GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a negative start on Thursday following Asian markets opening on a lower note in early trade hours.
Previously, on Wednesday, the NSE Nifty 50 closed the session 137 points or 0.56% lower at 24,199, while the BSE Sensex slipped 502 points or 0.62% to close at 80,182.
Key global cues to know on December 19, 2024
US interest rate cut
The US Federal Reserve cut its key interest rate on Wednesday by 25 bps— the third cut this year in continuation— but also signalled that it anticipates that rate cuts will occur at a slower pace next year than originally planned, primarily due to ongoing high inflation.
Asian Markets
Asia-Pacific markets were trading lower as investors tracked the overnight fall in the US markets as the US Fed cut interest rates for the third consecutive meeting and sees fewer rate cuts ahead. Further, investors are looking at the Bank of Japan’s decision on interest rates, expected to leave the rate unchanged at 0.25%. Japan’s Nikkei 225 was trading 0.92% lower at 38,717. The Korean index Kospi slipped 1.87% to trade at 2,438. The Asia Dow was trading 0.95% lower at 3,687.82. However, the benchmark Chinese index, Shanghai Composite was flat at 3,382.
Wall Street
US indices tumbled during Wednesday’s trade after the US Fed’s interest rate cut outlook was disappointing. The 30-stock Dow Jones Industrial Average lost 1,123 points or 2.58% to close at 42,326.87, the worst losing streak since an 11-day slide in 1974. The S&P 500 closed the session 2.95% lower at 5,872. The technology-heavy Nasdaq Composite fell 3.56% to close the session at 19,392.69.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was down 0.15% at 108.04 on Friday morning. The index measures the US dollar’s strength or weakness against major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. Also, the Indian rupee depreciated 0.05% to close at 84.95 against the US Dollar on Wednesday.
Crude Oil
WTI crude prices were trading at $69.65 down by 0.53%, while Brent crude prices were trading at $73.06 down by 0.45%, on Thursday morning.
FII, DII Data
Foreign institutional investors (FII) were the net sellers of shares net worth Rs 1,316.81 crore. Similarly, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 4,084.08 crore on December 19, 2024, according to the provisional data available on the NSE.