Exciting Stock Market LIVE Updates: GIFT Nifty Predicts Thrilling Surge for Sensex, Nifty; China Unleashes Game-Changing Support | Market News

Stock Market LIVE Updates: Tuesday, September 24, 2024

Indian equity markets are poised for a positive start today, buoyed by fresh record highs in US markets. At 7:28 AM, GIFT Nifty futures were trading at 25,982, up by 70 points from the previous close.

On Monday, both the BSE Sensex and Nifty 50 indices reached new record heights, closing at all-time highs. The BSE Sensex surged by 384 points, or 0.45%, to end at 84,928.61 after hitting a peak of 84,980 during the trading session. Meanwhile, the Nifty 50 index closed 148 points higher, or 0.57%, at 25,939, after touching an all-time high of 25,956.

Asian markets also showed strong performance, with stocks at their highest in over two months amid expectations of further US rate cuts. Investors are keenly awaiting a policy decision from the Reserve Bank of Australia. China has announced several measures to support its economy, including reducing mortgage rates for existing homes.

The Reserve Bank of Australia is largely anticipated to keep rates steady, even as the Federal Reserve’s recent 50 basis point cut has fueled speculation of potential rate cuts in Australia. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up by 0.04% to 586.31. Japan’s Nikkei advanced by 1.69% ahead of a significant speech by Bank of Japan Governor Kazuo Ueda.

China’s central bank cut its 14-day repo rate by 10 basis points. US stocks closed modestly higher overnight as traders considered the Fed’s significant rate cut last week. Current market sentiment is divided on whether the US Federal Reserve will opt for another 50 bps cut or a 25 bps cut in November, with expectations of 76 bps in total easing this year.

Elias Haddad, Senior Markets Strategist at Brown Brothers Harriman, warned that the market might be overestimating the Fed’s capacity to ease, suggesting strong US job data could prompt a reassessment of Fed rate expectations.

The dollar index stood at 100.95, close to last week’s one-year low of 100.21. Oil prices saw a slight uptick, with Brent crude futures rising by 0.26% to $74.09 a barrel, and US crude futures up by 0.3% at $70.6, following Monday’s drop due to demand concerns and weak European economic data.

(With inputs from Reuters)

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