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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 21, 2024

Before Market Opens: 9 essential things to know at 9 am on February 21, 2024

Before Market Opens: Indian markets are likely to open lower on Wednesday following loss in Asian peers amid diminishing expectations of early rate cuts. Gift Nifty was trading 21 points lower, indicating a weak start for Nifty. Let's take a look at some key cues before the market opens today:

U.S. stocks ended lower on Tuesday, with the Nasdaq showing the largest declines as chipmaker Nvidia stumbled ahead of its highly awaited earnings report, while gains in Walmart kept losses on the Dow Industrials in check. Shares of the chip designer Nvidia tumbled 4.35%, it's biggest daily percentage fall since Oct. 17, while the broader Philadelphia semiconductor index declined 1.56% as other chip stocks followed. The S&P 500 lost 30.06 points, or 0.60%, to end at 4,975.51 points, while the Nasdaq Composite lost 144.87 points, or 0.92%, to 15,630.78. The Dow Jones Industrial Average fell 64.19 points, or 0.17%, to 38,56.80.

1/9U.S. stocks ended lower on Tuesday, with the Nasdaq showing the largest declines as chipmaker Nvidia stumbled ahead of its highly awaited earnings report, while gains in Walmart kept losses on the Dow Industrials in check. Shares of the chip designer Nvidia tumbled 4.35%, it's biggest daily percentage fall since Oct. 17, while the broader Philadelphia semiconductor index declined 1.56% as other chip stocks followed. The S&P 500 lost 30.06 points, or 0.60%, to end at 4,975.51 points, while the Nasdaq Composite lost 144.87 points, or 0.92%, to 15,630.78. The Dow Jones Industrial Average fell 64.19 points, or 0.17%, to 38,56.80.

Asian stocks eased on Wednesday as diminishing expectations of early interest rate cuts from the Federal Reserve sapped risk appetite, with investors looking to the minutes of the U.S. central bank's last meeting for clues on the policy outlook. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.09% lower on Wednesday. Japan's Nikkei eased 0.21%, having stuttered in the last few days within sight of the all-time high set in 1989. China stocks were mixed in early trading, a day after the biggest ever reduction in the nation's benchmark mortgage rate as authorities stepped up efforts to prop up the struggling property market. On Wednesday, the blue-chip CSI300 index fell 0.6%, while Hong Kong's Hang Seng Index was 1% higher. 

2/9Asian stocks eased on Wednesday as diminishing expectations of early interest rate cuts from the Federal Reserve sapped risk appetite, with investors looking to the minutes of the U.S. central bank's last meeting for clues on the policy outlook. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.09% lower on Wednesday. Japan's Nikkei eased 0.21%, having stuttered in the last few days within sight of the all-time high set in 1989. China stocks were mixed in early trading, a day after the biggest ever reduction in the nation's benchmark mortgage rate as authorities stepped up efforts to prop up the struggling property market. On Wednesday, the blue-chip CSI300 index fell 0.6%, while Hong Kong's Hang Seng Index was 1% higher. 

At 8:15 am, the GIFT Nifty was trading 27 points or 0.12 percent lower at 22,251, indicating a weak opening for the Indian markets. 

3/9At 8:15 am, the GIFT Nifty was trading 27 points or 0.12 percent lower at 22,251, indicating a weak opening for the Indian markets. 

On Tuesday, the Indian stock market indices ended higher with the benchmark Nifty 50 hitting its fresh record high of 22,215.60 in intraday trade. The Sensex gained 349.24 points, or 0.48%, to close at 73,057.40, while the Nifty 50 ended 74.70 points, or 0.34%, higher at 22,196.95.

4/9On Tuesday, the Indian stock market indices ended higher with the benchmark Nifty 50 hitting its fresh record high of 22,215.60 in intraday trade. The Sensex gained 349.24 points, or 0.48%, to close at 73,057.40, while the Nifty 50 ended 74.70 points, or 0.34%, higher at 22,196.95.

Oil prices regained some ground in early Asian trade on Wednesday, as investors weighed concerns over output cuts by key producers and attacks on shipping in the Red Sea against dimmed expectations of U.S. rate cuts. Brent crude futures rose 12 cents, or 0.15%, to $82.46 a barrel by 0100 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 9 cents, or 0.12% at $77.13. The Brent and WTI contracts slipped 1.5% and 1.4% respectively on Tuesday. (REUTERS)

5/9Oil prices regained some ground in early Asian trade on Wednesday, as investors weighed concerns over output cuts by key producers and attacks on shipping in the Red Sea against dimmed expectations of U.S. rate cuts. Brent crude futures rose 12 cents, or 0.15%, to $82.46 a barrel by 0100 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 9 cents, or 0.12% at $77.13. The Brent and WTI contracts slipped 1.5% and 1.4% respectively on Tuesday. (REUTERS)

Novelis Inc, a wholly owned subsidiary of Hindalco, on February 20 announced that it has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) about its proposed initial public offering (IPO) of its common shares. The common shares are expected to be offered by Novelis’ sole shareholder (a wholly-owned subsidiary of Hindalco Industries Limited). Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.Novelis, a leading sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. (PTI)

6/9Novelis Inc, a wholly owned subsidiary of Hindalco, on February 20 announced that it has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) about its proposed initial public offering (IPO) of its common shares. The common shares are expected to be offered by Novelis’ sole shareholder (a wholly-owned subsidiary of Hindalco Industries Limited). Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.Novelis, a leading sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. (PTI)

Foreign institutional investors (FIIs) net sold shares worth  <span class='webrupee'>₹</span>1,335.51 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>1,491.33 crore worth of stocks on February 20, provisional data from the NSE showed.

7/9Foreign institutional investors (FIIs) net sold shares worth 1,335.51 crore, while domestic institutional investors (DIIs) purchased 1,491.33 crore worth of stocks on February 20, provisional data from the NSE showed.

The Rupee appreciated six paise to settle at 82.95 (provisional) against the U.S. dollar on February 20, amid robust equity market sentiment and a weak American currency. Forex traders said, sustained outflow of foreign funds capped a sharp gain in the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.02 and touched the intraday high of 82.91 against the greenback. The local unit finally settled at 82.95 (provisional) against the dollar, registering a gain of six paise from its previous close.

8/9The Rupee appreciated six paise to settle at 82.95 (provisional) against the U.S. dollar on February 20, amid robust equity market sentiment and a weak American currency. Forex traders said, sustained outflow of foreign funds capped a sharp gain in the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.02 and touched the intraday high of 82.91 against the greenback. The local unit finally settled at 82.95 (provisional) against the dollar, registering a gain of six paise from its previous close.

Gold prices held steady on Wednesday, helped by a slightly weaker dollar as investors looked forward to minutes of the last U.S. Federal Reserve policy meeting due later in the day for more clarity on its interest rate path. Spot gold was flat at $2,024.00 per ounce, as of 0100 GMT. U.S. gold futures edged 0.2% down to $2,035.00 per ounce.

9/9Gold prices held steady on Wednesday, helped by a slightly weaker dollar as investors looked forward to minutes of the last U.S. Federal Reserve policy meeting due later in the day for more clarity on its interest rate path. Spot gold was flat at $2,024.00 per ounce, as of 0100 GMT. U.S. gold futures edged 0.2% down to $2,035.00 per ounce.

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