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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 19, 2024

Before Market Opens: 9 essential things to know at 9 am on February 19, 2024

Before Market Opens: Indian markets are likely to open flat on Monday following caution in Asian peers as early rate cuts globally soured the mood. Gift Nifty was trading 1 points higher, indicating a muted start for benchmark Nifty. Let's take a look at some key cues before the market opens today:

US stocks fell on Friday with the Nasdaq showing the largest decline after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. A Labor Department report showed producer prices increased more than expected in January, feeding fears inflation was picking up after months of cooling. After five consecutive weeks of gains, all three indexes posted a weekly decline. The S&P 500 lost 24.18 points, or 0.49 percent, to end at 5,005.15 points, while the Nasdaq Composite lost 132.38 points, or 0.83 percent, to 15,775.65. The Dow Jones Industrial Average fell 149.48 points, or 0.39 percent, to 38,623.64.

1/9US stocks fell on Friday with the Nasdaq showing the largest decline after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. A Labor Department report showed producer prices increased more than expected in January, feeding fears inflation was picking up after months of cooling. After five consecutive weeks of gains, all three indexes posted a weekly decline. The S&P 500 lost 24.18 points, or 0.49 percent, to end at 5,005.15 points, while the Nasdaq Composite lost 132.38 points, or 0.83 percent, to 15,775.65. The Dow Jones Industrial Average fell 149.48 points, or 0.39 percent, to 38,623.64.

Asian shares got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step. A holiday for U.S. markets also made for thin trading, while the latest surge in tech stocks is set to be tested by results from AI diva Nvidia on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%, after bouncing 2% last week. Japan's Nikkei was flat, having surged more than 4% last week to stop just short of its all-time high. There was promising news from China where tourism revenues during the Lunar New Year break surged by 47% on a year earlier as more than 61 million rail trips were taken.

2/9Asian shares got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step. A holiday for U.S. markets also made for thin trading, while the latest surge in tech stocks is set to be tested by results from AI diva Nvidia on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%, after bouncing 2% last week. Japan's Nikkei was flat, having surged more than 4% last week to stop just short of its all-time high. There was promising news from China where tourism revenues during the Lunar New Year break surged by 47% on a year earlier as more than 61 million rail trips were taken.

On Friday, the Indian stock market indices closed with decent gains amid positive global cues, extending their rise into the fourth consecutive session. The Sensex surged 376.26 points, or 0.52%, to end at 72,426.64, while the Nifty 50 settled 129.95 points, or 0.59%, higher at 22,040.70.

3/9On Friday, the Indian stock market indices closed with decent gains amid positive global cues, extending their rise into the fourth consecutive session. The Sensex surged 376.26 points, or 0.52%, to end at 72,426.64, while the Nifty 50 settled 129.95 points, or 0.59%, higher at 22,040.70.

At 8:15 am, the GIFT Nifty was trading 1 point or 0.01 percent higher at 22,144, indicating a flat opening for the Indian markets. 

4/9At 8:15 am, the GIFT Nifty was trading 1 point or 0.01 percent higher at 22,144, indicating a flat opening for the Indian markets. 

Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. (REUTERS)

5/9Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. (REUTERS)

Foreign institutional investors (FIIs) net bought shares worth  <span class='webrupee'>₹</span>253.28 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>1,571 crore worth of stocks on February 16, provisional data from the NSE showed.

6/9Foreign institutional investors (FIIs) net bought shares worth 253.28 crore, while domestic institutional investors (DIIs) purchased 1,571 crore worth of stocks on February 16, provisional data from the NSE showed.

The rupee rose 4 paise to settle at 83.01 against the US dollar on Friday, amid positive sentiment in the domestic equity markets and softening crude oil prices. Forex traders said a strong American currency and outflow of foreign funds, however, capped a sharp gain in the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.03, and touched the intraday high of 83 against the greenback. The local unit finally settled at 83.01 against the dollar, registering a gain of 4 paise from its previous close.

7/9The rupee rose 4 paise to settle at 83.01 against the US dollar on Friday, amid positive sentiment in the domestic equity markets and softening crude oil prices. Forex traders said a strong American currency and outflow of foreign funds, however, capped a sharp gain in the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.03, and touched the intraday high of 83 against the greenback. The local unit finally settled at 83.01 against the dollar, registering a gain of 4 paise from its previous close.

Gold prices inched higher on Monday, lifted by a softer dollar, as the bullion partially recovered from a slump last week on hot U.S. inflation data that cooled prospects of early rate cuts by the Federal Reserve. Spot gold was up 0.2% at $2,017.77 per ounce, as of 0050 GMT. Bullion lost 0.5% last week. U.S. gold futures edged 0.3% higher to $2,029.80 per ounce.

8/9Gold prices inched higher on Monday, lifted by a softer dollar, as the bullion partially recovered from a slump last week on hot U.S. inflation data that cooled prospects of early rate cuts by the Federal Reserve. Spot gold was up 0.2% at $2,017.77 per ounce, as of 0050 GMT. Bullion lost 0.5% last week. U.S. gold futures edged 0.3% higher to $2,029.80 per ounce.

US consumer sentiment was little changed in February while one-year inflation expectations ticked up, a survey showed on Friday. The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 79.6 this month, compared to 79.0 in January. Economists polled by Reuters had forecast a preliminary reading of 80.0. The survey's reading of one-year inflation expectations edged up to 3.0% this month from 2.9 percent in January. Near-term inflation expectations are within the 2.3-3.0 percent range seen in the two years prior to the Covid-19 pandemic. The survey's five-year inflation outlook was unchanged at 2.9% for the third straight month.

9/9US consumer sentiment was little changed in February while one-year inflation expectations ticked up, a survey showed on Friday. The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 79.6 this month, compared to 79.0 in January. Economists polled by Reuters had forecast a preliminary reading of 80.0. The survey's reading of one-year inflation expectations edged up to 3.0% this month from 2.9 percent in January. Near-term inflation expectations are within the 2.3-3.0 percent range seen in the two years prior to the Covid-19 pandemic. The survey's five-year inflation outlook was unchanged at 2.9% for the third straight month.

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