- Indian stock market expected to open muted amid mixed global cues and weak market sentiment
- Gift Nifty trades near 24,254, indicating a subdued start for Nifty 50 and Sensex
- Asian markets show mixed trends as investors await Fed Chair Kevin Warsh's speech
The Indian stock market may see a tepid opening on Friday, amid mixed cues from global peers. The trends on Gift Nifty also signal a muted start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 24,254 level, a discount of nearly 28 points from the Nifty futures' previous close.
“Indian equities are likely to remain range-bound amid a lacklustre market environment, as softer crude prices provide limited relief against weak global cues and selective selling. Near-term market direction is likely to remain dependent on global risk sentiment, while selective opportunities should continue to emerge across sectors,” said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Asian Stock Markets
Asian markets traded mixed on Friday as investors awaited Federal Reserve Chair Kevin Warsh's highly speech at the Jackson Hole symposium for further clues on the US interest rates trajectory.
Japan's Nikkei 225 rose 0.56%, while the Topix gained 0.73%. South Korea's Kospi fell 0.23%, and the Kosdaq declined 0.83%. Hong Kong's Hang Seng index futures indicated a lower opening.
Wall Street
US stock market ended higher on Thursday, led by gains in technology stocks after chip maker Nvidia's earnings beat.
The Dow Jones Industrial Average 105.56 points, or 0.20%, to 53,569.44, while the S&P 500 gained 55.29 points, or 0.72%, to 7,730.99, The Nasdaq Composite closed 411.16 points, or 1.57%, higher at 26,541.35.
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US Jobless Claims
The number of Americans seeking unemployment benefits for the first time fell for a second week. Initial claims for state unemployment benefits fell 4,000 to a seasonally adjusted 203,000 for the week ended August 22.
US Treasury Yields, Dollar
US Treasury yields rose ahead of the speech from Fed Chair Kevin Warsh at the Jackson Hole symposium. The yield on benchmark US 10-year notes rose 1.22 bps to 4.676%, while the 30-year bond yield rose 0.91 bp to 5.1941%. The 2-year note yield gained 1.21 bps to 4.236%.
In currencies, the US dollar was little changed after data showed weekly initial jobless claims fell for a second straight week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.02% to 99.14.
Crude Oil Prices
Crude oil prices resumed their downward trajectory after a day of gains. Brent crude futures fell 0.32% to $89.41 a barrel, while WTI crude oil price declined 0.25% to $83.32 a barrel.
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