1 week ago
Indian Stocks Eye Higher Open Amid Global Market Cues
Indian stock markets may start Monday higher because Gift Nifty was trading above its previous close.
However, markets in several parts of Asia and the United States were slightly weaker.
Investors are worried about higher government bond yields and expensive oil.
Oil prices fell on Monday after rising for two weeks.
They could change again if the United States announces new sanctions on Iran.
Gold prices climbed to their highest level in more than three months.
Investors are also waiting for US inflation data and a speech by Federal Reserve Chair Kevin Warsh.
They will also watch NVIDIA’s earnings because technology stocks are important to Asian markets.
Gift Nifty indicated a potential 43.5-point higher opening for the Nifty 50 on Monday, August 24.
Asian equities traded mostly lower, while US stock futures edged down after a weak week driven by rising Treasury yields.
Brent crude fell 1.29% to $93.17 a barrel and WTI declined 1.38% to $85.86.
Gold rose 0.7% to $4,636.34 an ounce, its highest level in more than three months.
Investors were watching possible new US sanctions on Iran, upcoming US inflation data, and NVIDIA’s earnings.
- Who
- Indian stock-market investors, global investors, US officials, and Federal Reserve Chair Kevin Warsh.
- What
- Global market indicators pointed to a potentially higher Indian market opening, while equities, oil, and gold moved in different directions.
- Where
- Indian markets, Asian markets, Wall Street, and global commodity markets.
- When
- Monday, August 24, following the Indian market’s Friday close and the previous week’s trading.
- Why
- Investors were responding to rising Treasury yields, crude prices, US-Iran tensions, possible sanctions, upcoming US inflation data, and major technology earnings.
Potentially Positive Signals
Market Risks
Indian market opening
Potentially Positive Signals
Gift Nifty’s rise suggested that the Sensex and Nifty 50 could open higher on Monday.
Market Risks
Asian markets and US stock futures were mostly lower, indicating that global sentiment remained fragile.
Oil prices
Potentially Positive Signals
Oil prices fell by more than 1% on Monday, potentially easing some pressure from elevated energy costs.
Market Risks
Brent and WTI had gained more than 5% the previous week, and stalled US-Iran talks could continue to threaten crude supplies.
Investor sentiment
Potentially Positive Signals
Gold’s rise and attention to upcoming NVIDIA earnings and US inflation data could support selected investment themes.
Market Risks
Rising Treasury yields, geopolitical uncertainty, and a seven-session Nifty 50 losing streak had encouraged investors to reduce risk exposure.
Key facts
- Gift Nifty
- Trading around 24,329.50, up nearly 43.50 points from the Nifty futures’ previous close.
- Nifty 50 close
- Settled at 24,252 on Friday after gaining 20 points, or 0.08%.
- Sensex close
- Closed at 77,540.83 on Friday, up marginally by 3 points.
- Asian markets
- MSCI’s Asia-Pacific index fell 0.1%; South Korea’s Kospi declined 1.66% and Japan’s Nikkei 225 fell 0.49%.
- US stock futures
- Dow futures fell 0.1%, S&P 500 futures declined 0.1%, and Nasdaq-100 futures dropped 0.2%.
- Crude oil
- Brent fell to $93.17 per barrel and WTI declined to $85.86 per barrel.
- Gold
- Spot gold gained 0.7% to $4,636.34 an ounce, its highest level since May 15.
Quotes
Ponmudi R
CEO of Enrich Money
“Indian equities endured a volatile week, caught between rising energy prices, turmoil in global bond markets and persistent geopolitical uncertainty.”
livemint.com
Sources
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