Asian markets traded mixed, while US markets were closed for Thanksgiving.
Falling oil prices and ease in US bond yields are likely to support domestic equities and remain key positives for a broader recovery for the market.
The domestic equity market ended flat on Thursday with the Nifty holding above 19,800 level. The Sensex eased 5.43 points, or 0.01%, to close at 66,017.81, while the Nifty 50 fell 9.85 points, or 0.05%, to settle at 19,802.00.
“While the secondary market saw range bound movement, the increased action was seen in the primary market. Overall market is likely to trade sideways in the near term with stock specific performance in the broader space,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services .
Read also: Nifty 50, Sensex today: What to expect from stock indices in trade on November 24
Here are key world market indications for Sensex today:
Asian Markets
Asian markets traded mixed on Friday as investors eyed key economic data from Japan and also focused on China’s property market.
Japan’s Nikkei 225 gained 0.94%, while the Topix gained 0.67%. South Korea’s Kospi eased 0.17% and the Kosdaq rose 0.10%.
The Hang Seng Index fell 0.78%. The Shanghai Composite Index dipped 0.05% and the Shanghai Composite Index was flat.
Gift Nifty was trading around 19,868 level against the previous close of Nifty futures of 19,875, indicating a hot start for the Indian benchmark indices.
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Wall Street
The US stock market was closed on Thursday for the Thanksgiving holiday. The bond markets also remained closed.
Additionally, there will only be a half day of trading in the US markets on Friday, November 24th. The New York Stock Exchange (NYSE) and Nasdaq markets will open at their regular time on Friday but will close at 1pm EST.
The U.S. bond market will close at 2 a.m. EST on Friday, according to the Securities and Exchange Commission.
On Wednesday, the Dow Jones Industrial Average rallied 184.74 points, or 0.53%, to 35,273.03, while the S&P 500 rose 18.43 points, or 0.41%, to 4,556.62. The Nasdaq Composite finished 65.88 points, or 0.46%, higher at 14,265.86.
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Oil prices extend losses
Crude oil prices extended a decline on Thursday after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) unexpectedly postponed their policy meeting. Investors are now speculating that the oil producer group may not deepen output cuts next year. The oil cartel will now hold a virtual meeting on November 30 to decide on a crude production strategy for the coming year.
Brent crude lost 0.7% to end near $81 a barrel, while US West Texas Intermediate crude fell 0.73% to settle at $76.54 a barrel ahead of the Thanksgiving break.
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Japanese inflation is rising
Japan’s core consumer price growth edged up slightly in October, bolstering views that the Bank of Japan (BOJ) may scale back monetary stimulus soon.
The nationwide core consumer price index (CPI) rose 2.9% year-on-year in October, government data showed, against 3.0% expected by economists in a Reuters poll. Core inflation slowed to 2.8% in September from 3.1% in August, the first time it was below 3% since August 2022.
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Japan’s manufacturing activity shrinks for the 6th month
Japan’s manufacturing activity fell for a sixth straight month in November, while modest growth in the service sector was little changed, a business survey showed on Friday.
The au Jibun Bank Japan manufacturing purchasing managers’ index (PMI) slipped to 48.1 in November from 48.7 in October. The index has remained below the 50.0 threshold that separates contraction from expansion since June, Reuters reported.
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(With inputs from Reuters)
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Updated: 24 Nov 2023, 07:42 IST