Home / Markets / Stock Markets /  Global markets: SGX Nifty to US Fed rate hike — key triggers that may dictate stock market today

Global market today: On account of strong US dollar, US Fed officials hawkish stance on interest rate hike and renewed fear of US inflation, global market sentiments continued to remain negative for fourth straight session on Wednesday. Dollar index gained further strength after regaining 104 levels and put gold prices under pressure. Signaling relief rally in early morning deals on Thursday, SGX Nifty today opened higher and made a high of 17,634 as US bond yield and dollar index have witnessed some profit booking in early morning session on Thursday.

Here we list out top factors that may dictate stock market today:

US stocks

Wall Street ended mixed on Wednesday as bulls favoured tech and metal stocks whereas bears continue to drag the market by selling oil and gas, financial and utility stocks. Dow Jones ended 0.26 per cent lower, S&P went off 0.16 per cent whereas tech heavy weight Nasdaq added 0.13 per cent.

“Bottom line is that many market headwinds aren’t going away and investors should expect volatility to stay as they parse over the impact rates being higher for longer will have," said Mike Loewengart at Morgan Stanley Global investment Office.

Asian markets

In early morning session on Thursday, Hong Kong's Hang Seng is up 0.25 per cent, Shanghai index is trading 0.19 per cent higher whereas South Korean KOSPI is up to the tune of one per cent.

SGX Nifty today

Signaling relief rally in early morning session on Dalal Street, SGX Nifty today opened higher and went on to consolidate its morning gains by hitting intraday high of 17,633. Currently, SGX Nifty is 58 points higher at 17,615 levels.

Suggesting sell on rise to intraday traders, Anuj Gupta, Vice President — Research at IIFL Securities said, "Immediate support for SGX Nifty today is 17,450 whereas major support is placed at 17,300 levels. On the upper side, 17,700 is expected to act as immediate resistance while 17,850 would be the major hurdle for the index. As markets have failed to breach its resistance, one should maintain sell on rise strategy as any rise should be seen as relief rally on Thursday session."

Crude oil price

Oil prices went up in early morning deals in Asian trade on Thursday, pausing from a six-day losing streak. Brent crude futures rose 2 cents to $80.62 per barrel while West Texas Intermediate crude futures (WTI) rose 0.1 per cent to $74.04 a barrel.

US dollar

US currency is witnessing some profit booking after regaining 104 levels. In early morning session on Thursday, dollar index is 0.10 per cent down at 104.362 levels.

US bond yield

US 10 year bond yield is down 0.09 per cent at 3.920 while US 30 year bond yield crashed 1.48 per cent to 3.917 levels.

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.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
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
Recommended For You

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

Let’s get started
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout