GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre start on Wednesday as US stocks fall on the back of profit booking and lower cues from Asian markets. Also, Donald Trump chose Elon Musk and Vivek Ramaswamy to head a new “Department of Government Efficiency” in his second term. Indian Markets will watch out for the implication and what it means for Indian businesses.
On Tuesday, the NSE Nifty 50 closed 258 points or 1.07% lower to settle at 23,883, while the BSE Sensex fell 821 points or 1.03% to finish at 78,675. Continued FII outflows, the dollar’s strength, rupee hitting new closing lows are some of the factors that weighed on sentiment. Subdued Q2 earnings also impacted investment initiatives.
Key global cues to know on November 13, 2024
Asian Markets muted
Asia-Pacific markets were trading on a lower note as US markets slipped on profit booking. Japan’s Nikkei 225 was down 1.29% at 38,869. The Korean index Kospi was down 1.24% at 2,452. Similarly, the Asia Dow was trading 2.75% lower at 3,671.47. The benchmark Chinese index, Shanghai Composite was trading 0.23% lower at 3,414.
Wall Street ends lower
The Trump rally in US finally came to a halt. The indices fell on the back of profit booking on Tuesday. The S&P 500 declined 0.29% to close at 5,984. The Nasdaq Composite closed the session 0.09% lower at 19,281. The Dow Jones Industrial Average pulled back 382 points, or 0.86%, to end at 43,910.98.
US Dollar strength continues
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.07% at 105.92 on Wednesday morning. The index measures the US dollar’s strength or weakness against major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. Also, the Indian rupee slipped to its lowest level on Tuesday, as persistent foreign fund outflows and the strength of the Dollar in the overseas market hurt investors’ sentiments.
Crude Oil higher
WTI crude prices were trading at $68.24 up by 0.18%, while Brent crude prices were trading at $72.02 up by 0.18%, on Wednesday morning.
FII, DII Data
Foreign institutional investors (FII) were the net sellers of shares net worth Rs 3,024.31 crore.
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