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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 20, 2024

Before Market Opens: 9 essential things to know at 9 am on February 20, 2024

Before Market Opens: Indian markets are likely to open lower on Tuesday following caution in Asian peers even as rate cut in China failed to excite investors. Gift Nifty was trading 41 points lower, indicating a weak start for Nifty. Let's take a look at some key cues before the market opens today:

US equity futures were steady in muted trading as investors awaited fresh triggers. S&P 500 futures gained 0.2% and Nasdaq 100 contracts rose 0.3%. US cash markets were shut on Monday for the President’s Day holiday. 

1/9US equity futures were steady in muted trading as investors awaited fresh triggers. S&P 500 futures gained 0.2% and Nasdaq 100 contracts rose 0.3%. US cash markets were shut on Monday for the President’s Day holiday. 

Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures. China's five-year loan prime rate was lowered by 25 basis points to 3.90%, bigger than the five to 15 bp cuts forecast by economists. The Shanghai Composite, however, fell 0.7% in early trade and blue chips fell 0.6%. The yuan was steady at 7.1972 per dollar. Elsewhere Japan's Nikkei opened flat to stay below but close to topping its 1989 record high. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1%, pulling away from its highest level since January touched during Monday. South Korean shares fell 1%. 

2/9Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures. China's five-year loan prime rate was lowered by 25 basis points to 3.90%, bigger than the five to 15 bp cuts forecast by economists. The Shanghai Composite, however, fell 0.7% in early trade and blue chips fell 0.6%. The yuan was steady at 7.1972 per dollar. Elsewhere Japan's Nikkei opened flat to stay below but close to topping its 1989 record high. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1%, pulling away from its highest level since January touched during Monday. South Korean shares fell 1%. 

At 8:15 am, the GIFT Nifty was trading 41 points or 0.18 percent lower at 22,139, indicating a weak opening for the Indian markets. 

3/9At 8:15 am, the GIFT Nifty was trading 41 points or 0.18 percent lower at 22,139, indicating a weak opening for the Indian markets. 

On Monday, the Indian stock market indices ended higher for the fifth consecutive session, with the benchmark Nifty 50 hitting record high intraday. The Sensex gained 281.52 points, or 0.39%, to close at 72,708.16, while the Nifty 50 settled 81.55 points, or 0.37%, higher at 22,122.25.

4/9On Monday, the Indian stock market indices ended higher for the fifth consecutive session, with the benchmark Nifty 50 hitting record high intraday. The Sensex gained 281.52 points, or 0.39%, to close at 72,708.16, while the Nifty 50 settled 81.55 points, or 0.37%, higher at 22,122.25.

Oil prices were little changed in early Asian trading on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand. Brent futures ticked down 8 cents to $83.48 a barrel by 0133 GMT. U.S. West Texas Intermediate (WTI) crude for April delivery inched down 10 cents to $78.36 a barrel. The March WTI contract rose 26 cents to $79.45 a barrel as traders prepared for that contract to expire during the day.  (AP)

5/9Oil prices were little changed in early Asian trading on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand. Brent futures ticked down 8 cents to $83.48 a barrel by 0133 GMT. U.S. West Texas Intermediate (WTI) crude for April delivery inched down 10 cents to $78.36 a barrel. The March WTI contract rose 26 cents to $79.45 a barrel as traders prepared for that contract to expire during the day.  (AP)

Foreign institutional investors (FIIs) net sold shares worth  <span class='webrupee'>₹</span>754.59 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>452.70 crore worth of stocks on February 19, provisional data from the NSE showed.

6/9Foreign institutional investors (FIIs) net sold shares worth 754.59 crore, while domestic institutional investors (DIIs) purchased 452.70 crore worth of stocks on February 19, provisional data from the NSE showed.

The US dollar index, a measure of the greenback against major peers, rose 0.03% to 104.33. The Japanese yen was near a three-month low at 150.25 against the dollar. In the bond market, US Treasury yields ticked higher in response to last week’s inflation data and the repricing of US Federal Reserve expectations, Reuters reported. The benchmark 10-year yield rose about 2 bps to 4.3166%, while the two-year yield steadied at 4.6565%. (AFP)

7/9The US dollar index, a measure of the greenback against major peers, rose 0.03% to 104.33. The Japanese yen was near a three-month low at 150.25 against the dollar. In the bond market, US Treasury yields ticked higher in response to last week’s inflation data and the repricing of US Federal Reserve expectations, Reuters reported. The benchmark 10-year yield rose about 2 bps to 4.3166%, while the two-year yield steadied at 4.6565%. (AFP)

Gold prices edged down in early Asian hours on Tuesday, pressured by a slightly stronger dollar and elevated treasury yields, while traders also awaited for further cues from the minutes of the U.S. Federal Reserve's last meeting. Spot gold was down 0.1% at $2,015.59 per ounce, as of 0057 GMT, with trading volumes likely thinned by a U.S. holiday. U.S. gold futures edged 0.2% higher to $2,026.90 per ounce.

8/9Gold prices edged down in early Asian hours on Tuesday, pressured by a slightly stronger dollar and elevated treasury yields, while traders also awaited for further cues from the minutes of the U.S. Federal Reserve's last meeting. Spot gold was down 0.1% at $2,015.59 per ounce, as of 0057 GMT, with trading volumes likely thinned by a U.S. holiday. U.S. gold futures edged 0.2% higher to $2,026.90 per ounce.

Whirpool Mauritius Ltd, a promoter entity of Whirpool of India, plans to sell as much as 24 percent of the local unit through a block deal for $451 million, according to media reports. The promoter group currently owns 75 percent of the home appliance maker and had earlier indicated that it would reduce its stake in the company to reduce debt levels. On November 30, 2023, Whirpool Corp said it would sell up to 24 percent of its ownership interest in Whirlpool of India Ltd to reduce debt levels. The base size of the deal is $282 million, which represents 15 percent of outstanding share capital and the upsize option of the deal is up to $169 million, which represents 9 percent of outstanding share capital,

9/9Whirpool Mauritius Ltd, a promoter entity of Whirpool of India, plans to sell as much as 24 percent of the local unit through a block deal for $451 million, according to media reports. The promoter group currently owns 75 percent of the home appliance maker and had earlier indicated that it would reduce its stake in the company to reduce debt levels. On November 30, 2023, Whirpool Corp said it would sell up to 24 percent of its ownership interest in Whirlpool of India Ltd to reduce debt levels. The base size of the deal is $282 million, which represents 15 percent of outstanding share capital and the upsize option of the deal is up to $169 million, which represents 9 percent of outstanding share capital,

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