Indian stock market: 8 key things that changed for market over weekend- Gift Nifty to Donald Trump assassination attempt

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Monday following gains in global markets.

Asian markets were mostly shut for a holiday, while the US stock market ended higher ahead of the US Federal Reserve’s monetary policy this week, wherein the Fed Chair Jerome Powell-led FOMC is widely expected to cut interest rates.

Futures imply a 52% chance the Fed would cut rates by 50 basis points on Wednesday with the odds narrowing sharply after media reports revived the prospect of a more aggressive easing.

On Friday, Indian stock market indices ended with minor losses amid profit booking at higher levels.

The Sensex eased 71.77 points, or 0.09%, to close at 82,890.94, while the Nifty 50 settled 32.40 points, or 0.13%, lower at 25,356.50.

“Bullish consolidation could be the preferred theme as the bulls may regroup and regain mojo post a short-term minor correction as macros remain favorable. For Nifty, the immediate goal post continues to be at the psychological 26,000 milestone, while the index has support at 24,753 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Investors will now closely monitor key market triggers such as new IPO listings, domestic and global macroeconomic data, US Fed interest rate decision, flow of foreign funds, trends in crude oil prices, and other key global cues.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets opened mixed on Monday after the downbeat China’s economic data.

Markets in Japan, China, South Korea and Indonesia are closed for holiday. Japan’s Nikkei futures traded lower. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, after bouncing 0.8% last week. Hong Kong’s Hang Seng index futures were lower.

Gift Nifty Today

Gift Nifty was trading around 25,432 level, a premium of nearly 60 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher on Friday on hopes of a bigger interest rate cut by the Federal Reserve this week.

The Dow Jones Industrial Average gained 297.01 points, or 0.72%, to 41,393.78, while the S&P 500 rose 30.26 points, or 0.54%, to 5,626.02. The Nasdaq Composite closed 114.30 points, or 0.65%, higher at 17,683.98.

Adobe shares declined 8.5%, while Boeing share price fell 3.7%. PDD Holdings stock price dropped 2.4% and Uber shares rallied 6.4%.

Donald Trump faces assassination attempt

US Republican presidential candidate Donald Trump was unharmed on Sunday after the FBI foiled what appeared to be an assassination attempt at his West Palm Beach golf course, Reuters reported. Secret Service agents reportedly spotted and fired on a gunman hiding in the bushes near the property line, just a few hundred yards from where Trump was playing.

US Consumer Sentiment

US consumer sentiment improved in September amid subsiding inflation. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 69.0 this month, compared to a final reading of 67.9 in August. Economists polled by Reuters had forecast a preliminary reading of 68.5.

China Economic Data

China’s industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further, Reuters reported. China’s industrial output in August expanded 4.5% YoY, slowing from the 5.1% pace in July and marking the slowest growth since March. Retail sales rose only 2.1% in August, decelerating from a 2.7% increase in July.

Oil Prices

Crude oil prices rose on hopes of a US interest rate cut, but US supply resumptions and weaker China data capped gains.

Brent crude futures for November gained 0.2% to $71.76 a barrel, while US crude futures for October rose 0.3% to $68.88 a barrel.

Gold Rate Today

Gold prices gained, supported by a weaker dollar. Spot gold rose 0.2% to $2,580.81 per ounce, while US gold futures eased 0.1% to $2,608.60.

(With inputs from Reuters)

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