BackGlobal market: SGX Nifty to US dollar — key triggers that may dictate Indian stock market today — 12th May
SGX Nifty today opened lower and went further down making intraday low of 18,250 within few minutes of Asian stock market opening
PremiumGlobal market today: US stock market were mixed after data showing a cooler jobs market and renewed concerns about the health of regional lenders. US Dollar Index continues to trade above the crucial 101 mark. In early morning deals, gold rates today witnessed buying interest while crude oil price remained sideways to positive. SGX Nifty today opened lower and went further downside signaling weak stock market opening on Dalal Street.
Here we list out key global market triggers that may dictate Indian stock market today:
US stock market
Two out of three key Wall Street indices finished in red zone. The Dow and the S&P 500 ended lower on Thursday, while Nasdaq Composite gained.
The Dow Jones Industrial Average fell 0.66 per cent to 33,309.51, the S&P 500 lost was down by 0.17 per cent at 4,130.62, and the tech heavy Nasdaq Composite was up 0.18% per cent at 12,328.51.
Speaking on US market movement, Peter Tuz, president of Chase Investment Counsel, Virginia said, "People are expecting the Fed to start lowering rates sometime later this year. It looks like what they're doing is working. The economy's weakening and corporate earnings might be going not as higher as expected."
US dollar in focus
US dollar continue to remain sideways to strong after ease in US inflation. The Dollar Index is still trading above the crucial 101 levels but in early morning deals, it has went off 0.04 per cent to 101.858 mark.
Key earnings in US stock market
In US, three major earning announcements were made by Disney, Airbnb, and PayPal.
Walt Disney share price corrected to the tune of 5 per cent on Thursday after reporting below-par results and 157.8 million Disney+ subscribers, fewer than the 163.1 million that US stock market had expected.
Airbnb warns of slowing growth, For Q2, the company guided revenue in a range of $2.35B to $2.45B, in line with Wall Street estimates.
PayPal raised its full-year profit guidance, and first-quarter results were better than expectation, driven by cost cuts and an increase in new accounts.
Asian stock market today
In early morning session, Japanese Nikkei is up 0.16 per cent, Hong Kong's Hang Seng is 0.12 per cent higher whereas South Korean KOSPI down 0.55 per cent.
SGX Nifty today
SGX Nifty today opened lower at 18,282 and went on to hit intraday low of 18,250 levels. The index was down by 0.29 per cent to 18,296.5.
Commenting on the movement, Anuj Gupta, Vice President — Research at IIFL Securities said, “SGX Nifty today has opened lower and it has went further down in early morning deals, which signals weak opening on Dalal Street today. However, trend is still sideways to positive and hence one should maintain buy on dips strategy."
Gold rate today
Gold price today have shown sideways movement as the precious metal has attracted bulls attentions and has added with 0.05 per cent in then morning trade and climbed to the 2,016, per ounce levels after opening at 2014.71
Crude oil price
WTI crude oil price in morning session in Asian stock market is down 0.07 per cent at $71.25 per barrel while Brent crude oil price is down by 0.17 per cent and hit $75.26 per barrel price.
US bond yield
In early morning session, US 10 year bond yield is 0.59 per cent down at 3.377 levels whereas US 30 years bond yield is 0.48 per cent down at 3.726 mark.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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