Stock Market news: The Indian stock market is set for a muted opening on Monday amid mixed cues from global peers. The NSE IX’s GIFT Nifty moved 7.5 points, or 0.04%, muted at 19,930.50.
Asian equities were trading lower amid a lack of favourable cues, while the US stock market closed higher on Friday due to the long-term outlook of the domestic economy and as investors await the crucial US inflation statistics anticipated this week. Nasdaq, increased by 0.09% while the Dow Jones index rose by 0.22%. S&P 500 index increased by 0.14%.
Sensex and the Nifty, managed to close higher for the sixth straight session on Friday despite a cautious global market environment. In the last six sessions of gains, Sensex has risen 2.73% while Nifty has risen 2.94%. Sensex closed 333 points, or 0.50%, higher at 66,598.91 while the Nifty closed the day at 19,819.95, up 93 points, or 0.47%.
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, Nifty climbed back closer to its all-time-high at 19,992 mark as risk-on theme dominated Dalal Street. As widely expected, upwards and upwards went Nifty — with absolutely no signs of hesitation. The buying stampede simply continued in Coal India (+2.75%) NTPC (+2.65%) Tata Motors (+2%) LT (+1.88%). Amongst sectoral indices, Nifty PSE and Reality indices were star outperformers, up 2.35% each — with absolutely no signs of hesitation!
Further Tapse stated that Nifty’s biggest support for Monday’s trade will be at 19533 mark. The technical landscape continues to be positive as long as Nifty trades above the 19533 mark. Technically speaking, immediate bullish targets seen at Nifty’s psychological 20,000 mark. Nifty’s 200 DMA at 18408 mark.
Here are key domestic and global market triggers for Sensex today:
Asian Markets
A lack of strong triggers caused Asian markets to tumble down, while the yen rose as a result of the governor of the Bank of Japan’s potentially hawkish comments.
As trading reopened in Hong Kong after being suspended on Friday due to a severe downpour, shares plummeted. As deflationary pressure eased and news of more cities reducing mortgage regulations helped to stabilise sentiment, stocks in mainland China rose to end a four-day losing streak.
Following BOJ Governor Kazuo Ueda’s remark about bank shares being benefited by negative interest rates, Japanese markets reduced their gains. Following minor stock price movements at the close of the week, US stock futures were unchanged, with the S&P 500 nudging higher following a three-day decline.
Wall Street
US stock market edged higher on Friday on resilience in the national economy even though investors await the key US inflation data expected next week.
Wall Street majors Apple stock price rose 0.35 percent, breaking a two-day losing run. The price of an Apple share rose to an intraday high of $180.24 from its opening price of $178.35. Nevertheless, the IT giant ended Friday at $178.18 levels, up 0.35 percent from its closing price of $177.56 a share on Thursday. Due to news reports that China was restricting state employees’ usage of iPhones, Apple’s stock price dropped over the previous two sessions.
The US dollar index registered an eighth straight week of gains on Friday while global stock indexes ended slightly higher on the day ahead of key US inflation data next week.
Also Read: Global market: US stocks edge higher ahead of US inflation data next week. Apple shares gain
Crude Oil
After rising by about 10% over the previous two weeks, oil prices fell as technical signs suggested recent gains might have been exaggerated.
After a 2.3% increase last week, the West Texas Intermediate price slipped under $87 per barrel. Futures appear to stay overbought, according to technical indicators such as the relative strength index. Since mid-June, oil has increased by approximately $20 per barrel due to Saudi Arabian and Russian production restrictions that have now been extended to the end of the year.
Rupee
The US dollar and US government yields declined on Friday, and the Reserve Bank of India (RBI) is likely to intervene, which led to the Indian rupee ending 26 paise higher versus the US dollar. The local currency’s closing rate was 82.95 against the dollar, down from the previous close of 83.21.
For the week, the rupee depreciated by 0.27% against the US dollar, registering weekly decline for the second consecutive.
Also Read: Rupee rises 26 paise to end at 82.95 against the US dollar; weakens 0.27% for the week
Adani Group Stocks
Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on the strategy to recover from the effects of the damaging reports. The promoter group in stock exchange filings said it has increased its stake in flagship Adani Enterprises to 71.93% from 69.87%. In a separate stock exchange filing, the promoter group informed that it has also increased its stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%.
Further, Adani Global Pte, Singapore, and Kowa Holdings Asia Pte, also based in Singapore, have inked a joint venture agreement to trade in green ammonia and green hydrogen.
Also Read: Adani Group promoter hikes stake in two group companies