Exciting Stock Market LIVE Updates: GIFT Nifty Signals Bullish India Open Amid Mixed Asian Market Trends!
Stock Market LIVE Updates, Monday, September 16, 2024: Indian Equities Likely to Start Positive Amid Mixed Global Sentiment
Indian equity benchmark indices are expected to open slightly positive on Monday, as indicated by GIFT Nifty futures trading at 25,433, around 50 points higher than Nifty futures’ last close. This comes even as investors digest lackluster economic data from China.
Asian markets exhibited caution as the week is expected to herald an easing cycle in the US, though the extent of the rate cut remains uncertain. Central banks in Japan and the UK are also meeting this week, with both likely to maintain their current policies. However, a host of significant data releases, including US retail sales and industrial production, could influence market sentiment.
Holidays in China, Japan, South Korea, and Indonesia have led to thin trading volumes, resulting in modest early movements. MSCI’s broadest index of Asia-Pacific shares outside Japan remained flat after a 0.8% rise last week. Though Japan’s Nikkei was closed, its futures traded at 36,490, slightly below the previous cash close of 36,581 due to recent yen gains. S&P 500 and Nasdaq futures were marginally higher.
Over the weekend, China reported disappointing economic data: August’s industrial output growth hit a five-month low, and retail sales alongside new home prices continued to decline.
Futures markets suggest a 52% probability that the Federal Reserve will cut interest rates by 50 basis points on Wednesday. JPMorgan economist Michael Feroli expects that if such a cut occurs, policymakers might project an additional 100 basis points of cuts this year and 150 basis points in 2025. Market expectations currently include 114 basis points of easing by Christmas and another 142 basis points next year.
Bond markets responded with a broad rally, as two-year Treasury yields dropped to 3.593%, the lowest since September 2022. The Bank of England is anticipated to hold rates at 5.00%, but there is a 31% chance of a cut. Meanwhile, the Bank of Japan is expected to keep rates unchanged on Friday but may signal tightening in October. South Africa’s central bank is also expected to ease policy, while Norway is likely to maintain its current stance.
Lower bond yields bolstered gold prices, which stood near an all-time high at $2,579 per ounce. Oil prices rose slightly as around 20% of Gulf of Mexico crude production remains offline, with Brent at $71.78 per barrel and US crude at $68.93 per barrel.
Original Story https://www.business-standard.com/markets/news/stock-market-live-updates-today-september-16-sensex-nifty-nse-bse-patanjali-bajaj-housing-ipo-124091600072_1.html
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