World market today: Wall Street extended its surge on Thursday and all three major indices finished higher as the US bank crisis eased. The SGX Nifty rose today on the Singapore stock market and offered a new breakout at 17,250, indicating a good start on Dalal Street. Since the Dollar Index fell below 102 levels today, US dollar rates are under pressure.
These are several important catalysts that could influence the Indian stock market right now:
US stock exchange
The Dow Jones Index increased by 0.43 percent, the S&P 500 index by 0.57 percent, and the tech-heavy Nasdaq by 0.73 percent on the American stock market.
Asian stock exchange today
The Shanghai index increased by 0.34 percent, the Hong Kong Hang Seng increased by 1.84 percent, and the KOSPI increased by 1.01 percent in the early morning session. The Japanese Nikkei rose by more than 1%.
Why there are powerful global cues, Vantage’s Chief Strategy and Trading Officer, Marc Despallieres, stated: “Federal Reserve officials’ remarks that additional monetary tightening was necessary despite recent bank failures had an impact on the market’s recent advances. While Thomas Barkin, the president of the Richmond Fed, said that the Fed can raise rates further if inflation threats remain, Susan Collins, the president of the Boston Fed, stressed the significance of tightening policies. The president of the Minneapolis Fed, Neel Kashkari, reaffirmed his commitment to getting inflation back to 2% while also acknowledging that it is still unclear how the recent volatility in the financial system will affect things.”
Marc continued by saying that some strategists disagree with the market’s forecasts of rate cuts this year, even though investors predict US interest rates to drop by about 70 basis points to 4.3% by year’s end.
Singapore stock exchange
When Dalal Street opens after a one-day gap, the SGX Nifty in Singapore gave a breakout today at 17,200 levels and was able to maintain above the critical threshold, signalling a good opening. Due to the stock market holiday for the Ram Navami festival, trading was suspended at both the BSE and NSE on Thursday.
Vice President of Research at IIFL Securities, Anuj Gupta, said on the SGX Nifty today: “SGX Nifty today has delivered breakout around 17,200 levels and it has managed to sustain above this for over an hour that implies fresh upside rise in the index.” He claimed that Friday’s high market start on Dalal Street was a result of the SGX Nifty index’s breakthrough.
USD exchange rate
The US Dollar Index has fallen below 102 levels, which has put pressure on the US dollar rate in the morning session. The dollar index continued to trade below 102 on Friday morning, closing at 101.835, down about 0.01 percent from Thursday.
yield on US bonds
The US 10 year bond yield is up 0.31 percent at 3.562 as of Friday’s early morning session, while the US 30 year bond yield is fluctuating near its close of 3.746 from the previous day.
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