Global markets: SGX Nifty to US dollar — key triggers for stock market today | Mint

  Global market today: US stock market edged higher on Friday and all three key benchmark indices ended in green territory. Gold prices pinned below $2,000 per ounce levels as the US Fed's rate hike fear still persists. Asian stock market is off to a slow start in the earning rich week ahead. In early morning deals, SGX Nifty today opened upside whereas Dollar Index is under sell off stress.

Here we list out key global market triggers that may dictate stock market today:
US stock market

On Friday deals, all key benchmark indices closed higher on Wall Street. Down Jones index added 0.07 per cent, S&P 500 index went up 0.09 per cent whereas tech heavy weight Nasdaq surged 0.11 per cent on the weekend session.

On reason for global markets trading tepid on Friday, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Most global markets trade tepid on Friday, extending losses into a third straight session as concerns over an economic slowdown were exacerbated by weak data, while hawkish signals from the Federal Reserve also rattled sentiment. Markets in the Chinese region were down over 1% as concerns over a mixed economic recovery in the country soured sentiment towards local stocks. Data also showed that foreign direct investment in China grew much less than expected in March, reflecting some doubts over just how much the economy will rebound this year."
Asian stock market

In an earnings rich week ahead, Asian stocks are off to a slow start. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, while Japan's Nikkei nudged up 0.32 per cent. Shanghai index went off 0.42 per cent, Hong Kong's Hang Seng surged 0.30 per cent whereas South Korean KOSPI lost 0.46 per cent.
US dollar

In early morning deals, US dollar rete remained under sell off pressure but Dollar Index continue to sustain above 101 levels on US Fed's rate hike speculations.

Speaking on the reason for Dollar Index gaining strength in recent sessions, Anuj Gupta, Vice President — Research at IIFL Securities said, "Recent gains in the US dollar can be attributed to the hawkish US Fed officials on interest rate hike. Dollar Index has immediate support placed at 100 and further weakness in the American currency can be assumed only when it breaches this current support."
SGX Nifty today

Signaling positive opening on Dalal Street today, SGX Nifty today opened with upside gap and went on to hit intraday high of 17,698 levels. However, the index has been trading in tight 17,660 to 17,698 range since morning deals.

"Positive opening of SGX Nifty today signals key benchmark indices on Dalal Street opening with an upside gap. One can maintain buy on dips strategy till the index is sustaining above 17,500 to 17,550 levels," said Anuj Gupta of IIFL Securities.
Gold rate today

In morning session, gold price pinned down below $2,000 per ounce levels and hit $1,981 levels.

On reason for dip in gold price today, Anuj Gupta said, "Strength in dollar and expectation of hike in interest rates by the Federal Bank putting pressure on gold and silver, however the safe haven demand due to instability and the fear of slow down in the global economy curb the sharp correction in the bullions." He said that gold rate today has support placed at $1,975 and $1,950 per ounce levels.
Crude oil price

During early morning session in Asian stock market, crude oil prices fell to the tune of one per cent. WTI crude oil price went off 0.98 per cent to $77.15 per barrel while Brent Crude oil 0.73 per cent to $80.76 per barrel.
US bond yield

In early morning session, US 10 year bond yield slipped 0.38 per cent to 3.559 levels whereas US 30 years bond yield nosedived 0.20 per cent to 3.770 levels.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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