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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 22, 2024

Before Market Opens: 9 essential things to know at 9 am on February 22, 2024

Before Market Opens: Indian markets are likely to open higher on Thursday following a rise in Asian peers after minutes from the US Fed policy meet were released. Gift Nifty was trading 40 points higher, indicating a strong start for Nifty. Let's take a look at key cues before market opens today:

The S&P 500 and Dow Jones industrials eked out small gains on Wednesday, while the Nasdaq closed lower for a third straight session as investors awaited the release of Nvidia's earnings that could determine near-term momentum for equities. The S&P 500 climbed 0.13% to end the session at 4,981.80 points. The Nasdaq declined 0.32% to 15,580.87 points, while the Dow Jones Industrial Average rose 0.13% to 38,612.24 points.

1/9The S&P 500 and Dow Jones industrials eked out small gains on Wednesday, while the Nasdaq closed lower for a third straight session as investors awaited the release of Nvidia's earnings that could determine near-term momentum for equities. The S&P 500 climbed 0.13% to end the session at 4,981.80 points. The Nasdaq declined 0.32% to 15,580.87 points, while the Dow Jones Industrial Average rose 0.13% to 38,612.24 points.

Minutes from the Federal Reserve's January meeting showed most policymakers were concerned about the risks of cutting interest rates too soon, with broad uncertainty about how long borrowing costs should remain at their current level. As per the minutes of the January 30-31 Federal Open Market Committee meeting, policymakers remain attentive to the trajectory of inflation, with some worried that progress toward the central bank’s 2% target could stall. Together, the record reinforced the Fed’s preference for more evidence that inflation is firmly on a downward path. (Bloomberg<br />)

2/9Minutes from the Federal Reserve's January meeting showed most policymakers were concerned about the risks of cutting interest rates too soon, with broad uncertainty about how long borrowing costs should remain at their current level. As per the minutes of the January 30-31 Federal Open Market Committee meeting, policymakers remain attentive to the trajectory of inflation, with some worried that progress toward the central bank’s 2% target could stall. Together, the record reinforced the Fed’s preference for more evidence that inflation is firmly on a downward path. (Bloomberg
)

Japan's Nikkei share average on Thursday surged past an all-time closing high scaled in December 1989, as chip-related stocks jumped after U.S. chipmaker Nvidia's outlook beat market expectations. The Nikkei rose to a high of 38,924.88, crossing the record close of 38,915,87 set on the final trading day of 1989. The index was within touching distance of the lifetime high of 38,957.44, an intraday level, which was also reached on that same day nearly 35 years ago. Meanwhile, Hong Kong’s Hang Seng index futures indicated a weaker start.

3/9Japan's Nikkei share average on Thursday surged past an all-time closing high scaled in December 1989, as chip-related stocks jumped after U.S. chipmaker Nvidia's outlook beat market expectations. The Nikkei rose to a high of 38,924.88, crossing the record close of 38,915,87 set on the final trading day of 1989. The index was within touching distance of the lifetime high of 38,957.44, an intraday level, which was also reached on that same day nearly 35 years ago. Meanwhile, Hong Kong’s Hang Seng index futures indicated a weaker start.

At 8:15 am, the GIFT Nifty was trading 40 points or 0.18 percent higher at 22,145, indicating a positive opening for the Indian markets.  (iStock)

4/9At 8:15 am, the GIFT Nifty was trading 40 points or 0.18 percent higher at 22,145, indicating a positive opening for the Indian markets.  (iStock)

On Wednesday, the Indian stock market indices, Sensex and Nifty succumbed to profit and ended over half a percent lower amid weak global cues, snapping a six-day gaining streak. The Sensex dropped 434.31 points, or 0.59%, to close at 72,623.09, while the Nifty 50 settled 141.90 points, or 0.64%, lower at 22,055.05. (MINT_PRINT)

5/9On Wednesday, the Indian stock market indices, Sensex and Nifty succumbed to profit and ended over half a percent lower amid weak global cues, snapping a six-day gaining streak. The Sensex dropped 434.31 points, or 0.59%, to close at 72,623.09, while the Nifty 50 settled 141.90 points, or 0.64%, lower at 22,055.05. (MINT_PRINT)

Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply. U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT. Brent crude for April delivery ticked up 14 cents to $83.17 a barrel, while the May contract added 13 cents, rising to $82.24 a barrel. (REUTERS)

6/9Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply. U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT. Brent crude for April delivery ticked up 14 cents to $83.17 a barrel, while the May contract added 13 cents, rising to $82.24 a barrel. (REUTERS)

Foreign institutional investors (FIIs) net bought shares worth  <span class='webrupee'>₹</span>284.66 crore, while domestic institutional investors (DIIs) sold  <span class='webrupee'>₹</span>411.57 crore worth of stocks on February 21, provisional data from the NSE showed.

7/9Foreign institutional investors (FIIs) net bought shares worth 284.66 crore, while domestic institutional investors (DIIs) sold 411.57 crore worth of stocks on February 21, provisional data from the NSE showed.

The rupee consolidated in a narrow range and appreciated 1 paisa to close at 82.96 (provisional) against the U.S. dollar on February 21, as the support from easing crude oil prices was negated by a weak trend in domestic equities. Forex traders said the strength of the American currency in the overseas market and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange, the local unit opened at 82.90 against the greenback. It hit an intra-day high of 82.86 and a low of 82.97.

8/9The rupee consolidated in a narrow range and appreciated 1 paisa to close at 82.96 (provisional) against the U.S. dollar on February 21, as the support from easing crude oil prices was negated by a weak trend in domestic equities. Forex traders said the strength of the American currency in the overseas market and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange, the local unit opened at 82.90 against the greenback. It hit an intra-day high of 82.86 and a low of 82.97.

Gold prices edged up on Thursday supported by safe-haven demand amid rising geopolitical tensions in the Middle East and a softer dollar, while minutes of the latest U.S. Federal Reserve meeting dampened hopes for an early interest rate cut. Spot gold was up 0.1% at $2,026.9 per ounce, as of 0100 GMT. U.S. gold futures edged 0.1% up at $2,035.8 per ounce.

9/9Gold prices edged up on Thursday supported by safe-haven demand amid rising geopolitical tensions in the Middle East and a softer dollar, while minutes of the latest U.S. Federal Reserve meeting dampened hopes for an early interest rate cut. Spot gold was up 0.1% at $2,026.9 per ounce, as of 0100 GMT. U.S. gold futures edged 0.1% up at $2,035.8 per ounce.

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