Indian equity benchmarks Sensex and Nifty 50 are expected to begin Wednesday’s session, December 24, on a positive note, supported by upbeat cues from global markets.
Asian equities advanced after Wall Street touched record highs, driven by stronger-than-expected economic data from the United States.
The US economy expanded at an annualised pace of 4.3% in the third quarter, improving further from 3.8% growth in the previous quarter. This reflects a strong rebound after the economy contracted in the first quarter, its first decline in nearly three years.
The GIFT Nifty was trading near the 26,236 mark, showing a premium of about 33 points.
Asian stocks opened higher after the S&P 500 Index climbed to a fresh record, supported by data showing the US economy expanded at its fastest pace in two years.
On Tuesday, December 23, Foreign Institutional Investors (FIIs) were net sellers, selling equities worth ₹1,794.80 crore, for 2 consecutive trading sessions. Domestic Institutional Investors (DIIs) continued their positive stance, buying equities worth ₹3,812.37 crore, marking their 43rd consecutive session of net inflows.
Indian equity benchmarks ended nearly flat on Tuesday, December 23, as early gains faded amid weak year-end volumes and a lack of fresh triggers. Losses in IT stocks weighed on sentiment, keeping trading subdued. The Sensex slipped 42.63 points, or 0.05%, to close at 85,524.84, snapping a two-day winning streak, while the Nifty 50 edged up 4.75 points, or 0.02%, to 26,177.15, extending gains for a third straight session.
Sectorally, six of the eleven indices finished higher, led by the Nifty Media index, which rose 0.8% for a third consecutive session, followed by gains in metals and energy. The Nifty IT index fell 0.8%, ending a four-day rally after a strong recent run. Broader markets outperformed, with the Nifty Smallcap 100 advancing 0.37%, while the Nifty Midcap 100 closed flat.
US equities ended higher on Tuesday, with the S&P 500 closing at a record level, supported by a wave of economic data. A strong reading on economic growth pushed bond yields higher and lifted investor interest in growth-oriented stocks, particularly in technology-heavy segments.
Among the major indices, the Dow Jones Industrial Average rose 79.73 points, or 0.16%, to settle at 48,442.41. The S&P 500 gained 31.30 points, or 0.46%, to close at 6,909.79, while the Nasdaq Composite advanced 133.02 points to end at 23,561.84.
The U.S. economy grew at its fastest pace in two years during the third quarter, supported by strong consumer spending and steady business investment, according to a delayed Bureau of Economic Analysis report. Inflation-adjusted GDP expanded at an annualised rate of 4.3%, up from 3.8% in the previous quarter, with consumer spending rising 3.5% and business investment increasing 2.8%, led by robust demand for computer equipment and data-center infrastructure.
While net exports boosted growth, inventories and housing weighed on activity, and inflation remained elevated, with the Fed’s preferred core PCE index at 2.9%, reinforcing expectations of limited interest-rate cuts going forward.
US Treasury yields moved in different directions during the session. The benchmark 10-year yield edged lower by 0.4 basis points to 4.167%, compared with 4.171% late on Monday, while the 30-year yield saw a sharper decline of 1.8 basis points to 4.8252%.
Meanwhile, the 2-year Treasury yield, which is more sensitive to expectations around Federal Reserve policy, rose by 2.9 basis points to 3.532% from 3.503% previously. In currency markets, the dollar index weakened 0.29% to 97.96 against a basket of major currencies, as the euro gained 0.25% to trade at $1.1789.
Gold surged past $4,500 per ounce on Wednesday to a fresh record, driven by expectations of further Federal Reserve easing and rising geopolitical tensions.
US economic growth remained solid in the third quarter, with GDP expanding at a faster pace than in the prior period, although labor market data pointed to continued but gradually moderating job creation.
WTI crude oil futures rose to around $58 per barrel, and Brent crude oil futures rose to around $62 per barrel on Wednesday, holding a five-day gain and hovering at a two-week high, supported by escalating geopolitical tensions.
Disclaimer: The article is for informational purposes only and not investment advice.
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