Today, there was a lot of buying on the US stock market in the evening because people’s feelings about the bank crisis were getting better. The Dollar Index has stayed above 102 levels, which is good news for US dollar rates in the early morning Asian stock market session. But crude oil prices have stayed above $72 per barrel in Asian markets as of early morning trade.
Here is a list of important global market events that may help Indian stock traders on Friday, when trading on the BSE and NSE resumes after the Ram Navami 2023 holiday:
US stock market
After the US bank crisis got better, a lot of people bought during evening deals on Wall Street. After Wednesday’s trading was over, the S&P 500 index went up 1.4%, the Dow Jones index went up 1%, and the Tech heavy weight Nasdaq went up 1.7%. “Global equities were mostly up on Wednesday as concerns about the banking sector eased. Alibaba’s plans to split into six units also helped Chinese tech stocks,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Asian stock market today
Early in the morning session, the Japanese Nikkei fell 0.69 percent, the Shanghai index was trading flat around where it ended Wednesday, Hong Kong’s Hang Seng rose more than 2 percent, and the South Korean KOSPI fell 0.07 percent.
Today’s SGX Nifty
Today, the stock market is closed for Ram Navami, so SGX Nifty isn’t moving much. SGX Nifty opened with a down gap at 17,167 and went on to hit an intraday low of 16,948. However, it quickly gained momentum and went back up to 17,000 and hit an intraday high of 17,213.
US Dollar Index is up 0.11 percent at 102.420 levels. Speaking on US dollar vs INR (Indian National Rupee), Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said, “We expect Indian Rupee to trade with a slight negative bias on strong Dollar and month end Dollar demand from OMCs.” But risk assets may do better if people feel better about global risks because they are less worried about banking problems in the US and Europe. Before pending home sales data from the US, which is expected to be weaker than last month, traders may stay cautious. In the near future, the USDINR spot price is likely to move between 81.80 and 82.80.
Crude oil price
Early Thursday morning, crude oil prices went up even more and stayed above $72 per barrel. WTI crude oil started the day at $72.92 per barrel and went on to hit a high of $73 per barrel during the day. Brent crude oil also stayed above $77 per barrel.
Yield on US bonds
In early morning trading, the yield on US 10-year bonds went up by 0.31 percentage points to 3.577, while the yield on US 30-year bonds went down by 0.16 percentage points to 3.772.