Global market: SGX Nifty to US dollar — key triggers for stock market today

Symphony buyback

World market today: The US stock market closed the weekend session higher thanks to a relief rally in the US Dollar Index, with all three of the major benchmark indices finishing in positive territory. Monday’s early morning trading saw the US dollar rate continue to rise as the Dollar Index approached 102 levels. Today’s SGX nifty opened higher but soon experienced profit taking. Today is a public holiday in Australia, Hong Kong, New Zealand, and the Philippines, hence there will be no stock trading.

These are several important catalysts that could influence the Indian stock market right now:

US stock exchange
Wall Street had some buying interest throughout the weekend session despite mixed global indicators. The S&P 500 index ended the day 0.36 percent higher, Dow Jones gained 0.01 percent, and Nasdaq—a major tech index—rose 0.76 percent.

Asia’s stock exchanges
South Korean KOSPI is up 1.07 percent, Shanghai index is up 0.05 percent, and the Japanese Nikkei are all up in the early morning session. Australia, Hong Kong, New Zealand, and the Philippines, among other significant Asian markets, will observe a stock market holiday today.

USD exchange rate
The US dollar had a brief relief bounce on Monday morning as the Dollar Index soared by 0.11 percent to levels of 101.850.

Avinash Gorakshkar, Head of Research at Profitmart Securities, explained why the US dollar increased and supported the US stock market by saying, “US stock market ascended after US dollar rates appreciated on Un Non-farm payroll data, which reported a tight labour market leading to speculation for another rate hike by the US Fed in upcoming meeting.”

Today’s SGX Nifty
Today’s early morning session saw the SGX Nifty open higher but experience profit taking, hitting an intraday low of 16,993 just minutes after the opening bell.

Anuj Gupta, vice president of research at IIFL Securities, declared: “Trend is still strong and one should keep buy on dips approach as chances are high for the index to put bulls in the drivers seat in near term.”

The price of crude oil is rising.
Early morning Asian stock market trading saw a little increase in oil prices, which was helped by OPEC+’s decision to reduce production and the uncertainties surrounding the world economy.

Yield on US bonds
US 10-year bond yield soared 2.25 percent to 3.374 levels during early-morning trading on Monday, while US 30-year bond yield soared 1.54 percent to 3.594 levels.

Data on US non-farm payrolls
According to figures released by the US Labor Department on Friday, non-farm payrolls rose by 236,000 jobs in the past month. The US non-farm payroll report also showed a slowing in annual wage growth, but it was still too strong to be stable.

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