Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday tracking positive global cues ahead of the announcement of Union Budget 2024 today.
Asian markets traded higher, while the US stock market ended in the green overnight led by megacap growth stocks.
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The Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 in the parliament today. The budget 2024 is expected to provide the government’s roadmap for ‘Viksit Bharat’ by 2047, with focus on rural economy, infrastructure, housing and defence sectors.
On Monday, the Indian stock market benchmark indices ended the volatile session lower amid cautiousness ahead of the Union Budget 2024.
The Sensex fell 102.57 points, or 0.13%, to close at 80,502.08, while the Nifty 50 settled 21.65 points, or 0.09%, lower at 24,509.25.
“The market is cautious ahead of the Union Budget, especially given the conservative growth forecast in the economic survey released during the day. Though the budget is largely expected to be growth-oriented, with the announcement of some measures aimed at addressing the rural economy; this is largely factored in by the market. Investors will look out for signs of further traction. We could see some volatility along with sector and stock specific actions,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Tuesday following overnight gains on Wall Street.
Japan’s Nikkei 225 rose 0.63% and the Topix gained 0.49%. South Korea’s Kospi rallied 1.01%, while the Kosdaq surged 1.22%. Hong Kong’s Hang Seng index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 24,550 level, a premium of nearly 30 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended higher on Monday led by gains in megacap growth stocks.
The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to 40,415.44, while the S&P 500 gained 59.41 points, or 1.08%, to 5,564.41. The Nasdaq Composite ended 280.63 points, or 1.58%, higher at 18,007.57.
Nvidia shares rallied 4.8%, while megacaps Alphabet, Meta Platforms and Tesla stock price all advanced between 2.2% and 5.1%. CrowdStrike shares slumped 13.5%, Delta Air Lines shares declined 3.5% and Verizon Communications stock dropped 6.1%. Mattel Inc share price jumped 15.1%.
Dollar
The dollar index was flat at 104.29. Against the yen, the dollar fell 0.14% to 156.79. The offshore yuan last stood at 7.2973 per dollar. The euro fell 0.02% to $1.0889, while sterling eased 0.02% to $1.2928.
Oil Prices
Crude oil prices traded lower for a third trading session amid weak demand.
Brent crude futures for September fell 0.16% to $82.27 a barrel, while US West Texas Intermediate crude for September declined 0.44% to $79.78 per barrel.
Gold Rate Today
Gold prices were steady on Tuesday ahead of US economic data this week. Spot gold was flat at $2,398.29 per ounce, after falling to a more than one-week low in the previous session. US gold futures rose 0.1% to $2,397.70.
(With inputs from Reuters)
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