GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 are implied to open on a subdued note on Wednesday. Also, Asian markets opened on a mixed note in early trade hours following the overnight US markets.
Previously, on Tuesday, the NSE Nifty 50 finished the session 310 points or 1.32% lower at 23,071.80, while the BSE Sensex lost 1,018.20 points or 1.32% to close at 76,293.60.
Key global and domestic cues to know on February 12, 2024
Asia Markets
Asia markets traded on a mixed note tracking overnight gains in US markets as Federal Reserve Chairman Jerome Powell indicated no hurry in interest rate cuts. Japan’s Nikkei 225 was trading 0.24% higher at 38,893.58. The Asia Dow was trading 1.25% lower at 3,778.08. South Korea’s Kospi rose 0.26% in early trade hours. The Shanghai Composite was trading flat at 3,318.06. Hong Kong’s key index Hang Seng was trading 1.09% higher at 21,526.41.
US markets
The US stock markets closed Tuesday on a mixed note as investors considered cautious commentary by Fed Chair Jerome Powell regarding key lending rates. The S&P 500 rose 0.03% to finish at 6,068.50. Nasdaq Composite lost 0.36% to end at 19,643.86. The Dow Jones Industrial Average added 123.24 points, or 0.28%, to 44,593.65.
Jerome Powell’s cautious stance
US Federal Reserve Chair Jerome Powell once again repeated last month’s message to remain cautious on interest rate cuts. The central bank during his testimony before Congress reaffirmed his stance citing elevated inflation while the job market remains strong. “With the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” said Powell to the Senate Banking Committee.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.07% at 108.04 on Wednesday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee appreciated 0.75% to close at 86.83 to the dollar on February 11.
Crude oil
The crude oil prices have edged higher. WTI crude prices were trading at $73 down by 0.44%, while Brent crude prices were trading at $76.66 down by 0.43%,
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