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Live stock market updates, Tuesday October 15, 2024: Indian markets were likely to start on a positive note on Tuesday as indicated by GIFT Nifty futures trading at 25,243 at 8:03 am, slightly ahead of the last close of Nifty futures.
Benchmark stock indices BSE Sensex and Nifty 50 closed higher on Monday, benefiting from heavy buying of stocks in banks, information technology and financial services.
The 30-share Sensex added 591.69 points or 0.73 percent to settle at 81,973.05, while the Nifty 50 ended up 163.70 points or 0.66 percent at 25,127. .95.
Among broader indices, the Nifty Midcap 100 and Nifty Smallcap 100 rose 0.43% each.
The Bank Nifty, Financial Services, IT, Private Bank and Realty indices outperformed other sectoral indices and ended up more than 1 per cent each. Other sectoral indices also ended in the green, with the exception of Media, Metals and OMCs.
Meanwhile, markets in the Asia-Pacific region were mixed on Tuesday, with China leading the losses.
The Shanghai Composite was down 0.55 percent and the CSI 300 was down 0.55 percent. Similarly, Hong Kong’s Hang Seng Index fell 0.29 percent, even as Chinese media outlet Caixin Global reported that China could raise an additional $846.5 billion through three-year Treasury bonds. to help its economy get back on firmer ground.
That aside, investors in the region weighed South Korea’s trade data, which showed a trade surplus of $6.7 billion in September, up from $3.7 billion the previous month.
South Korea’s Kospi was up 0.08 percent, while Australia’s S&P/ASX 200 rose 0.75 percent.
Japan’s Nikkei 225 gained 1.1 percent, while the broad-based Topix rose 0.8 percent.
U.S. stocks ended higher on Monday on a boost from technology stocks amid light Columbus Day trading, while crude prices fell as investors analyzed signs of an economic slowdown in China and were preparing for a series of high-profile corporate profits.
The S&P 500 and the blue-chip Dow both hit new closing records.
Oil prices fell and the dollar held steady as bad news from China fueled fears of a slowdown in global demand.
On Saturday, Beijing pledged to “significantly increase” debt in its bid to breathe life back into the world’s second-largest economy, but disappointed investors with its lack of details.
That was followed on Monday by a report showing a sharp deceleration in Chinese export growth, which far exceeded expectations, underscoring the need for a vigorous stimulus.
“China is struggling economically,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “Oil prices are another indication of the lack of confidence in China’s ability to recover on its own, mainly because the details of the stimulus measures are very unclear.”
The US bond market was closed on Columbus Day, with no earnings reports or economic data to sway investor sentiment.
That will change later in the week, with retail sales, industrial production and housing starts/building permits among the scheduled data releases.
The Dow Jones Industrial Average rose 203.14 points, or 0.47 percent, to 43,067.00, the S&P 500 rose 45.17 points, or 0.78 percent, to 5,860.20 and The Nasdaq Composite rose 159.75 points, or 0.87 percent, to 18,502.69.
European stocks hit a two-week high at the close of a choppy session as investors mostly ignored Chinese stimulus plans and focused on earnings season and the European Central Bank’s policy meeting scheduled for later this week.
MSCI’s index of stocks across the world rose 4.37 points, or 0.51 percent, to 857.10.
The STOXX 600 index rose 0.53 percent, while the broader European FTSEurofirst 300 index rose 11.55 points, or 0.56 percent.
Emerging market stocks rose 0.21 points, or 0.02 percent, to 1,159.77. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.02 percent lower, at 613.46, while Japan’s Nikkei rose 224.91 points, or 0. 57 percent, to 39,605.80.
The dollar hit a ten-week high against a basket of global currencies.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.18 percent to 103.23.
Crude prices fell as OPEC lowered its oil demand growth forecasts for 2024 and 2025, while China’s oil imports fell for the fifth consecutive month.
US crude fell 2.29 percent to $73.83 per barrel, while Brent fell to $77.46 per barrel, down 2.00 percent on the day.
Gold fell from a one-week high in opposition to the greenback’s strength.
Spot gold fell 0.12 percent to $2,652.68 an ounce. U.S. gold futures fell 0.09 percent to $2,655.30 an ounce.
(With inputs from Reuters.)