The trend of decline that has been going on for 5 consecutive sessions in the domestic stock market may stop today. Because, global signals are indicating something similar. Today, the first day of the week, Monday, October 7, there was mixed trading in Asian markets, while American stock markets closed with strong gains on Friday. Gift Nify has also given good signals.
Market expectations have peaked for the US Federal Reserve to cut rates by just 25 bps instead of 50 bps in November after the US jobs data, Reuters reported. Traders now expect a 95 percent chance of a quarter-point rate cut, up from 65 percent in the middle of last week, and a 5 percent chance of no cut, according to CME’s FedWatch tool.
Earlier on Friday, Indian stock market indices closed down by about one percent, making losses for the fifth consecutive session. The Sensex closed at 81,688.45, down 808.65 points or 0.98 per cent, while the Nifty 50 closed at 25,014.60, down 235.50 points or 0.93 per cent.
How can the share market move today?
Asian Market: Asian stock markets witnessed mixed trading on Monday led by Japanese stocks. Japan’s Nikkei 225 rose by 2.03 percent and Topix index rose by 1.62 percent. South Korea’s Kospi fell 0.28 percent, while Kosdaq rose 0.37 percent.
Gift Nifty: GIFT Nifty was trading around 25,260 levels, a premium of about 70 points from the previous close of Nifty futures, indicating a positive start for the Indian stock market.
wall Street: The US stock market closed higher on Friday, with the Dow Jones setting a record. The Dow Jones Industrial Average rose 341.16 points, or 0.81 percent, to 42,352.75, while the S&P 500 rose 51.13 points, or 0.90 percent, to 5,751.07. The Nasdaq Composite rose 219.37 points, or 1.22 percent, to close at 18,137.85.
Israel-Iran tension: Israel intensified its bombardment of northern Gaza and southern Lebanon with a new round of airstrikes in the Beirut suburbs late Sunday. Palestinian officials said at least 19 people were killed in an attack on a mosque.
Crude Oil: Crude oil prices fell on Friday after registering the biggest weekly rise in more than a year. Brent crude futures fell 0.5 percent to $77.62 a barrel, while US West Texas Intermediate crude futures fell 0.5 percent to $74.03 a barrel.
The attitude towards gold has reduced: Gold prices fell as bets for a US rate cut strengthened. Spot gold fell 0.1 percent to $2,650.79 an ounce, while US gold futures rose 0.1 percent to $2,670.20.
