Active Stocks
Fri Jun 21 2024 15:59:28
  1. Tata Steel share price
  2. 179.85 -1.37%
  1. ITC share price
  2. 419.60 -0.89%
  1. State Bank Of India share price
  2. 836.40 -0.88%
  1. Wipro share price
  2. 490.55 0.01%
  1. ICICI Bank share price
  2. 1,156.85 0.00%
Business News/ Markets / Stock Markets/  Global market: SGX Nifty to US inflation, all that will drive stock market today
BackBack

Global market: SGX Nifty to US inflation, all that will drive stock market today

Equity and other assets, commodity markets settled on Wednesday as investors around the globe digested the US banking turmoil. SGX Nifty also indicates a gap up opening

Global markets: That underperformance has Wall Street looking with avarice at China’s cheap valuations, especially as Beijing shifts to easing. (AP)Premium
Global markets: That underperformance has Wall Street looking with avarice at China’s cheap valuations, especially as Beijing shifts to easing. (AP)

Global market update: Equity and other assets, commodity markets settled on Wednesday as investors around the globe digested the US banking turmoil. Shares in the US and Europe climbed back on Tuesday on softening US inflation data as it offset fears over banking crisis. Bonds and interest rate futures cooled off some of the gains in past few days. Interest rate futures pricing now implies an 80% chance of a 25 basis point U.S. rate hike next week, said a Reuters report. With the latest inflation data and the dust settling on the SVB, Signature Bank closure, experts now foresee slower US Fed hikes.

Here are all the global factors that will drive the Indian market today:

US Market

US market ended in the green on Tuesday on in-line inflation data. The jitters around the banking turmoil settled a bit as baking stocks also rose. At close, Dow Jones was up 1.06%, S&P closed 1.68% higher and Nasdaq gained 2.14%.

Gold rates today

Gold prices in the international market were softer due to firm dollar. 

US Dollar

The dollar found support in Asia on Wednesday as investors dialled back expectations of U.S. rate cuts as fear of a banking crisis ebbed and another stubbornly high inflation print landed.

In early trade, the dollar selling of the past two sessions had abated and the greenback rose about 0.2% on both the euro and yen. That carried it to 132.52 yen and $1.0729 against the common currency, reported Reuters.

Read all market stories here

SGX Nifty

At the start of the day, SGX Nifty was trading nearly 80 points higher from Nifty Futures Tuesday close, indicating a gap-up start for the Indian market

Asian market  

The Asian markets also opened in the green following cues from the Wall Street. The Hang Seng Index jumped 1.43 percent, or 275.53 points, to 19,523.49.

The Shanghai Composite Index added 0.48 percent, or 15.72 points, to 3,261.03, while the Shenzhen Composite Index on China's second exchange gained 0.52 percent, or 10.75 points, to 2,086.68.

China Central Bank policy

China's central bank ramped up liquidity injections when rolling over maturing medium-term policy loans for a fourth month in a row on Wednesday, while keeping the interest rate unchanged, matching market expectations.

The People's Bank of China (PBOC) said it was keeping the rate on 481 billion yuan ($70.03 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions at 2.75%, unchanged from the previous operation, reported Reuters.

The central bank also said it will offer 5 billion yuan of 6-month bills in Hong Kong on March 21.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Mar 2023, 07:46 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started