Unbelievable Surge! Dow and S&P 500 Hit Record Highs; Ultimate Trading Guide for Sept 20 | Market News
Market Updates: Domestic Indices Set to Open Strong on Positive Global Cues
Sep 20, 2024 | 7:30 AM IST
Domestic benchmark indices, Sensex and Nifty, are expected to open in the green, driven by positive global trends. The previous session saw the indices reaching new record highs after the US Federal Reserve slashed interest rates by 50 basis points. As of 6:48 AM, GIFT Nifty futures were up by 54.9 points, standing at 25,544.
In the U.S., the S&P 500 and Dow Jones closed at record highs following the Fed’s decision, with Dow Jones up by 1.26% and the S&P 500 by 1.7%. Similarly, the Nasdaq Composite saw an increase of 2.51%.
The Asia-Pacific markets displayed mixed performances: ASX 200 rose by 0.55%, Nikkei gained 1.8%, while Kospi dropped 1.01%. Hang Seng remained unchanged, and Shanghai traded flat with a negative bias.
Global Triggers:
Investors will focus on the release of the US balance sheet data for September. The Asia-Pacific markets’ attention will be on central banks’ interest rate decisions following the US Fed’s aggressive rate cut. Japan’s inflation data showed a core consumer price index rise of 2.8% in August. The Bank of Japan (BOJ) and the People’s Bank of China (PBOC) will announce their interest rate decisions today.
Indian Market Insights:
Riding on structural reforms and investment, S&P Global stated that India could become the third-largest economy by FY31 if it maintains a 6.7% annual growth rate. The market will be watching the release of deposit growth data, Foreign Exchange Reserve data, and Bank loan growth data for September.
Commodity Check:
Brent crude futures were down 0.25%, priced at $74.69 per barrel.
Technical Analysis:
- Nagaraj Shetti, HDFC Securities: A small negative candle on the daily chart suggests a short-term dip might occur.
- Rupak De, LKP Securities: Market sentiment might stay sideways to weak unless the index moves above the 25,550–25,600 range. Support is noted at 25,350; dipping below this could lead to further correction.
- Shrikant Chouhan, Kotak Securities: The market remains generally positive but will only see a significant rally if it pushes past the 25,500/83,500 marks.
IPOs and Market Participation:
Four SME IPOs are open for subscription today: BikeWo GreenTech Ltd, SD Retail Limited, Phoenix Overseas Limited, and Avi Ansh Textile Limited. Paramount Speciality Forgings Ltd IPO closes today, and Sodhani Academy of Fintech Enablers will list on BSE SME.
Meanwhile, Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 2,547.53 crore, whereas Domestic Institutional Investors (DIIs) were net buyers at Rs 2,012.86 crore.
On Thursday, the BSE Sensex gained 236.57 points to settle at 83,184.80, hitting an intraday high of 83,773.61. The Nifty50 peaked at 25,611.95 before closing with a gain of 38.25 points or 0.15%, at 25,415.80.
First Published: Sep 20, 2024 | 7:19 AM IST
Original Story https://www.business-standard.com/markets/news/market-today-dow-s-p-500-hit-record-highs-your-trading-guide-for-sept-20-124092000098_1.html
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