Before Market Opens: 9 things to know at 9 am on December 1, 2023 | Mint Primer
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Business News/ Photos / Before Market Opens: 9 things to know at 9 am on December 1, 2023

Before Market Opens: 9 things to know at 9 am on December 1, 2023

Indian markets are likely to open flat on Friday following cautious trade in global peers. Meanwhile, India’s July-September 2023 GDP growth stood at 7.6 percent. Gift Nifty was trading 6 points higher, indicating a muted start. Let's take a look at some key cues before the market opens today:

The S&P 500 closed modestly green, while tech and tech-adjacent momentum stocks, led by Nvidia, pulled the Nasdaq into negative territory. Still, the S&P 500 and the Nasdaq notched their largest monthly percentage gain since July 2022. November was the Dow's best month for percentage gains since October 2022. The Dow Jones Industrial Average rose 520.47 points, or 1.47%, to 35,950.89, the S&P 500 gained 17.22 points, or 0.38%, at 4,567.8 and the Nasdaq Composite dropped 32.27 points, or 0.23%, to 14,226.22. (REUTERS)

1/9The S&P 500 closed modestly green, while tech and tech-adjacent momentum stocks, led by Nvidia, pulled the Nasdaq into negative territory. Still, the S&P 500 and the Nasdaq notched their largest monthly percentage gain since July 2022. November was the Dow's best month for percentage gains since October 2022. The Dow Jones Industrial Average rose 520.47 points, or 1.47%, to 35,950.89, the S&P 500 gained 17.22 points, or 0.38%, at 4,567.8 and the Nasdaq Composite dropped 32.27 points, or 0.23%, to 14,226.22. (REUTERS)

Asian sharemarkets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the U.S. are poised to cut rates should help ease pressure on local currencies and central banks. Global oil prices extended losses after a drop of more than 2% overnight as voluntary oil output cuts by OPEC+ producers for the first quarter of next year fell short of market expectations. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% after a surge of 7.3% last month, the most since January. Japan's Nikkei was flat, having also jumped 8.5% in November in the best month in three years. Chinese bluechips dropped 0.6% and Hong Kong's Hang Seng index fell 0.4%.

2/9Asian sharemarkets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the U.S. are poised to cut rates should help ease pressure on local currencies and central banks. Global oil prices extended losses after a drop of more than 2% overnight as voluntary oil output cuts by OPEC+ producers for the first quarter of next year fell short of market expectations. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% after a surge of 7.3% last month, the most since January. Japan's Nikkei was flat, having also jumped 8.5% in November in the best month in three years. Chinese bluechips dropped 0.6% and Hong Kong's Hang Seng index fell 0.4%.

Domestic market benchmarks the Sensex and the Nifty 50 closed November with strong gains. This surge was fueled by an uplift in sentiment, driven by mounting anticipation of a peak in interest rates in the US, coupled with the continuing strength in India's economic growth prospects. Sensex rose 4.9 percent while the Nifty 50 jumped 5.5 percent in November. This was Nifty's best month since July 2022. For the Sensex, it was the best month since October 2022. The overall market capitalisation of the firms listed on the BSE jumped to nearly  <span class='webrupee'>₹</span>335.6 lakh crore from nearly  <span class='webrupee'>₹</span>311.5 lakh crore on October 31, making investors richer by about  <span class='webrupee'>₹</span>24.1 lakh crore in a month.

3/9Domestic market benchmarks the Sensex and the Nifty 50 closed November with strong gains. This surge was fueled by an uplift in sentiment, driven by mounting anticipation of a peak in interest rates in the US, coupled with the continuing strength in India's economic growth prospects. Sensex rose 4.9 percent while the Nifty 50 jumped 5.5 percent in November. This was Nifty's best month since July 2022. For the Sensex, it was the best month since October 2022. The overall market capitalisation of the firms listed on the BSE jumped to nearly 335.6 lakh crore from nearly 311.5 lakh crore on October 31, making investors richer by about 24.1 lakh crore in a month.

At 8:20 am, the GIFT Nifty was trading 6 points or 0.03 percent higher at 20,344, indicating a muted opening for the Indian markets. 

4/9At 8:20 am, the GIFT Nifty was trading 6 points or 0.03 percent higher at 20,344, indicating a muted opening for the Indian markets. 

The Indian economy grew 7.6 percent during the July-September quarter for fiscal 2023-24 (Q2FY24), remaining the fastest-growing major economy in the world, according to the gross domestic product (GDP) data released by the statistics ministry. The Q2 GDP growth - supported by government spending and strong performance in manufacturing, mining, and construction sectors - was sharply above D-Street estimates as well as projections by the Reserve Bank of India (RBI).

5/9The Indian economy grew 7.6 percent during the July-September quarter for fiscal 2023-24 (Q2FY24), remaining the fastest-growing major economy in the world, according to the gross domestic product (GDP) data released by the statistics ministry. The Q2 GDP growth - supported by government spending and strong performance in manufacturing, mining, and construction sectors - was sharply above D-Street estimates as well as projections by the Reserve Bank of India (RBI).

Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. Brent crude futures for February fell 14 cents, or 0.2%, to $80.72 a barrel by 0005 GMT. U.S. West Texas Intermediate crude futures fell 12 cents, or 0.2%, to $75.84. (REUTERS)

6/9Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. Brent crude futures for February fell 14 cents, or 0.2%, to $80.72 a barrel by 0005 GMT. U.S. West Texas Intermediate crude futures fell 12 cents, or 0.2%, to $75.84. (REUTERS)

The Indian rupee depreciated 7 paise to end at a record closing low against the US dollar on Thursday weighed down by stronger American currency overseas and rising crude oil prices. The local currency ended at 83.40 a dollar as compared to its previous close of 83.33.

7/9The Indian rupee depreciated 7 paise to end at a record closing low against the US dollar on Thursday weighed down by stronger American currency overseas and rising crude oil prices. The local currency ended at 83.40 a dollar as compared to its previous close of 83.33.

Foreign institutional investors bought shares worth  <span class='webrupee'>₹</span>8,147.85 crore, while domestic institutional investors sold  <span class='webrupee'>₹</span>780.32 crore worth of stocks on November 30, provisional data from the National Stock Exchange showed.

8/9Foreign institutional investors bought shares worth 8,147.85 crore, while domestic institutional investors sold 780.32 crore worth of stocks on November 30, provisional data from the National Stock Exchange showed.

Gold slipped on Thursday but stayed on track for a second straight monthly gain as expectations that the Federal Reserve may soon cut interest rates enhanced the appeal of non-yielding bullion. Spot gold slipped 0.4% to $2,035.53 per ounce after hitting a near seven-month peak in the previous session. Prices have gained 2.7% so far this month. U.S. gold futures fell 0.5% to $2,036.40. Contributing to gold’s slight dip, the dollar index rose for the day.

9/9Gold slipped on Thursday but stayed on track for a second straight monthly gain as expectations that the Federal Reserve may soon cut interest rates enhanced the appeal of non-yielding bullion. Spot gold slipped 0.4% to $2,035.53 per ounce after hitting a near seven-month peak in the previous session. Prices have gained 2.7% so far this month. U.S. gold futures fell 0.5% to $2,036.40. Contributing to gold’s slight dip, the dollar index rose for the day.

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