Indian Stock Markets Steady on Friday Trading Despite Global Pressures

Indian Stock Markets Steady on Friday Trading Despite Global Pressures

VoM News Desk | January 5, 2024 | 11:43 AM IST | Breaking News | Follow on Google News

Indian Stock Markets Steady on Friday Trading Despite Global Pressures/Pixabay

Indian Stock Markets Steady on Friday Trading Despite Global Pressures

Indian stock markets displayed resilience, opening higher for the second consecutive day on Friday, with the Sensex up by 75.50 points at 71,923.07, and the Nifty rising 25.50 points to 21,684.10 as of 11 am.

However, market sentiments remained subdued, struggling to shake off the early-year downturn due to US unemployment data portraying a robust labor market. This data somewhat tempered expectations of any immediate Federal Reserve interest rate cuts in 2024.

The probability of a rate cut by the Fed during its March meeting has dropped to around 65%, down from approximately 85% a week ago, as suggested by swaps traders. Market watchers eagerly anticipate the release of the US jobs report for December, expecting nonfarm payrolls to have increased by 175,000 last month, with a slight uptick in the unemployment rate to 3.8%, as per economists polled by Bloomberg.

Resilient US labor market figures released on Thursday contributed to the reduction in expectations for swift policy changes by the central bank, diminishing the pressure for immediate rate adjustments.

The financial community awaits the monthly US payroll data, which carries significant weight, as investors grapple with the timing and potential pace of future rate cuts, remarked Kyle Rodda, senior financial market analyst at Capital.com.

VoM News Desk

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