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Business News/ Markets / Stock Markets/  Before Market Opens: 9 essential things to know at 9 am on February 27, 2024
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Before Market Opens: 9 essential things to know at 9 am on February 27, 2024

Before Market Opens: Indian markets are likely to open lower on Tuesday following caution global peers with Asian shares on the back of slightly warmer-than-expected Japanese inflation, while the US stock market ended lower on Monday. Let's take a look at some key cues before the market opens today:

Before Market Opens: 9 essential things to know at 9 am on February 27, 2024 (Pixabay)Premium
Before Market Opens: 9 essential things to know at 9 am on February 27, 2024 (Pixabay)

Before Market Opens: Indian markets are likely to open lower on Tuesday following caution global peers with Asian shares on the back of slightly warmer-than-expected Japanese inflation, while the US stock market ended lower on Monday. Gift Nifty was trading 59 points lower, indicating a weak start for benchmark Nifty. Let's take a look at some key cues before the market opens today:

 

US Markets
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US Markets

U.S. stocks ended with modest losses on Monday, as the focus shifted after last week's AI-fueled rally to upcoming economic data that could affect the timing of the Federal Reserve's expected interest rate cut. The Dow Jones Industrial Average fell 62.30 points, or 0.16%, to 39,069.23. The S&P 500 lost 19.27 points, or 0.38%, at 5,069.53 and the Nasdaq Composite lost 20.57 points, or 0.13%, at 15,976.25.

Asian Markets
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Asian Markets

Asian shares struggled to advance on Tuesday, with slightly warmer-than-expected Japanese inflation putting investors on guard ahead of price data due in Europe and the U.S. this week. The yen steadied at 150.57 to the dollar and inched off a three-month low on the euro as Japanese inflation stayed at the central bank's 2% year-on-year target, keeping alive expectations it would exit negative rates by April. Tokyo's Nikkei crept 0.4% higher to eke a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, keeping beneath last week's seven-month peak. South Korea’s Kospi eased 0.1% and the Kosdaq dipped 0.3%. Hong Kong’s Hang Seng index futures indicated a slightly higher open.

Indian Markets on Monday
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Indian Markets on Monday

On Monday, the Indian stock market indices ended lower amid weak global cues ahead of key macro data. The Sensex dropped 352.67 points, or 0.48%, to close at 72,790.13, while the Nifty 50 declined 90.65 points, or 0.41%, to settle at 22,122.05.

Gift Nifty
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Gift Nifty

At 8:15 am, the GIFT Nifty was trading 59 points or 0.27 percent lower at 22,120, indicating a negative opening for the benchmark Nifty.

Crude Oil
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Crude Oil (REUTERS)

Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries. Brent crude futures rose 16 cents, or 0.2%, to $82.69 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 15 cents, or 0.2%, to $77.73 a barrel. Both benchmarks had settled more than 1% higher on Monday.

Bitcoin prices
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Bitcoin prices (REUTERS)

Bitcoin reached its highest point in over two years, reaching $56,000 on February 27. The rise is being driven by increasing optimism about sustained investor demand through exchange-traded funds (ETFs), Bloomberg reported. Earlier, the world's largest cryptocurrency saw a rise of up to 3.5 percent, reaching $53,600, Bloomberg reported. The last time Bitcoin traded at this level was in December 2021 when it achieved an all-time high of almost $69,000 the preceding month.

Rupee
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Rupee

In the forex market, the Indian rupee on Monday (26 February 2024) ended at 82 rupees and 90 paise against the US dollar. The dollar index, which indicates the US dollar's strength against a basket of six other leading currencies, was down at 103.78 in intra-day trade.

Gold Prices
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Gold Prices

Gold prices were steady on Tuesday, as investors awaited a key U.S. inflation reading due later this week that could provide more information on how soon the Federal Reserve might begin cutting interest rates. Spot gold was little changed at $2,031.03 per ounce, as of 0056 GMT. U.S. gold futures edged 0.1% higher to $2,040.5 per ounce.

FII Data
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FII Data

Foreign institutional investors (FIIs) net sold shares worth 285.15 crore, while domestic institutional investors (DIIs) offloaded 5.33 crore worth of stocks on February 26, provisional data from the NSE showed.

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Published: 27 Feb 2024, 08:30 AM IST
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