Here we list out important global market indicators that may drive the Indian stock market today:
US Market Wall Street stocks finished lower following a choppy session Tuesday as consumer confidence data disappointed while US Treasury bond yields edged lower. The Dow Jones Industrial Average finished down 0.7 percent at 32,656.70.
The broad-based S&P 500 dipped 0.3 percent to 3,970.15, while the tech-rich Nasdaq Composite Index shed 0.1 percent to 11,455.54.
US Dollar The US dollar, which gained on most majors through February, was broadly steady elsewhere. With stocks having handed back January gains in February, while bonds slid on renewed worry about rising rates, traders are looking to the next flush of economic indicators to gauge the outlook, reported Reuters. The dollar index rose 0.1%.
The mixed tone of data in the last few days seems to have lots of assets pausing at major chart levels.
SGX Nifty SGX Nifty was lower in the opening trade with a cut of nearly 50 pts from Nifty Futures Tuesday close but pared some losses later. This indicates a start in the red for the Indian market.
Source: Hindustan Times Asian Market Asian markets started the day lower taking from the muted sentiment in the US. Investors now await fresh economic data to chart the course ahead.
In the morning trade, MSCI’s broadest index of Asia-Pacific shares outside Japan touched its lowest since early January at 509.4, before crawling back to be flat at 511.46. Japan’s Nikkei and S&P 500 futures each fell 0.5%, reported Reuters.China’s Manufacturing PMI in February rose to 52.6 – the highest level since April 2012.
Gold Prices The gold price in the international market remained lower with spot gold trading 0.2% lower at $1,824.06 per ounce. A higher interest rates scenario takes away from gold as an inflation hedge.
Source: Neeraj JoshiIndia Q3 GDPIndia reported lower growth in the gross domestic product at 4.4% for the quarter that ended December 31, 2022.
u201cContrary to our expectation of ~4.5% YoY and Bloomberg consensus of 4.6% YoY, real GDP growth in 3QFY23 came in at 4.4% YoY, v/s 13.2%/6.3% YoY in 1Q/2QFY23. (1Q number revised from 13.5%), said Nikhil Gupta, Chief Economist, Motilal Oswal Financial Services.This was on account of the collapse in consumption, both private as well as government. Capital formation held up overall GDP growth in 3Q.
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