Stock Market Update Feb 06-2024: Sensex and Nifty Show Resilience, Inch Up at Noon/PTI
Stock Market Update Feb 06-2024: Sensex and Nifty Show Resilience, Inch Up at Noon
At noon, the Sensex demonstrated resilience, rising by 385.83 points or 0.54% to reach 72,117.25, while the Nifty also climbed by 124.55 points or 0.57% to touch 21,896.25. The indices briefly dipped into the red during the morning but rebounded as the day progressed.
Asian Shares Edge Up Amid Cautious Sentiment
Asian shares experienced a slight uptick, primarily driven by a recovery in Chinese markets. However, investor caution persisted due to concerns about a possible delay in a Federal Reserve rate cut, contributing to a modest bounce in the dollar. Equities in Japan and Australia opened lower, while Hong Kong shares’ futures indicated modest gains after Beijing’s efforts to ease a recent stock selloff. US equity futures remained steady following a drop in the S&P 500 and Nasdaq 100 on Monday.
Global Market Overview
MSCI’s global index fell by 0.36%, and Europe’s STOXX 600 index closed 0.1% lower. Geopolitical risks in the Middle East influenced oil prices, with Brent crude trading near $78 a barrel and US benchmark West Texas Intermediate close to $73, after both experienced gains in the previous session.
Market Reaction to Treasury Yield Movement
The 10-year Treasury yield in the US saw a three-basis-point decline in early Asian trading, following a notable increase on Monday. The recent jump marked the most significant two-day surge since June 2022, contributing to caution in global markets.