Global Markets Today: Global market sentiments remained negative for the fourth consecutive session on Wednesday due to strengthening of the US dollar, interest rates hike stance by US Fed officials and renewed US inflation fears. Dollar index strengthened further after retesting 104 levels and put pressure on gold prices. Indicating a relief rally in Thursday morning deals, SGX Nifty opened higher today and hit a high of 17,634 as US bond yields and dollar index saw some profit-booking in the morning session on Thursday.
Here we list down the top factors that can affect the stock market today:
US stock
Wall Street ended mixed on Wednesday as bulls favored tech and metals stocks while bears sold oil and gas, financial and utility stocks to drag down the market. The Dow Jones closed down 0.26 per cent, the S&P closed 0.16 per cent while tech heavyweight Nasdaq rose 0.13 per cent.
Mike Lowengart at Morgan Stanley Global said, “The bottom line is that many of the market headwinds are not going away and investors should expect volatility to persist as they anticipate higher long-term impact rates. ” Investment Office.
Asian market
In Thursday’s morning session, Hong Kong’s Hang Seng is up 0.25 per cent, the Shanghai index is trading 0.19 per cent higher, while South Korean KOSPI is up one per cent.
Indicating a relief rally in the morning session on Dalal Street, SGX Nifty opened higher today and went on to consolidate its morning gains by touching a high of 17,633. Currently, the SGX Nifty is up 58 points at 17,615.
Anuj Gupta, Vice President – Research at Intraday Traders, advising intraday traders to sell on the rise IIFL Securities The immediate support for SGX Nifty today is 17,450, while the major support is placed at 17,300 levels. On the upside, 17,700 is expected to act as an immediate resistance, while 17,850 will act as a major hurdle for the index. Because the markets have failed to breach. Its resistance, sell on rise strategy should be maintained as any rise should be seen as a relief rally in Thursday session.”
crude oil price
Oil prices were higher in morning deals on Thursday, snapping a break from a six-day slump in Asian trade. Brent crude futures rose 2 cents to $80.62 a barrel, while West Texas Intermediate crude futures (WTI) rose 0.1 percent to $74.04 a barrel.
U.S. Dollar
The US currency is witnessing some profit booking after retesting 104 levels. In the morning session on Thursday, the dollar index was down by 0.10 per cent at 104.362.
US bond yield
The US 10-year bond yield fell 0.09 per cent to 3.920 while the US 30-year bond yield fell 1.48 per cent to 3.917.
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