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Business News/ Markets / Stock Markets/  Before Market Opens: 9 essential things to know at 9 am on February 28, 2024
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Before Market Opens: 9 essential things to know at 9 am on February 28, 2024

Before Market Opens: Indian markets are likely to open flat on Wednesday following caution in Asian peers ahead of a US inflation this week that could influence the timing of the Federal Reserve's easing cycle. 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 28, 2024 (Pixabay)Premium
Before Market Opens: 9 essential things to know at 9 am on February 28, 2024 (Pixabay)

Before Market Opens: Indian markets are likely to open flat on Wednesday following caution in Asian peers ahead of a US inflation this week that could influence the timing of the Federal Reserve's easing cycle. Gift Nifty was trading 4 points higher, indicating a muted 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

U.S. stocks closed near flat on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut. As corporate earnings season winds down, investors refocused on economic data and the likely path of U.S. rates. Equities have been on a furious rally for weeks, fueled largely by enthusiasm about artificial intelligence-related stocks that lifted the S&P 500 and Dow Jones industrials to record levels while leaving the Nasdaq just short of a new high. The Dow Jones Industrial Average fell 96.82 points, or 0.25%, to 38,972.41. The S&P 500 gained 8.65 points, or 0.17%, at 5,078.18 and the Nasdaq Composite rose 59.05 points, or 0.37%, to 16,035.30.

Asian Stocks
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Asian Stocks

Asian stocks were tentative on Wednesday ahead of a U.S. inflation reading this week that could influence the timing of the Federal Reserve's easing cycle, while the New Zealand dollar fell sharply after the central bank softened its hawkish stance on rates. The yen remained bolted to psychologically key 150 per dollar level and was last at 150.43 per dollar. The Nikkei was 0.2% lower on the day, having touched fresh record peaks this week. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.11% lower at 527.14 points but hovering around a near seven-month peak of 531.56. China stocks were mixed in early trading, with Hong Kong' Hang Seng index down 0.31% and China's blue-chip index CSI300 up 0.46%.

Gift Nifty
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Gift Nifty

At 8:15 am, Gift Nifty was trading 4 points or 0.02 percent higher at 22,221, indicating a flat opening for the Indian markets.

Indian Markets on Tuesday
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Indian Markets on Tuesday

On Tuesday, the Indian stock market indices ended higher, snapping a two-day correction amidst a choppy trading session led by gains in information technology (IT), auto, pharma, and realty stocks. The Sensex gained 305.09 points, or 0.42%, to close at 73,095.22, while the Nifty 50 settled 76.30 points, or 0.34%, higher at 22,198.35.

Crude Oil Prices
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Crude Oil Prices (REUTERS)

Oil prices slipped in early Asian trade on Wednesday as the prospect of a delayed U.S. rate-cutting cycle offset the boost provided by talk of extensions to production cuts from OPEC+. Brent crude futures fell 38 cents, or 0.45%, to $83.27 a barrel by 0110 GMT, while U.S. West Texas Intermediate crude futures (WTI) were down 35 cents, or 0.44%, to $78.52 a barrel.

Vodafone
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Vodafone

Vodafone Idea Board approved fundraising of up to 45,000 crore through equity and debt, said the telecom company in an exchange filing on February 27. The company said it will raise 20,000 crore through a combination of equity or equity-linked instruments and the rest via debt and promoters will also participate in the proposed equity raise. The company said it will call for a meeting of its shareholders on April 2, 2024 and post-shareholder approval it expects to complete the equity fund raise in the coming quarter.

Rupee
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Rupee

In the forex market, the Indian rupee today 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 103.77 in intra-day trade.

Gold Prices
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Gold Prices

Gold prices edged higher on Wednesday, as U.S. bond yields fell, while investor focus was on a key U.S. inflation print and remarks from several Federal Reserve officials this week for fresh clues on the central bank's interest rate trajectory. Spot gold edged 0.1% higher at $2,031.99 per ounce(Oz), as of 0135 GMT. U.S. gold futures fell 0.2% to $2,041.00/Oz.

FII Data
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FII Data

Foreign institutional investors (FIIs) net sold shares worth 1,509.16 crore, while domestic institutional investors (DIIs) bought 2,861.56 crore worth of stocks on February 27, provisional data from the NSE showed.

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Published: 28 Feb 2024, 08:36 AM IST
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