Indian Stock Market Set for Muted Opening Amid Mixed Global Cues

Indian Stock Market Set for Muted Opening Amid Mixed Global Cues

VoM News Desk | September 11, 2023 | 04:12 AM IST | Breaking News | Follow on Google News

Indian Stock Market Set for Muted Opening Amid Mixed Global Cues. Image/Mint

The Indian stock market is poised for a subdued opening on Monday, with mixed signals from global markets. The NSE Nifty is trading 7.5 points, or 0.04%, lower at 19,930.50.

Asian equities are trading lower due to a lack of favorable cues, while the US stock market closed higher on Friday, driven by optimism about the long-term outlook of the domestic economy. Investors are also awaiting crucial US inflation data expected later in the week. The Nasdaq was up by 0.09%, while the Dow Jones index rose by 0.22%, and the S&P 500 index increased by 0.14%.

Despite a cautious global market environment, the Sensex and Nifty managed to close higher for the sixth consecutive session on Friday. In the last six sessions, the Sensex has risen by 2.73%, while the Nifty has gained 2.94%. The Sensex closed 333 points, or 0.50%, higher at 66,598.91, while the Nifty closed the day at 19,819.95, up 93 points, or 0.47%.

According to Prashanth Tapse, Research Analyst and Senior Vice President of Research at Mehta Equities, Nifty has moved closer to its all-time high at 19,992 points as the risk-on theme dominated Dalal Street. Tapse expects Nifty’s immediate support to be at 19,533 points, and as long as it trades above this level, the technical landscape remains positive. The next bullish targets are seen at Nifty’s psychological level of 20,000 points and its 200-day moving average at 18,408 points.

Key Domestic and Global Market Triggers for Sensex Today:

Asian Markets: Asian markets are trading lower amid a lack of strong triggers. Hong Kong shares tumbled as trading resumed after being suspended due to heavy rain. Mainland China stocks rose, ending a four-day losing streak, as deflationary pressures eased and more cities reduced mortgage regulations. Japanese markets trimmed gains after comments from the Bank of Japan governor potentially favoring bank shares.

Wall Street: The US stock market edged higher on Friday due to resilience in the national economy, with investors awaiting crucial US inflation data expected next week. Apple’s stock price rose 0.35% after a two-day decline. The US dollar index registered an eighth straight week of gains, while global stock indexes ended slightly higher.

Crude Oil: Oil prices fell as technical signs suggested recent gains might have been exaggerated. After a 2.3% increase last week, West Texas Intermediate slipped below $87 per barrel. Oil has risen by approximately $20 per barrel since mid-June due to production restrictions by Saudi Arabia and Russia.

Rupee: The Indian rupee gained 26 paise against the US dollar, closing at 82.95. The Reserve Bank of India (RBI) is likely to intervene amid declining US government yields.

Adani Group Stocks: The Adani Group promoter firm increased its stake in Adani Enterprises to 71.93% from 69.87% and in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%. Additionally, Adani Global Pte, Singapore, and Kowa Holdings Asia Pte, Singapore, entered into a joint venture agreement to trade in green ammonia and green hydrogen.

VoM News Desk

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