protracted property crisis. 

Indian Markets on Monday
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Indian Markets on Monday

On Monday, the Indian stock market indices ended over a percent lower each for the second consecutive session dragged by selling across sectors amid rising tensions in the Middle East on the Iran-Israel conflict. The Sensex plunged 845.12 points, or 1.14%, to close at 73,399.78, while the Nifty 50 settled 246.90 points, or 1.1%, lower at 22,272.50.

GIFT Nifty
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GIFT Nifty (Pixabay)

At 8:15 am, Gift Nifty was trading 129 points or 0.6 percent lower at 22,121, indicating a weak opening for the Indian markets.

Crude oil prices
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Crude oil prices (AP)

Oil prices rose on Tuesday amid heightened tensions in the Middle East after Israel's military chief said his country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies. Brent futures for June delivery rose 46 cents, or 0.5%, to $90.56 a barrel by 0005 GMT. U.S. crude futures for May delivery rose 43 cents, or 0.5%, to $85.84 a barrel.

Gold Prices
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Gold Prices

Gold prices ticked up on Tuesday, hovering near record-high levels, as fears of escalating tensions in the Middle East drove investors towards the safe-haven metal. Spot gold edged up 0.1% at $2,383.37 per ounce, as of 0103 GMT. Bullion hit an all-time high of 2,431.29 on Friday. U.S. gold futures rose 0.7% to $2,400.00 per ounce.

FII Data
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FII Data

Foreign institutional investors (FIIs) net sold shares worth 3,268 crore, while domestic institutional investors (DIIs) purchased 4,762.93 crore worth of stocks on April 15, provisional data from the NSE showed.

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Published: 16 Apr 2024, 08:28 AM IST
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