Global Markets: SGX Nifty to US Fed – Major triggers for Indian stock market today

In its biggest daily percentage decline since March 13, the KBW Regional Banking Index dropped 5.5%. It fell to its lowest level during the session since November 2020.

As indicated by SGX Nifty trading, the Indian market is expected to open around 60 points lower today, indicating a gap-down opening.

Here we list down the major global market triggers that may affect the Indian stock market today:

american stock market

US regional banks suffered losses on Monday after First Republic Bank was seized and put up for auction. In a deal handled by the Federal Deposit Insurance Corp., JPMorgan Chase & Co. acquired most of its assets. The S&P 500 Energy sector experienced the largest decline of any major sector—4.3%—followed by a 2.3% decline in S&P Financials.

Oil prices and energy stocks both fell as a result of investor concerns over a possible US debt default.

After a strong quarter in which sales and profit exceeded forecasts, Starbucks Corp fell on Tuesday after the coffee chain reaffirmed its guidance for the full fiscal year. This cautious move sent Wall Street down. Comparable sales rose 11% in the three months ended April 2, which exceeded analysts’ expectations of 7.3% growth.

The Nasdaq Composite was down 132.09 points, or 1.08%, at 12,080.51; The S&P 500 dropped 48.29 points, or 1.16%; And the Dow Jones Industrial Average fell 367.17 points, or 1.08%, to 33,684.53.

asian stock market

Shares in Asia are predicted to fall ahead of a Federal Reserve meeting on Wednesday, when policymakers are expected to hike interest rates, following Wall Street plunging on renewed concerns about the banking industry.

In early Asian trade, equity futures in Japan, Australia and Hong Kong all fell as US contracts edged lower.

sgx nifty today

The SGX Nifty, the two Indian benchmarks, fell 0.39% to 18,149.5 on Wednesday, indicating a dull opening for Dalal Street.

US FOMC decision

The Fed is expected to announce a 25-basis point rate hike on Wednesday, and investors will be watching for any indication from the institution whether this will be the last rate hike for the time being or whether additional hikes are possible if inflation remains high. Might be possible. ,

crude oil price

After falling roughly 5% in the previous session to a five-week low, oil prices continued to slide on Wednesday as investors expected more interest rate hikes this week that could dampen energy demand. .

As of 00:15 GMT, Brent futures fell 13 cents, or 0.2%, to $75.19 a barrel, while West Texas Intermediate crude (WTI) fell by the same amount to $71.53.

US Treasury Yield

The benchmark 10-year Treasury note yield was down 14.4 basis points to 3.430% late Monday. The 2-year note was recently down 15.3 basis points to yield 4.139% to 3.986%, while the 30-year bond was down 10.7 basis points to yield 3.7101%.

gold prices

On Wednesday, gold prices held steady above the crucial $2,000 level as investors focused on the US Federal Reserve’s decision on interest rate hike, which was scheduled for later in the day. Spot gold was steady at $2,016.29 an ounce by 01:40 GMT, after rising more than 1% in the previous session, as yields fell on continued concerns about contagion in the US financial sector. US gold futures rose 0.1% to $2,026.10.

dollar index

The dollar declined on Tuesday, a day before the Federal Reserve is expected to hike interest rates by an additional 25 basis points as data showed job opportunities in the United States shrank in March.

The dollar index fell 0.22% to 101.93 from 102.40, its highest level since April 11. The euro rose 0.23% to $1.1001 against the dollar, having fallen to $1.0940 earlier in the day, its lowest level since April 21.