Stock Market LIVE Updates: GIFT Nifty signals weak open for India, tracking muted global markets

Stock Market LIVE Updates, Wednesday, October 16, 2024: Markets in India were likely headed for a slower start on Wednesday, as indicated by GIFT Nifty futures that were trading around 100 points behind Nifty futures’ last close, at 7:35 AM, following weakness in global markets.

Benchmark equity indices BSE Sensex and Nifty 50 pared their early gains to settle in the red on Tuesday.

The BSE Sensex closed 152.93 points lower, or 0.19 per cent down, at 81,820.12, while the Nifty 50 ended at 25,057.35, down 70.60 points, or 0.28 per cent.

In the broader markets, smallcap stocks outperformed the benchmarks, with the Nifty Smallcap 100 index ending higher by 1.11 per cent and the Nifty Midcap 100 closed 0.21 per cent ahead.

Nifty Realty index outperformed all the other sectoral indices, ending higher by 2.05 per cent. Meanwhile, FMCG, Consumer Durables, Nifty Bank, Media, and select healthcare stocks also ended in the green.

On the other hand, Financial Services, IT, Metal, PSU Bank, Auto, and OMC closed in red on Tuesday.

That apart, Japan’s Nikkei was leading the losses in lower Asia-Pacific markets, after Wall Street closed in negative territory on Tuesday.

Japan’s Nikkei 225 was down 1.8 per cent, and the broad-based Topix was lower by 1.13 per cent.

Hong Kong’s Hang Seng index was marginally ahead by 0.08 per cent, while mainland China’s Shanghai Composite and CSI 300 were down by 0.14 per cent and 0.86 per cent, respectively. 

Australia’s S&P/ASX 200 was trading lowed by 0.2 per cent, and South Korea’s Kospi was down 0.89 per cent.

Investors will keep an eye out for more stimulus measures as the country’s housing minister is scheduled to hold a press briefing on Thursday morning, as per a statement from the State Council Information Office on Tuesday.

Wall Street closed down on Tuesday, following global stocks lower as a weak sales forecast from European chip fabrication equipment maker ASML weighed on tech shares, while crude extended its slide due to easing supply worries and weakening demand.

The three major US indexes ended the session in negative territory, with the S&P 500 and the Dow easing back from Monday’s record closing highs.

Financial firms Goldman Sachs, Citigroup and Bank of America all posted better-than-expected profit, while healthcare companies UnitedHealth and Johnson & Johnson results underwhelmed investors.

But Netherlands-based chip equipment maker ASML posted third quarter results that surprised markets with weak bookings and lower-than-expected sales forecasts, dour news that proved contagious to the US chip sector.

The Dow Jones Industrial Average fell 324.60 points, or 0.75 per cent, to 42,740.62, the S&P 500 fell 44.54 points, or 0.76 per cent, to 5,815.31 and the Nasdaq Composite fell 187.10 points, or 1.01 per cent, to 18,315.59.

European stocks posted their largest one-day percentage drop in over two weeks, weighed by tech stocks.

Meanwhile, investors remained focused on the European Central Bank’s rate decision on Thursday.

MSCI’s gauge of stocks across the globe fell 6.20 points, or 0.72 per cent, to 850.98. The STOXX 600 index fell 0.8 per cent, while Europe’s broad FTSEurofirst 300 index fell 19.22 points, or 0.92 per cent.

Emerging market stocks fell 11.40 points, or 0.98 per cent, to 1,148.66.

Oil prices slid to a near two-week low, extending Monday’s losses amid easing supply pressures arising from the conflict in the Middle East, amid reports Israel’s Prime Minister Benjamin Netanyahu told US President Joe Biden’s administration that Israel would avoid striking Iranian oil targets.

Additionally, OPEC and the International Energy Agency both lowered their global demand forecasts, mostly due to weakness in China.

US crude tumbled 4.40 per cent to $70.58 per barrel, while Brent fell to $74.25 per barrel, down 4.14 per cent on the day.

Benchmark US Treasury yields edged lower, pausing after touching a 2-1/2 month high in the wake of soft manufacturing data

from the New York Federal Reserve.

The yield on benchmark US 10-year notes fell 3.7 basis points to 4.036 per cent, from 4.073 per cent late on Friday.

The 2-year note yield, which typically moves in step with interest rate expectations, rose 1.1 basis points to 3.952 per cent, from 3.941 per cent late on Friday.

The dollar was nominally lower against a basket of world currencies amid wagers that the Federal Reserve will proceed with modest rate cuts in the near term.

The dollar index, which measures the greenback against a basket of currencies, rose 0.06 per cent to 103.24.

Gold gained traction, lifted by lower Treasury yields. Spot gold rose 0.4 per cent to $2,661.80 an ounce.

(With inputs from Reuters.)