What to do in the Stock Market Today?
The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 29 points.
Points to 57,973, while the Nifty50 fell 246 points to 17,313 but formed a bullish candle on the daily charts as the closing was higher than the opening levels.
What is money control?
Stay tuned to Money Control to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms that could impact Indian as well as international markets.
US stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows. Shares in the Asia-Pacific were higher on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell’s hawkish speech in Jackson Hole.
Japan's Nikkei 225 rose 0.78 percent, and the index gained 0.85 percent. In South Korea, the economy added 0.85 percent and the increase was 1.09 percent. In Australia, the S&P/ASX 200 was fractionally higher.
Trends in the SGX Nifty indicate a positive opening for the broader index in India, with a gain of 29 points. The Nifty futures were trading at 17,410 levels on the Singaporean exchange.
The greenback extended gains from Friday, when Powell told the Jackson Hole central banking conference in Wyoming that the Fed would raise rates as high as needed to restrict growth.
What, to the jobless rate?
The unemployment rate remained stable at 2.6 percent in July, while job availability increased for the seventh consecutive month to a more than two-year high, according to government data released on Tuesday. The seasonally adjusted unemployment rate was lower than the 2.6 percent median forecast in a Reuters poll of economists.
Business optimism balance-which measures the difference between the percentage of firms that are upbeat and downbeat-sank to its weakest since May 2020, the height of the COVID-19 pandemic, for both consumer and business services.
Foreign institutional investors net sold shares worth Rs 561.22 crore, while domestic institutional investors net bought shares worth Rs 144.08 crore on August 29, as per provisional data available.
South Korea's central bank chief stated on Tuesday that his bank's monetary policy stance would not change following a speech last week by Federal Reserve Chair Jerome Powell, who stated that the US economy will require tight monetary policy "for some time."
Still, Bank of Korea Governor Rhee said his bank would keep closely watching the Fed's policy decisions as the volatility in global markets has increased, the central bank said.
How can we predict oil prices?
Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.
The dollar touched a fresh 20-year high on Monday, lifted by hawkish comments by Federal Reserve Chair Jerome Powell, but was kept in check as the euro was boosted by growing expectations for European Central Bank (ECB) rate hikes.
Japan's unemployment rate
Japan's jobless rate was steady at 2.6 percent in July, while the availability of jobs grew for the seventh straight month to a more than two-year high, government data showed on Tuesday. The seasonally adjusted unemployment rate was lower than the 2.6 percent median forecast in a Reuters poll of economists.
Share Prices HIGHLIGHTS
Bulls staged a roaring comeback today after Monday’s rout as benchmark indices clocked their biggest intraday gain since May 20 amid broad-based buying across sectors. The S&P BSE gained 1,564 points, or 2.7%, to close at 59,537, while the Nifty50 gained 446 points, or 2.58%, to close at 17,759.
You must be logged in to post a comment.