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Business News/ Markets / Stock Markets/  Before Market Opens: 9 essential things to know at 9 am on February 29, 2024
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Before Market Opens: 9 essential things to know at 9 am on February 29, 2024

Before Market Opens: Indian markets are likely to open in the red on Thursday following caution in Asian peers after Wall Street ended lower in overnight deals. Gift Nifty was trading 14 points lower, indicating a negative start. 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 29, 2024Premium
Before Market Opens: 9 essential things to know at 9 am on February 29, 2024

Before Market Opens: Indian markets are likely to open in the red on Thursday following caution in Asian peers after Wall Street ended lower in overnight deals ahead of US inflation data later this week. Gift Nifty was trading 14 points lower, indicating a negative 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

The US stock market indices ended marginally lower on Wednesday, a day ahead of a key inflation data that is expected to influence expectations for the timing of an interest rate cut from the Federal Reserve. The Dow Jones Industrial Average eased 23.39 points, or 0.06%, to 38,949.02, while the S&P 500 fell 8.42 points, or 0.17%, to close at 5,069.76. The Nasdaq Composite ended 87.56 points, or 0.55%, lower at 15,947.74.

Asian Stocks
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Asian Stocks

Asian markets traded lower on Thursday tracking overnight losses on Wall Street as investors await key economic data from the US and China. Japan’s Nikkei 225 declined 0.7% and the Topix dropped 0.3%. South Korea’s Kospi dipped 0.8%, while the Kosdaq fell 0.6%. Hong Kong’s Hang Seng index futures indicated a marginally higher open.

US GDP
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US GDP

The US economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday, but it appears to have lost some speed early in the new year. Gross domestic product increased at a 3.2% annualised rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department's Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth. The economy grew at a 4.9% pace in the July-September quarter. It expanded 2.5% in 2023, an acceleration from 1.9% in 2022, and is growing above what Federal Reserve officials regard as the non-inflationary growth rate of 1.8%.

Indian Markets on Wednesday
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Indian Markets on Wednesday

On Wednesday, the Indian stock market indices ended more than a percent lower, dragged by selling across the sectors, with midcaps and smallcaps getting the hardest beating. The Sensex plunged 790.34 points, or 1.08%, to close at 72,304.88, while the Nifty 50 slipped 247.20 points, or 1.11%, and ended at 21,951.15.

GIFT Nifty
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GIFT Nifty

At 8:15 am, Gift Nifty was trading 14 points or 0.06 percent lower at 22,106, indicating a negative opening for the Indian markets.

Crude Oil Prices
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Crude Oil Prices (REUTERS)

Oil prices eased early on Thursday after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated for longer also added to pressure. Brent crude futures fell 22 cents, or 0.3%, to $83.46 a barrel by 0124 GMT. U.S. West Texas Intermediate crude futures were down 30 cents, or 0.4%, to $78.24 a barrel.

Gold Prices
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Gold Prices

Gold prices held ground on Thursday as traders awaited the Federal Reserve's preferred inflation gauge due later in the day that could provide a fresh perspective into when the U.S. central bank could start cutting interest rates. Spot gold was steady at $2,035.78 per ounce, as of 0210 GMT. U.S. gold futures edged 0.1% higher to $2,044.20.

Rupee
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Rupee

The rupee declined by 3 paise to settle at 82.92 (provisional) against the US dollar on Wednesday, tracking bearish equity markets and foreign fund outflow amid increased month-end demand for the American currency.

FII Data
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FII Data

Foreign institutional investors (FIIs) net sold shares worth 1,879.23 crore, while domestic institutional investors (DIIs) bought 1,827.45 crore worth of stocks on February 28, provisional data from the NSE showed.

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Published: 29 Feb 2024, 08:27 AM IST
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