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Business News/ Photos / Before Market Opens: 9 things to know at 9 am on December 4, 2023

Before Market Opens: 9 things to know at 9 am on December 4, 2023

Indian markets are likely to open at record high on Monday following a stellar victory by the incumbent BJP in 3 of the 5 state elections paving way for a third term by the current government. Meanwhile, Gift Nifty was also up 137 points. Let's take a look at key cues before the market opens today:

The benchmark S&P 500 index closed at its highest level of the year on Friday amid growing optimism the Federal Reserve was done raising US interest rates and could begin to cut them next year as inflation cools.The index closed at 4,594.63 points, up 26.83 points, or 0.59 percent, and topping the close on July 31 at 4,588.96, which had been the prior high of 2023. US stocks rebounded in November following three straight months of declines on better-than-expected earnings and as evidence of easing inflation boosted bets that the Fed was at the end of its monetary tightening campaign. (REUTERS)

1/9The benchmark S&P 500 index closed at its highest level of the year on Friday amid growing optimism the Federal Reserve was done raising US interest rates and could begin to cut them next year as inflation cools.The index closed at 4,594.63 points, up 26.83 points, or 0.59 percent, and topping the close on July 31 at 4,588.96, which had been the prior high of 2023. US stocks rebounded in November following three straight months of declines on better-than-expected earnings and as evidence of easing inflation boosted bets that the Fed was at the end of its monetary tightening campaign. (REUTERS)

Asian shares were mixed on Monday while gold spiked to all-time peaks above $2,100 at the start of a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year. In particular, the U.S. November payrolls report on Friday needs to be solid enough to support the soft-landing scenario, but not so strong as to threaten the chance of easing. MSCI's broadest index of Asia-Pacific shares outside Japan was still up 0.4%, led by gains in South Korea and Australia. Japan's Nikkei dipped 0.4% as the yen extended recent gains. Chinese blue chips eased 0.2%, while the country's central bank set another firm fix for the yuan.

2/9Asian shares were mixed on Monday while gold spiked to all-time peaks above $2,100 at the start of a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year. In particular, the U.S. November payrolls report on Friday needs to be solid enough to support the soft-landing scenario, but not so strong as to threaten the chance of easing. MSCI's broadest index of Asia-Pacific shares outside Japan was still up 0.4%, led by gains in South Korea and Australia. Japan's Nikkei dipped 0.4% as the yen extended recent gains. Chinese blue chips eased 0.2%, while the country's central bank set another firm fix for the yuan.

The domestic equity market witnessed healthy gains on Friday, December 1, with the benchmark Nifty 50 hitting its fresh record high of 20,291.55 in the intraday session on all-round buying after India's Q2 GDP numbers exceeded expectations. Nifty 50 finally closed 135 points, or 0.67 percent, higher at 20,267.90.  Meanwhile, Sensex ended the day at 67,481.19, up 493 points, or 0.74 percent. Sensex remained 446 points away from its all-time high of 67,927.23 which it hit on September 15 this year.

3/9The domestic equity market witnessed healthy gains on Friday, December 1, with the benchmark Nifty 50 hitting its fresh record high of 20,291.55 in the intraday session on all-round buying after India's Q2 GDP numbers exceeded expectations. Nifty 50 finally closed 135 points, or 0.67 percent, higher at 20,267.90.  Meanwhile, Sensex ended the day at 67,481.19, up 493 points, or 0.74 percent. Sensex remained 446 points away from its all-time high of 67,927.23 which it hit on September 15 this year.

At 8:20 am, GIFT Nifty was trading 134 points or 0.66 percent higher at record high of 20,628.

4/9At 8:20 am, GIFT Nifty was trading 134 points or 0.66 percent higher at record high of 20,628.

BJP has comfortably won in three out of four states that went under the polls, beating the exit polls. The BJP has retained Madhya Pradesh (MP) with a strong two-thirds majority, and regained Rajasthan and Chhattisgarh from the Congress with a comfortable majority. Vote share difference between the BJP and the Congress in MP, Rajasthan and Chhattisgarh stands at 8.2%, 2.2% and 4.2%, respectively (details in Exhibit 1-8). In Telangana, the Congress has defeated the BRS by a thin majority. Thus, the verdict is clear for all four states. These four states together account for 75 Loksabha seats (out of 544). (Sanjeev Gupta)

5/9BJP has comfortably won in three out of four states that went under the polls, beating the exit polls. The BJP has retained Madhya Pradesh (MP) with a strong two-thirds majority, and regained Rajasthan and Chhattisgarh from the Congress with a comfortable majority. Vote share difference between the BJP and the Congress in MP, Rajasthan and Chhattisgarh stands at 8.2%, 2.2% and 4.2%, respectively (details in Exhibit 1-8). In Telangana, the Congress has defeated the BRS by a thin majority. Thus, the verdict is clear for all four states. These four states together account for 75 Loksabha seats (out of 544). (Sanjeev Gupta)

The Indian rupee ended 11 paise higher against the US dollar on Friday amid a softer greenback and strong domestic economic data. The local currency ended at 83.29 a dollar as compared to its previous close of 83.40.

6/9The Indian rupee ended 11 paise higher against the US dollar on Friday amid a softer greenback and strong domestic economic data. The local currency ended at 83.29 a dollar as compared to its previous close of 83.40.

Oil futures rose on Monday as geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook. Brent crude futures climbed 28 cents, or 0.4%, to USD 79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at USD 74.36 a barrel, up 29 cents, or 0.4%. (AFP)

7/9Oil futures rose on Monday as geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook. Brent crude futures climbed 28 cents, or 0.4%, to USD 79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at USD 74.36 a barrel, up 29 cents, or 0.4%. (AFP)

Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic. Traders have flocked into bullion in recent weeks on safe-haven buying as the Israel-Hamas war started.

8/9Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic. Traders have flocked into bullion in recent weeks on safe-haven buying as the Israel-Hamas war started.

Foreign institutional investors bought shares worth  <span class='webrupee'>₹</span>1,589.61 crore, while domestic institutional investors purchased  <span class='webrupee'>₹</span>1,448.08 crore worth of stocks on December 1, provisional data from the National Stock Exchange showed.

9/9Foreign institutional investors bought shares worth 1,589.61 crore, while domestic institutional investors purchased 1,448.08 crore worth of stocks on December 1, provisional data from the National Stock Exchange showed.

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