On Tuesday, September 9, the equity market benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, following a rally in global markets.
As of 7:04 AM, the GIFT Nifty was trading near 24,939, up 38 points.
Asian markets traded higher, while the US stock market ended with gains overnight, with the Nasdaq posting a record high close, amid increased expectations of a Federal Reserve interest rate cut.
Investors now expect a 25 basis point cut at the Fed’s September meeting, with some even pricing in a possible 50 basis point reduction, according to CME Group’s FedWatch tool.
On Monday, September 8, Foreign Institutional Investors (FIIs) were net sellers. FIIs sold equities worth ₹2,169.35 crore.
Domestic Institutional Investors (DIIs) were buyers on Monday. They bought shares worth ₹3,014.30 crore on the same day.
India's equity benchmarks closed marginally higher on Monday, led by gains in automakers after they announced price cuts following tax reductions, while weakness in IT stocks capped gains.
The Nifty 50 gained 0.13% to 24,773.15 and the BSE Sensex added 0.09% to 80,787.3.
The Bank Nifty closed at 54,186.90 with similar gains, while the Auto index outperformed and led sectoral advances. The Nifty IT Index was among the key losers. In the broader indices, the mid- and small-caps ended 0.16-0.5% higher.
Overnight, US equities ended higher, with the Nasdaq Composite touching a new record as traders braced for a week packed with key economic data, including two major inflation readings.
The Nasdaq advanced 0.45% to close at 21,798.70, setting both an intraday and closing high. The S&P 500 gained 0.21% to settle at 6,495.15, while the Dow Jones Industrial Average rose 114.09 points, or 0.25%, to finish at 45,514.95.
WTI crude oil futures rose to $62.4 per barrel and Brent crude oil futures rose to $66.1 per barrel on Tuesday, extending gains from the prior session, following OPEC+'s modest output hike and due to concerns over the possibility of more sanctions on Russian oil.
The US dollar slipped to its lowest level in nearly seven weeks on Tuesday. The dollar index dropped to 97.344, its weakest since July 24, against a basket of major currencies.
Gold prices stayed firm around record levels, supported by expectations of an interest rate cut from the US Federal Reserve this month. Spot gold rose 0.1% to $3,640.41 an ounce, while the all-time high of $3,646.29 touched on Monday remained intact.
Disclaimer: The article is for informational purposes only and not investment advice.
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