Indian shares are set to open gap down Thursday amid volatile global cues. The Singapore-based SGX Nifty Futures, an early indicator of Nifty50's performance, indicated a sharply lower start as it declined to 16,914, down 270 points or 1.5 percent, at 7:40 am. Among major pre-market open cues today, Nasdaq rose marginally, Brent crude touched $90, and Bitcoin has declined again. Here are the top 10 major cues before market starts today:
Wall Street: An early market rally gave way to a broad slide for stocks and a surge in bond yields on Wall Street Wednesday after the Federal Reserve signalled it plans to begin raising interest rates soon. S&P 500 fell 0.1 percent, Dow Jones declined 0.4 percent, and the tech-heavy Nasdaq rose less than 0.1 percent.
Asian equities: Asian shares were trading mixed Thursday as investors digested Fed Chair Jerome Powell’s comments. MSCI's broadest index of Asia-Pacific shares ex-Japan declined over 1.5 percent. Shares in Japan declined over 1.5 percent. Chinese blue chips were flat. Hong Kong’s HSI was down over 1.3 percent. South Korea’s Kospi was down 2 percent. Elsewhere in Australia, stocks slumped nearly 1.5 percent.
D-Street: The Indian share market was closed Wednesday on account of Republic Day. On Tuesday, it jumped half a percent. Sensex rose over 365 points to 57,858 and the Nifty50 index settled at 17,277, up over 130 points.
Crude oil: Oil prices touched $90 for the first time Wednesday in seven years, supported by tight supply and rising political tensions. On Wednesday, prices corrected a bit with the Brent crude at $89.76 and the US oil at $87.20.
Gold:The commodities market was closed Wednesday on account on Republic Day. Gold futures on MCX Tuesday rose by Rs 270 to Rs 48,564 per 10 grams. Silver futures for delivery in March also rose by over Rs 155 to Rs 63,958 per kilogram. On Thursday, both precious metals were falling in the international spot market, with gold at $1,816 and silver at $23.38 per ounce.
Rupee: The forex market was closed Wednesday on account on Republic Day. On Tuesday, the rupee slipped 18 paise to close at 74.78, a one month-low, due to month-end dollar demand from oil importers, forex outflows, and strong overseas currency. Meanwhile, the dollar index rose 0.6 percent to 96.56 Wednesday.
Bitcoin: Bitcoin prices experienced sharp swings after Federal Reserve’s indicated raising interest rates soon. The coin is down over 2.5 percent in the last 24 hours to $35,900, having crashed over 14 percent in the last week. Altcoins were falling as well with Ether prices down by 2 percent to $2,393.
Growth estimation: IMF pegs India’s FY22 real GDP growth at 9 percent, 0.5 percentage points lower than its previous forecast of 9.5 percent released in October 2021. Continue reading
Interest rate hike: Kotak Mahindra CEO Uday Kotak said he expects to see interest rates go up this year. But stressed there is a need to ensure the landing isn't hard. Continue reading
Federal Reserve: The Federal Reserve on Wednesday indicated it could soon raise interest rates for the first time in over three years to tighten the easy monetary policy. It said a quarter-percentage-point increase to increase the short-term borrowing rate is likely coming soon.