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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 16, 2024

Before Market Opens: 9 essential things to know at 9 am on February 16, 2024

Before Market Opens: Indian markets are likely to open flat but in the red on Friday amid lacklusture cues. However, global peers were positive in early deals. Gift Nifty was trading 12 points lower, indicating a negative start for Nifty. Let's take a look at key cues before the market opens today:

U.S. stocks closed higher on Thursday as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months. A Commerce Department report showed U.S. retail sales dropped 0.8% in January, weighed by declines at auto dealerships and gasoline service stations. The data had investors less stressed about hotter than expected inflation data that had sent stocks lower on Tuesday. The S&P 500 gained 29.05 points, or 0.58%, to end at 5,029.67 points, while the Nasdaq Composite gained 47.03 points, or 0.30%, to 15,906.17. The Dow Jones Industrial Average rose 350.07 points, or 0.91%, to 38,774.73.

1/9U.S. stocks closed higher on Thursday as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months. A Commerce Department report showed U.S. retail sales dropped 0.8% in January, weighed by declines at auto dealerships and gasoline service stations. The data had investors less stressed about hotter than expected inflation data that had sent stocks lower on Tuesday. The S&P 500 gained 29.05 points, or 0.58%, to end at 5,029.67 points, while the Nasdaq Composite gained 47.03 points, or 0.30%, to 15,906.17. The Dow Jones Industrial Average rose 350.07 points, or 0.91%, to 38,774.73.

<p>Japan's Nikkei charged toward an all-time high on Friday, helped higher by a buoyant Wall Street after a big fall in U.S. retail sales revived the chance of a June rate cut, which in turn weighed on the dollar. Nikkei surged 1.4% to 38,678 points, just within a whisker of the all-time high of 38,957 points hit in 1989 that marked the peak of Japan's so called bubble economy. The index is up 4.8% for the week, the third straight week of gains, bringing the year-to-date gains to a staggering 15.6%. Elsewhere, Asian shares mostly tracked Wall Street higher. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% and was headed for a 1.4% weekly gain.</p>

2/9

Japan's Nikkei charged toward an all-time high on Friday, helped higher by a buoyant Wall Street after a big fall in U.S. retail sales revived the chance of a June rate cut, which in turn weighed on the dollar. Nikkei surged 1.4% to 38,678 points, just within a whisker of the all-time high of 38,957 points hit in 1989 that marked the peak of Japan's so called bubble economy. The index is up 4.8% for the week, the third straight week of gains, bringing the year-to-date gains to a staggering 15.6%. Elsewhere, Asian shares mostly tracked Wall Street higher. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% and was headed for a 1.4% weekly gain.

On Thursday, the Indian stock market indices ended higher for the third consecutive session boosted by positive global cues. The Sensex gained 227.55 points, or 0.32%, to close at 72,050.38, while the Nifty 50 ended 70.70 points, or 0.32%, higher at 21,910.75.

3/9On Thursday, the Indian stock market indices ended higher for the third consecutive session boosted by positive global cues. The Sensex gained 227.55 points, or 0.32%, to close at 72,050.38, while the Nifty 50 ended 70.70 points, or 0.32%, higher at 21,910.75.

At 8:15 am, the GIFT Nifty was trading 12 points or 0.06 percent lower at 22,084, indicating a flat but negative opening for the Indian markets.  (MINT_PRINT)

4/9At 8:15 am, the GIFT Nifty was trading 12 points or 0.06 percent lower at 22,084, indicating a flat but negative opening for the Indian markets.  (MINT_PRINT)

Crude oil prices held near the highest close in three months amid a weaker US dollar and signs that OPEC members are complying with supply cuts. West Texas Intermediate traded above $78 a barrel after rising 1.8% on Thursday to its highest close since November 14, while Brent crude was up 1.54% at $82.86.

5/9Crude oil prices held near the highest close in three months amid a weaker US dollar and signs that OPEC members are complying with supply cuts. West Texas Intermediate traded above $78 a barrel after rising 1.8% on Thursday to its highest close since November 14, while Brent crude was up 1.54% at $82.86.

Foreign institutional investors (FIIs) net sold shares worth  <span class='webrupee'>₹</span>3,064.15 crore, while domestic institutional investors (DIIs) bought  <span class='webrupee'>₹</span>2,276.93 crore worth of stocks on February 15, provisional data from the NSE showed.

6/9Foreign institutional investors (FIIs) net sold shares worth 3,064.15 crore, while domestic institutional investors (DIIs) bought 2,276.93 crore worth of stocks on February 15, provisional data from the NSE showed.

The rupee consolidated in a narrow range and depreciated by 2 paise to close at 83.04 (provisional) against the US dollar on Thursday, tracking a strong American currency and elevated crude oil prices in the international market. Forex traders said the Indian currency depreciated as foreign fund outflows weighed on the rupee. However, positive domestic markets cushioned the downside. At the interbank foreign exchange market, the rupee opened at 83.00 and finally settled at 83.04 (provisional) against the dollar, down by 2 paise from its previous close.

7/9The rupee consolidated in a narrow range and depreciated by 2 paise to close at 83.04 (provisional) against the US dollar on Thursday, tracking a strong American currency and elevated crude oil prices in the international market. Forex traders said the Indian currency depreciated as foreign fund outflows weighed on the rupee. However, positive domestic markets cushioned the downside. At the interbank foreign exchange market, the rupee opened at 83.00 and finally settled at 83.04 (provisional) against the dollar, down by 2 paise from its previous close.

Carlyle Group sold equity stake worth  <span class='webrupee'>₹</span>1,056 crore in Yes Bank on the BSE on February 15. According to data provided by the BSE, Carlyle Group sold 1.35 percent stake in Yes Bank through open market transactions. CA Basque Investments, a Carlyle Group entity, sold 390,000,000 shares in Yes Bank at an average price of  <span class='webrupee'>₹</span>27.10. Carlyle Group sold  <span class='webrupee'>₹</span>1,056.9 crore worth of shares in Yes Bank. (MINT)

8/9Carlyle Group sold equity stake worth 1,056 crore in Yes Bank on the BSE on February 15. According to data provided by the BSE, Carlyle Group sold 1.35 percent stake in Yes Bank through open market transactions. CA Basque Investments, a Carlyle Group entity, sold 390,000,000 shares in Yes Bank at an average price of 27.10. Carlyle Group sold 1,056.9 crore worth of shares in Yes Bank. (MINT)

Gold prices languished near a two-month trough on Thursday as traders lowered expectations of sooner and deeper rate cuts by the Federal Reserve this year, while markets await a slew of US economic data for further clarity. Spot gold was up 0.3 percent at $1,997.10 per ounce, as of 1158 GMT, but hovered near its lowest since December 13 hit on Wednesday. U.S. gold futures rose 0.3 percent to $2,009.20.

9/9Gold prices languished near a two-month trough on Thursday as traders lowered expectations of sooner and deeper rate cuts by the Federal Reserve this year, while markets await a slew of US economic data for further clarity. Spot gold was up 0.3 percent at $1,997.10 per ounce, as of 1158 GMT, but hovered near its lowest since December 13 hit on Wednesday. U.S. gold futures rose 0.3 percent to $2,009.20.

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