Exciting Stock Market LIVE Updates: GIFT Nifty Hints at Higher Open for India Amid Crucial Fed Decision
Stock Market LIVE Updates: September 18, 2024
Indian equity benchmark indices BSE Sensex and Nifty50 are set for a slightly positive start on Wednesday, as indicated by GIFT Nifty futures trading 20 points higher at 25,471. The market anticipates the US Federal Reserve’s policy decision later today.
On Tuesday, BSE Sensex gained 90.88 points to close at 83,079.66, while the NSE Nifty50 rose by 34.80 points to settle at 25,418.55. Despite these gains, India’s trade deficit expanded to a 10-month high of $29.7 billion in August, with imports reaching a record $64.4 billion due to a surge in gold imports. Exports fell to $34.7 billion, affected by lowering oil prices and reduced global demand. Meanwhile, wholesale price index (WPI)-based inflation fell to a four-month low of 1.31% in August, down from 2.04% in July.
In the Asia-Pacific region, market responses were mixed following Wall Street’s gains, where both the S&P 500 and the Dow Jones Industrial Average hit new highs. Australia’s S&P/ASX 200 dipped slightly, while Japan’s Nikkei 225 and Topix indices rose 0.74% and 0.48%, respectively. Mainland China’s CSI 300 remained almost flat, and Taiwan’s Weighted Index dropped 0.35%. Markets in South Korea and Hong Kong are closed today, while China resumes trading post a three-day holiday.
US stock markets closed nearly flat on Tuesday after reaching record highs. Strong economic data, including a rebound in factory production and an increase in retail sales, has investors anticipating the Federal Reserve’s first interest rate cut in over four years. Traders predict a 63% chance of a 50 basis point cut and a 37% chance of a 25 basis point cut.
Elsewhere, the Bank of England and the Bank of Japan are scheduled to meet this week but are not expected to change their rates. US Treasury yields saw a slight rise, with the two-year yield at 3.5986% and the 10-year yield at 3.644%.
Oil prices increased as the US surveyed Hurricane Francine’s impact on Gulf of Mexico output, and India eliminated the windfall tax on domestically produced crude oil. US crude closed at $71.19 per barrel, and Brent at $73.7 per barrel. Spot gold declined 0.51% to $2,569.51 an ounce, after hitting a record high earlier.
Original Story https://www.business-standard.com/markets/news/stock-market-live-updates-today-sensex-nifty-nse-bse-live-blog-sept-18-rec-jupiter-wagon-innomet-ipo-124091800104_1.html
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