Global market today: Amid focus on US Fed’s FOMC meeting and earnings, US stock futures ended lower on Monday as major benchmark indices were closed for a public holiday. However, dollar index continue to rise putting gold prices under pressure. In early morning deals on Tuesday, dollar index was up 0.13 per cent while gold rate today in international market was trading flat. US bond yield too ascended in early morning session on Tuesday. Signaling range-bound movement for yet another session, SGX Nifty today opened flat in morning deals.
Here we list out key global market triggers that may dictate India’s stock market today
US markets
key benchmark indices were closed on Wall Street for a public holiday but US stocks futures ended lower as investors were cautious about earnings and US Fed’s FOMC meeting outcome. S&P 500 index ended 0.28 per cent lower on Monday, with Treasury futures dropping across the curve. However, when Wall Street fully opens after the public holiday, six major buyback of shares, which includes TWLO and Citizens Financials will be in focus.
US bonds
US 30 year bond yield is up 0.22 per cent in early morning session at 3.897 levels while US 10 year bond yield is up 0.92 per cent at 3.863.
US dollar rates
US dollar has continued its rally on fourth day in a row as the greenback has been ascending on strong US economic data released last week. In early morning session on Tuesday, dollar index surged 0.10 per cent and hit 130.890 levels.
Speaking on outlook for US dollar rates, Marc Despallieres, Chief Strategy and Trading Officer at Vantage said, “The ongoing price action favors the continuation of the uptrend for the time being. Further bouts of strength are now expected to put a potential test of the 2023 top at 105.63 (January 6) back on the investors’ radar in the not-so-distant future. “
SGX Nifty today
Signaling range-bound movement on Dalal Street in opening bell, SGX Nifty today opened flat in early morning session. SGX Nifty today opened 21 points higher at 17,886 levels.
Unveiling intraday trading strategy for SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, “The index is expected to trade sideways and hence one can maintain both side trade maintaining buy on dips and sell on rise. However, one should buy at support levels and sell at resistance levels.”
Asked about the range for SGX Nifty today, Anuj Gupta said, “Immediate support for SGX Nifty today is placed at 17,780 while 17,650 is acting as major support for the index. Likewise, SGX Nifty is facing hurdle at 17,980 and 18,100 levels.”
Asian markets
In early morning session, Japanese Nikkei corrected 0.06 per cent, Hang Seng went off 0.47 per cent, Shanghai index added 0.36 per cent whereas South Korean KOSPI went up 0.09 per cent.
Crude oil price
“WTI crude oil remains depressed near $76.50 as it fades the late Friday’s bounce off 10-week low during early Monday in Asia. In doing so, the black gold remains below the convergence of the 21-DMA and the 50-DMA, as well as the downward-sloping resistance line from November and the 100-DMA,” Marc said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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