Benchmark Nifty index retreats back after two days of losing streak to settle 0.83% up at 11796. Nifty formed a bullish candle in the daily chart for Tuesday session touching an intraday high of 11814. All sectoral indices ended in green for the day with Nifty PSU banks and Metal sector gaining more than a percent each. Overall broader index also ended positive with Small Cap and Midcap index gaining 0.6% each. Stocks which pushed the index higher were JSW Steel, BPCL, Reliance, Axis Bank and Tata Steel gaining between 2% to 3%.
U.S. stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates. The Dow Jones Industrial Average fell almost 0.67% overnight to end at 26548 while US Dow Futures also slid more than 200 points yesterday. The Nasdaq Composite Index COMP gave up 121 points, or 1.5%, to 7,885, extending its losing streak into a third day. Stocks fell earlier on Tuesday after fresh U.S. housing and consumer confidence data came in weaker than expected, which potentially could give the Federal Reserve more ammunition to cut rates in the near future.
Indian and Global market at a glance
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Positive news from the Brexit front boost the Global and…
Asian market starts on a negative note today with Japan’s Nikkei currently falling 0.5% or more than 100 points in early trade. Hong Kong’s Hang Seng Index also starts on a negative note and currently trading flat. Asian market reacts to Fed’s wait and sees approach regarding the rate cut. SGX Nifty also gives a negative start which indicates weak global cues. Indian Nifty gives a weak opening but soon recovers and currently trading above 11800 levels.
Global Gold prices have taken a corrective step since yesterday but Gold Futures Comex still quotes above $1400/ ounce. Gold prices jumped by INR115 to INR34,556 per 10 gm in the national capital on Tuesday on increase in demand from local jewellers and positive global markets as investors are preferring the yellow metal as safe haven amid US-Iran tensions. Crude oil prices also climbs up to reach around $58/bbl. WTI crude oil price currently quotes at $58.88/bbl and Brent Crude quotes near $65/bbl.
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