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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 6, 2024

Before Market Opens: 9 essential things to know at 9 am on February 6, 2024

9 Photos . Updated: 06 Feb 2024, 08:46 AM IST Pranati Deva

Before Market Opens: Indian markets are likely to open in the red on Tuesday despite gains in Asian peers, although investors were cautious after a slide on Wall Street. Gift Nifty was down 18 points, indicating a negative start for Nifty. Let's take a look at key cues before the market opens today:

Wall Street's main indexes closed lower on Monday after Federal Reserve Chair Jerome Powell pushed back firmly against speculation that rate cuts would be imminent, while investors assessed a mixed bag of U.S. earnings reports. The Dow Jones Industrial Average fell 274.30 points, or 0.71 percent, to 38,380.12, the S&P 500 lost 15.80 points, or 0.32 percent, to 4,942.81 and the Nasdaq Composite lost 31.28 points, or 0.20 percent, to 15,597.68. (REUTERS)

1/9Wall Street's main indexes closed lower on Monday after Federal Reserve Chair Jerome Powell pushed back firmly against speculation that rate cuts would be imminent, while investors assessed a mixed bag of U.S. earnings reports. The Dow Jones Industrial Average fell 274.30 points, or 0.71 percent, to 38,380.12, the S&P 500 lost 15.80 points, or 0.32 percent, to 4,942.81 and the Nasdaq Composite lost 31.28 points, or 0.20 percent, to 15,597.68. (REUTERS)

Asian shares edged up on Tuesday thanks to a bounce in battered Chinese markets, although investors were cautious after a slide on Wall Street amid diminishing expectations of a near-term Federal Reserve rate cut, which in turn underpinned the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, after a 0.7% decline from the previous session. Chinese stocks, which had initially opened lower on Tuesday, later reversed course, helped by recent signs of support from state-backed investors and as authorities have stepped in to stem heavy losses in the market. The blue-chip CSI300 Index was last more than 1.5% higher, while Shanghai Composite Index gained 0.3%, after having plumbed a five-year low on Monday. Hong Kong's Hang Seng Index rose 1.7%. Elsewhere, Australia's S&P/ASX 200 index stumbled 0.76% ahead of a rate decision by the country's central bank later in the day, while Japan's Nikkei slid 0.72%.

2/9Asian shares edged up on Tuesday thanks to a bounce in battered Chinese markets, although investors were cautious after a slide on Wall Street amid diminishing expectations of a near-term Federal Reserve rate cut, which in turn underpinned the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, after a 0.7% decline from the previous session. Chinese stocks, which had initially opened lower on Tuesday, later reversed course, helped by recent signs of support from state-backed investors and as authorities have stepped in to stem heavy losses in the market. The blue-chip CSI300 Index was last more than 1.5% higher, while Shanghai Composite Index gained 0.3%, after having plumbed a five-year low on Monday. Hong Kong's Hang Seng Index rose 1.7%. Elsewhere, Australia's S&P/ASX 200 index stumbled 0.76% ahead of a rate decision by the country's central bank later in the day, while Japan's Nikkei slid 0.72%.

The domestic equity indices succumbed to last-hour selling on Monday and ended the volatile session lower with the Nifty 50 dropping below the 21,800 level. The Sensex fell 354.21 points to close at 71,731.42, while the Nifty 50 ended 82.10 points, or 0.38%, lower at 21,771.70.

3/9The domestic equity indices succumbed to last-hour selling on Monday and ended the volatile session lower with the Nifty 50 dropping below the 21,800 level. The Sensex fell 354.21 points to close at 71,731.42, while the Nifty 50 ended 82.10 points, or 0.38%, lower at 21,771.70.

At 8:20 am, the GIFT Nifty was trading 18 points or 0.08 percent lower at 21,818, indicating a negative opening for the Indian markets. 

4/9At 8:20 am, the GIFT Nifty was trading 18 points or 0.08 percent lower at 21,818, indicating a negative opening for the Indian markets. 

Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region. Brent crude futures were down 2 cents at $77.97 a barrel as of 00:01 GMT, while U.S. West Texas Intermediate crude futures edged down 3 cents to $72.75. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions. (REUTERS)

5/9Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region. Brent crude futures were down 2 cents at $77.97 a barrel as of 00:01 GMT, while U.S. West Texas Intermediate crude futures edged down 3 cents to $72.75. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions. (REUTERS)

The Reserve Bank of India (RBI) has approved HDFC Bank's proposal to acquire aggregate holding of up to 9.50 percent in the paid-up share capital or voting rights of IndusInd Bank, the latter informed the exchanges. The approval, granted through an RBI letter dated February 5, 2024, is based on HDFC Bank's application to the central bank. To clarify the details, HDFC Bank told CNBC-TV18 that the stake acquisition in IndusInd Bank is not intended for HDFC Bank, but for HDFC Group. Adding that the bank, acting as the promoter had to seek approval from the RBI, the company said RBI's approval for acquiring a stake in IndusInd Bank is for investments by its AMC and Insurance arms.

6/9The Reserve Bank of India (RBI) has approved HDFC Bank's proposal to acquire aggregate holding of up to 9.50 percent in the paid-up share capital or voting rights of IndusInd Bank, the latter informed the exchanges. The approval, granted through an RBI letter dated February 5, 2024, is based on HDFC Bank's application to the central bank. To clarify the details, HDFC Bank told CNBC-TV18 that the stake acquisition in IndusInd Bank is not intended for HDFC Bank, but for HDFC Group. Adding that the bank, acting as the promoter had to seek approval from the RBI, the company said RBI's approval for acquiring a stake in IndusInd Bank is for investments by its AMC and Insurance arms.

Foreign institutional investors (FIIs) net bought shares worth <span class='webrupee'>₹</span>518.88 crore, while domestic institutional investors (DIIs) sold <span class='webrupee'>₹</span>1,188.68 crore worth of stocks on February 5, provisional data from the NSE showed.

7/9Foreign institutional investors (FIIs) net bought shares worth ₹518.88 crore, while domestic institutional investors (DIIs) sold ₹1,188.68 crore worth of stocks on February 5, provisional data from the NSE showed.

The Rupee depreciated eight paise to settle at 83.06 (provisional) against the U.S. dollar on February 5, as strengthening American currency overseas and negative sentiment in the domestic equity markets weighed on the local unit.

8/9The Rupee depreciated eight paise to settle at 83.06 (provisional) against the U.S. dollar on February 5, as strengthening American currency overseas and negative sentiment in the domestic equity markets weighed on the local unit.

Gold dropped to more than a one-week low weighed down by a higher dollar and bond yields after a solid U.S. jobs report and remarks from Federal Reserve officials dashed expectations of early interest rate cuts. Spot gold was down 0.6% at $2,027.09 per ounce by 2:09 p.m. EST (1909 GMT) after hitting its lowest level since Jan. 25 earlier in the session. U.S. gold futures settled 0.5% lower at $2042.9.

9/9Gold dropped to more than a one-week low weighed down by a higher dollar and bond yields after a solid U.S. jobs report and remarks from Federal Reserve officials dashed expectations of early interest rate cuts. Spot gold was down 0.6% at $2,027.09 per ounce by 2:09 p.m. EST (1909 GMT) after hitting its lowest level since Jan. 25 earlier in the session. U.S. gold futures settled 0.5% lower at $2042.9.

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