Indian stock market: The domestic equities are likely to open on a positive note Tuesday following mixed cues from global peers.
The Asian markets traded mixed while the US stock futures were flat after returning from a holiday. Investors await key economic data from the Asian region, while keeping an eye on crude oil prices amid tensions in the Red Sea.
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The Indian stock market indices ended flat on Monday, the first trading of the new year 2024, while the second rung midcap and smallcap indices clocked healthy gains.
The Sensex gained 31.68 points, or 0.04%, to close at 72,271.9, while the Nifty 50 ended 10.50 points, or 0.05%, higher at 21,741.90.
“Market exhibited strength led by optimism on rate cuts, easing global inflation, and softer bond yields. But profit booking was visible at higher levels as lingering concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs. The spotlight of this week is also on FOMC minutes which will provide an insight for 2024 rate cut. Momentum in mid & small caps remains strong, buoyed by a positive macro-outlook however private banks experienced a reversal trend,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Here are key domestic and global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Tuesday ahead of the release of key economic data from the region this week. Japanese markets are closed till January 4.
Hong Kong’s Hang Seng index futures indicated a higher open. Australia’s S&P/ASX 200 traded marginally lower.
Gift Nifty
Gift Nifty was trading around 21,860 level as against Nifty futures’ previous close of 21,830, indicating a positive start for the Indian stock market indices.
US Stock Market
US stock futures traded flat in overnight trading on Monday. The Dow Jones Industrial Average futures rose 18 points, while S&P 500 futures and Nasdaq 100 futures traded flat. US markets were shut on Monday for New Year’s Day.
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Oil prices
Crude oil prices rose as tensions in the Red Sea escalated. Brent crude oil prices gained 1.64% to $78.30 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 1.42% to $72.67.
US Dollar
The dollar was steady on the first trading day of the year amid expectations of steep interest rate cuts from the US Federal Reserve in 2024. The dollar index, which measures the US currency against six rivals, fell 2% in 2023, snapping two years of gains, and was last at 101.43, up 0.049% on Tuesday, Reuters reported.
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GST Collection
The Goods and Services Tax (GST) collections rose 10% to ₹1,64,882 crore in December compared to ₹1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross GST collection grew 12%, reaching ₹14.97 lakh crore against ₹13.40 lakh crore mopped up in the same period of the previous year.
(With inputs from Reuters)
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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