Global markets: SGX Nifty to First Republic Bank — key triggers that may drive stock market today

Indian stock market

Global market update: The US and European stock markets both went up on Thursday, after the European Central Bank raised interest rates by 50 basis points and the Swiss Central Bank gave credit support to Credit Suisse Bank. This made people less worried about a banking crisis in the area. Aside from this, the First Republic Bank, which was hit by a crisis, also managed to save $30 billion in bank deposits. After the ECB said it would raise interest rates by 50 basis points, the US dollar rates went down and the Dollar Index fell below 104.

Here is a list of important events that could affect the Indian stock market right now:

US stock market

Wall Street saw a lot of buying after the banking crisis calmed down. The Dow Jones ended the day up 1.17 percent, the S&P 500 index shot up 1.76 percent, and the tech-heavy Nasdaq shot up 2.48 percent.

Deepak Jasani, Head of Retail Research at HDFC Securities, said, “US and European stocks bounced back on Thursday as bank shares rose after Credit Suisse Group AG said it would borrow money from Switzerland’s central bank and try to buy back debt.”

First Republic Bank share price

After hearing that some of the biggest banks in the US, like Bank of America, JP Morgan Chase, Citigroup Inc, etc., had agreed to put $30 billion into the crisis-hit bank to save it, First Republic Bank stocks went back up from a low of $19.80 per share on Thursday. At the end of the day on NYSE, the price of a First Republic Bank share was up about 10%, at $34.27 per share.

Asian stock market today

The Japanese Nikkei is up 0.62 percent, the Shanghai index is up 0.82 percent, the Hang Seng is up 0.85 percent, and the KOSPI is up 0.55 percent.

SGX Nifty today

Today’s opening bell on Dalal Street showed a gap up, so SGX Nifty opened higher at 17,137 levels and hit an intraday high of 17,175 levels. At the moment, SGX Nifty is quoted at 17,123 levels, which is 101 points higher.

“The SGX Nifty is going up today because traders are buying back their short positions during the weekend session. SGX Nifty has immediate support at 17,000, while 16,800 is strong and important support for the index. In the same way, the resistance zone for the index is between 17,400 and 17,550 “The Vice President of Research at IIFL Securities, Anuj Gupta, said as much.

ECB sticks to 50 bps rate hike

The European Central Bank (ECB) did what it said it would do on Thursday and raised interest rates by 50 basis points, which is a lot. This was done to slow down the economy and stop inflation.

US dollar rate

After the ECB said it would raise interest rates by 50 basis points, the US dollar rates went down and the Dollar Index fell below 104. At the start of trading on Friday morning, the Dollar Index was down 0.14 percent, at 103.963.

US bond yield

In the early morning session, the yield on US 10-year bonds went down 0.6% to 3.581, while the yield on US 30-year bonds went up 0.1% to 3.710.

Disclaimer: The opinions and suggestions above are not those of Mint, but of individual analysts or brokerage firms. Before making any investment decisions, we tell people to check with certified experts.

Source: Team CurrencyVeda