[ad_1]
Live stock market updates, Monday October 7, 2024: GIFT Nifty futures, trading about 60 points ahead at 25,237 at 7:30 a.m., indicated that Indian markets were likely to start on a positive note on Monday, tracking gains by their Wall Street peers and ‘Asia.
On Friday, benchmark stock indices BSE Sensex and Nifty 50 were down around 1 per cent each.
The Sensex fell 808.65 points, or 0.98 percent, to 81,688.45, while the Nifty 50 fell 235.50 points, or 0.93 percent, to close at 25,014.60. .
Broader indices also ended in the red, with the Nifty Midcap 100 and Nifty Smallcap 100 stabilizing 1.01 per cent and 0.90 per cent respectively.
Sectoral indices including FMCG, Auto, Media, Real Estate and Oil & Gas each fell more than 1 percent, while the Nifty Media Index was down 2, 53 percent.
However, the IT and PSU Bank indices managed to make some gains, ending up 0.45 percent and 0.61 percent, respectively.
Meanwhile, Asian stocks rallied and the dollar hit a new seven-week high against the yen on Monday after U.S. jobs data allayed recession fears and sparked a sharp reduction bets on a rate cut.
Short-term U.S. Treasury yields rose after the closely watched nonfarm payrolls report released Friday showed the economy unexpectedly added the most jobs in six months in September.
Crude oil prices retreated from a one-month high even as Israel bombed targets in Lebanon and the Gaza Strip, with Monday marking the first anniversary of the Hamas attack that sparked the war.
Japan’s Nikkei led gains in regional stocks with a 2 percent rally as of 5:45 a.m. on added momentum from the weak yen.
Australia’s stock index gained 0.12 percent and South Korea’s Kospi gained 0.29 percent.
Hong Kong’s Hang Seng was not yet open and mainland Chinese stocks remain closed until Tuesday for the Golden Week holiday.
MSCI’s broadest index of Asia-Pacific shares climbed 0.4 percent.
US Dow futures rose 0.08 percent after the cash index closed at an all-time high following jobs data on Friday.
The U.S. dollar rose as high as 149.10 yen for the first time since Aug. 16 before climbing 0.18 percent to 148.87 yen for the final time.
Bets on a massive 50 basis point rate cut at the Federal Reserve’s next policy announcement on November 7 – which was above 50 percent a week ago – were completely erased after the report on employment.
Instead, traders are now pricing in a quarter-point cut to 95%, with a low probability that the policy rate will remain unchanged, according to the CME Group’s FedWatch tool.
Back home, the reconstituted six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is expected to maintain “status quo” for the 10th consecutive review of its policy, said the 10 people interviewed by Business Standard before January 1. panel meeting October 7-9. The RBI will announce the policy review on October 9.
The decision to keep rates unchanged would be based on the continued risk of food inflation, as daily retail prices, particularly those of vegetables, continue to trend upward, the survey respondents said.
That aside, the two-year US Treasury yield rose 1.7 basis points to 3.9488 percent on Monday, its highest level in over a month.
Gold edged down 0.1% to $2,849.29 an ounce, but remained near last month’s record high of $2,685.42.
Crude prices fell after posting their biggest weekly gains in more than a year, amid the growing threat of a region-wide war in the Middle East.
Brent crude futures lost 65 cents to $77.40 a barrel, while U.S. West Texas Intermediate crude futures fell 53 cents to $73.85 a barrel.
(With inputs from Reuters.)