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Indian markets are poised for a weak start on January 10, as GIFT Nifty signals a decline. Nifty futures were trading around 23,586.50, indicating a drop.
Pre-Market Update at 8:15 AM: Indian markets are poised for a weak start on January 10, as GIFT Nifty signals a decline. Nifty futures were trading around 23,586.50, indicating a drop.
Wall Street remained closed overnight in observance of a day of honour for former US President Jimmy Carter.
Asian equities were under pressure early Friday, reflecting caution ahead of critical jobs data that could influence the Federal Reserve's rate trajectory.
- Nikkei: Down 1.03 per cent
- Topix: Lower by 0.69 per cent
- Taiwan: Slight gain of 0.15 per cent
On January 9, Indian equity markets extended their losses, with the Nifty closing below the 23,550 mark amid broad-based sectoral selling, except for FMCG stocks. The Sensex ended the session 528.28 points or 0.68 per cent lower at 77,620.21, while the Nifty dropped 162.45 points or 0.69 per cent to close at 23,526.50.
The US 10-year Treasury yield fell by 30 basis points to 4.67 per cent, while the 2-year Treasury yield declined by 20 basis points to 4.25 per cent in early Thursday trade.
The US dollar index held steady at 109.20, continuing its longest weekly winning streak in over a year, buoyed by expectations of robust US jobs data and rising bond yields.
WTI crude oil futures climbed above USD 74 per barrel, extending gains as colder temperatures are projected to boost heating fuel demand. Supply concerns also supported prices. However, weak demand signals from China and a stronger US dollar capped the upside.
Foreign institutional investors (FIIs) remained net sellers for the fifth consecutive session, offloading equities worth Rs 7,170 crore on January 9. Meanwhile, domestic institutional investors (DIIs) purchased shares worth Rs 7,639 crore.
Bandhan Bank, Hindustan Copper, Manappuram Finance, L&T Finance, and RBL Bank are under the F&O trading ban today.
Disclaimer: The article is for informational purposes only and not investment advice.