Asian markets traded mixed while US stock futures were flat after returning from holiday. Investors await key economic data from the Asian region, while watching crude oil amid tensions in the Red Sea.
The Indian stock market indices ended flat on Monday, the first trading of the new year 2024, while the second tier mid-cap and small-cap indices registered healthy gains.
The Sensex gained 31.68 points, or 0.04%, to close at 72,271.9, while the Nifty 50 ended 10.50 points, or 0.05%, higher at 21,741.90.
“Markets showed strength led by optimism about tax cuts, easing global inflation and softer bond yields. But profit-booking was visible at higher levels as continued concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs. The this week’s spotlight is also on FOMC minutes, which will provide insight into 2024 rate. Momentum in mid and small caps remains strong, supported by a positive macro outlook, however private banks have experienced a reversal,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Here are key domestic and global market indicators for Sensex today:
Asian Markets
Asian markets traded mixed on Tuesday ahead of the release of key economic data from the region this week. Japanese markets are closed until January 4th.
Hong Kong’s Hang Seng index futures indicated a higher open. Australia’s S&P/ASX 200 traded marginally lower.
Gift Nifty
Gift Nifty was trading around 21,860 level against the previous close of Nifty futures of 21,830, indicating a positive start for the Indian stock market indices.
American Stock Exchange
US stock futures traded flat in overnight trading on Monday. Dow Jones Industrial Average futures rose 18 points, while S&P 500 futures and Nasdaq 100 futures traded flat. US markets were closed on Monday for New Year’s Day.
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Oil prices
Crude oil prices rose as tensions in the Red Sea rose. Brent crude oil prices gained 1.64% to $78.30 a barrel, while US West Texas Intermediate (WTI) crude futures rallied 1.42% to $72.67.
American dollar
The dollar was steady on the first trading day of the year amid expectations of steep interest rate hikes from the US Federal Reserve in 2024. The dollar index, which measures the US currency against six rivals, fell 2% in 2023, ending two years of gains, and was last at 101.43, up 0.049% on Tuesday, Reuters reported.
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GST Collection
The Goods and Services Tax (GST) collections increased by 10% to ₹1,64,882 crore in December as compared to ₹1.49 lakh crore in the same month a year ago. During the period of April-December 2023, gross GST collection grew 12%, reaching ₹14.97 lakh crores against ₹13.40 lakh crores vibrated upwards in the same period of the previous year.
(With inputs from Reuters)
Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 02 Jan 2024, 07:09 IST