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

Before Market Opens: Indian markets are set to open on a lower note on Wednesday following rise in bond yields and fall in Asian markets ahead of US GDP data due tomorrow. Meanwhile, Gift Nifty was down 38 points. Let's take a look at some key cues before the market opens today:

Before Market Opens: Indian markets are set to open on a lower note on Wednesday following rise in bond yields and fall in Asian markets ahead of US GDP data due tomorrow. Meanwhile, Gift Nifty was down 38 points. Let's take a look at some key cues before the market opens today:Premium
Before Market Opens: Indian markets are set to open on a lower note on Wednesday following rise in bond yields and fall in Asian markets ahead of US GDP data due tomorrow. Meanwhile, Gift Nifty was down 38 points. Let's take a look at some key cues before the market opens today:

Before Market Opens: Indian markets are set to open on a lower note on Wednesday following rise in bond yields and fall in Asian markets ahead of US GDP data due tomorrow. Meanwhile, Gift Nifty was also trading 38 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 (REUTERS)

The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Investors awaited U.S. inflation data this week that could sway expectations for Fed rate cuts. The Dow Jones Industrial Average fell 216.73 points, or 0.55%, to 38,852.86, the S&P 500 gained 1.32 points, or 0.02%, to 5,306.04 and the Nasdaq Composite gained 99.09 points, or 0.59%, to 17,019.88.

Bond Yields
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Bond Yields

U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. Benchmark U.S. 10-year yields ticked as high as 4.556% in Tokyo trading hours, a level not seen since May 3, following poorly received two- and five-year Treasury auctions overnight. Equivalent Japanese yields hit the highest since December 2011 at 1.065%, while Australian yields jumped to a more than three-week top at 4.42%.

Asian Markets
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Asian Markets

Regional stock markets were mostly lower on Wednesday, with the notable exception of mainland China. Japan's Nikkei slipped 0.4%, Australia's benchmark dropped more than 1%, while Hong Kong's Hang Seng tumbled 1.2%. However, mainland blue chips gained 0.3%. MSCI's broadest index of Asia-Pacific shares dropped 0.8%. U.S. S&P 500 futures pointed 0.2% lower following a flat finish on Tuesday for the cash index.

Indian Markets on Tuesday
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Indian Markets on Tuesday

On Tuesday, the Indian stock market benchmark equity indices ended lower, extending the losing streak for the third consecutive session.

The Sensex declined 220.05 points, or 0.29%, to close at 75,170.45, while the Nifty 50 settled 44.30 points, or 0.19%, lower at 22,888.15.

GIFT Nifty
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GIFT Nifty

At 8:15 am, Gift Nifty was trading 38 points or 0.17 percent lower at 22,826, indicating a negative opening for the Indian markets.

Crude Oil Prices
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Crude Oil Prices (AP)

Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel at 0042 GMT. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18.

Gold Prices
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Gold Prices

Gold prices eased on Wednesday, as traders pared bets of rate cuts by the U.S. Federal Reserve this year following remarks by some policymakers, while the market awaited key U.S. inflation data due later this week. Spot gold was down 0.1% at $2,357.70 per ounce, as of 0059 GMT, U.S. gold futures were up 0.1% at $2,358.30.

Rupee
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Rupee

The Indian rupee will decline at open on Wednesday, tracking the broad decline on Asian peers amid a rise in U.S. Treasury yields. Non-deliverable forwards indicate the rupee will open at 83.20 to the U.S. dollar compared with 83.1775 in the previous session. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar on Tuesday amid a negative trend in domestic equities and some dollar demand from importers.

FII Data
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FII Data

Foreign institutional investors remained net buyers on May 28 as they bought Indian equities worth 65.57 crore, while domestic institutional investors continued their buying as they purchased equities worth 3,231.67 crore on the same day.

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Published: 29 May 2024, 08:40 AM IST
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