Before Market Opens: Indian markets are set to open on a lower note for the sixth straight session on Friday following disappointing US GDP Data for the March quarter and a fall in global peers. Meanwhile, Gift Nifty was also trading 27 points lower, indicating a negative start for the benchmark Nifty. Let’s take a look at some key cues before the market opens today:
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U.S. stocks ended lower on Thursday, with the Nasdaq falling more than 1% and technology shares leading declines after a disappointing Salesforce forecast. The S&P 500 lost 31.47 points, or 0.60%, to end at 5,235.48, while the Nasdaq Composite lost 183.50 points, or 1.08%, to 16,737.08. The Dow Jones Industrial Average fell 330.06 points, or 0.86%, to 38,111.48.
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The US economy grew at a slower pace in the first quarter than previously estimated after downward revisions to consumer spending and a key measure of inflation ticked down. Gross domestic product grew at an 1.3% annualized rate from January through March, down from the advance estimate of 1.6% and notably slower than the 3.4% pace in the final three months of 2023.
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Asian stocks rose on Friday and were poised for the fourth month of gains, while the dollar drifted lower, keeping the yen steady as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.55%, pushing away from the three-week low hit on Thursday. The index is set for a 1.4% decline for the week but is up 2.7% in May, rising for the fourth straight month. Japan’s Nikkei was up 0.20% and is flat for the month. China stocks also rose, with the blue-chip index up 0.23% while Hong Kong’s Hang Seng index spiking 1.3% higher.
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On Thursday, the Indian stock market benchmark indices suffered heavy selloff amid the monthly F&O expiry and ended nearly a percent lower each, extending losses for the fifth session in a row. The Sensex plunged 617.30 points, or 0.83%, to close at 73,885.60, while the Nifty 50 settled 216.05 points, or 0.95%, lower at 22,488.65.
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At 8:15 am, Gift Nifty was trading 27 points or 0.12 percent lower at 22,683, indicating a negative opening for the Indian markets.
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Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market. Brent futures lost 12 cents, or 0.15%, to trade at $81.74 a barrel by 0008 GMT, while U.S. West Texas Intermediate (WTI) crude was down 17 cents, or 0.22%, at $77.74.
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Gold prices edged up on Friday and were on track for a fourth straight monthly gain, while investors awaited a key U.S. inflation reading that could provide further insights into the Federal Reserve’s policy path. Spot gold was up 0.2% at $2,346.18 per ounce, as of 0141 GMT. Bullion prices are up 0.5% so far this week. U.S. gold futures rose 0.1% at $2,345.20.
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The Foreign institutional investors (FIIs) extended their selling for the second day as they sold Indian equities worth ₹3050.15 crore on May 30, while domestic institutional investors provided support as they bought equities worth ₹3,432.92 crore on the same day.
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The rupee recovered 11 paise to settle at 83.29 against the US dollar on Thursday on softening American currency and crude oil prices in the overseas market. Foreign fund outflows, sharp losses in domestic equities and increased month-end dollar demand from oil marketing companies weighed on the Indian currency. At the interbank foreign exchange market, the local unit opened lower at 83.42 against the last close of 83.40. The currency oscillated between an intra-day high of 83.26 and a low of 83.44 during the day. It finally settled at 83.29, registering a gain of 11 paise from its previous closing level.
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Published: 31 May 2024, 08:27 AM IST