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Global market: SGX Nifty to US inflation data — key triggers that may dictate Indian stock market today

Global market: SGX Nifty to US inflation data — key triggers that may dictate Indian stock market today

On Wednesday, SGX Nifty rose trading more than 20 points above the close of Nifty Futures on Tuesday, which shows that the Indian market is off to a positive start.

Global market today: The global equity indices declined on Tuesday as investors took greater caution ahead of significant data on US consumer prices. A disagreement over the US debt ceiling also caused a big sell-off of short-dated Treasury bills at the same time. The dollar index increased by 0.168% as the dollar grew against most other major currencies. Early on Wednesday in Asia, gold prices were unchanged as investors prepared for inflation statistics that would influence the US Federal Reserve’s stance on policy. On Wednesday, SGX Nifty rose, trading more than 20 points above the close of Nifty Futures on Tuesday, which shows that the Indian market is off to a positive start.

Here we list out key global market triggers that may impact Indian stock market today

US stock market:
Tuesday saw a fall in the index of global equities as investors became more cautious ahead of important data on US consumer prices. At the same time, a dispute over the US debt ceiling drove a significant sell-off in short-dated Treasury bills.In the event that Congress is unable to break the impasse, investors anticipate a government default as early as June 1. Treasury Secretary Janet Yellen cautioned on Monday that failure to raise the limit would have a significant negative impact on the US economy and would weaken the dollar’s position as the world’s reserve currency.

The S&P 500 lost 0.46%, the Nasdaq Composite dropped 0.63%, and the Dow Jones Industrial Average dropped 0.17%.

Asian stock market:
Prior to a crucial inflation data and as the US debt ceiling conflict dampens investor mood, Asian shares opened marginally down on Wednesday. While benchmark indices in Australia, South Korea, and Japan declined, futures for Hong Kong equities showed a slight increase. Following Tuesday’s losses of 0.5% and 0.7%, respectively, the S&P 500 and Nasdaq 100 contract prices were slightly higher in Asia.

SGX Nifty today:
The Indian market is off to a good start, as the SGX Nifty gained on Wednesday, trading more than 20 points above the close of Nifty Futures on Tuesday. SGX Nifty opened at 18332 level, up 0.11%.

Gold rate today:
As traders prepared for inflation statistics that would affect the US Federal Reserve’s policy stance, gold prices were unchanged throughout the early Asian hours on Wednesday.

As of 0031 GMT, the spot price of gold was unchanged at $2,035.39 per ounce. At $2,043.50, US gold futures remained stable.

Crude Oil price:
The early trade on Wednesday saw a decline in oil prices as industry data revealed an unexpected build in US crude supplies.

At 00:08 GMT, Brent crude fell 16 cents to $77.28 per barrel, while WTI crude in the United States fell 20 cents to $73.51 per barrel, erasing gains from the previous session.

US bond yield:
At the time of writing this news at 8:01 IST on Wednesday, US 10 year bond yield lost 0.37% to 3.509 levels.

 

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