The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a higher note on Monday, 24 August.
Asian markets traded mostly lower, meanwhile, US stock futures also fell slightly as traders sought to rebound after a losing week triggered by a sharp rise in Treasury yields.
On Friday, the benchmark indices, Sensex and Nifty 50, ended Friday, August 21, on a largely flat note, extending their losing streak into a second consecutive week amid elevated crude oil prices, stalled US-Iran negotiations, and rising US bond yields. The Sensex closed marginally higher by 3 points at 77,540.83, while the Nifty 50 gained 20 points, or 0.08%, to settle at 24,252.
“Indian equities endured a volatile week, caught between rising energy prices, turmoil in global bond markets and persistent geopolitical uncertainty. The Nifty 50 extended its decline through Wednesday, completing a seven-session losing streak—its longest in about 11 months—and shedding roughly 2.1% over that stretch as investors reduced risk exposure amid higher crude prices and rising global borrowing costs,” said Ponmudi R, CEO – Enrich Money.
Here are key global market cues for Sensex today:
Asian markets
Asian equities edged lower on Monday as investors turned their attention to artificial intelligence-related stocks at the start of the week, with Nvidia’s earnings and the US Federal Reserve’s annual symposium among the key events on the radar.
MSCI’s broad Asia-Pacific index slipped 0.1%. South Korea’s Kospi, often seen as a barometer of AI-related investment, declined 1.66%. Japan’s Nikkei 225 fell 0.49%, while the broader Topix gained 0.16%. Meanwhile, Hang Seng futures were down 0.5%.
Gift Nifty today
Gift Nifty was trading around the 24,329.50 level, up nearly 43.50 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
Stock futures edged lower on Sunday night as investors looked to bounce back from a weak week, which was largely triggered by a sharp rise in Treasury yields.
Dow Jones Industrial Average futures slipped 44 points, or 0.1%, while S&P 500 futures declined 0.1%. Nasdaq-100 futures fell 0.2%.
Last week, the Dow dropped 0.8%, extending its losing streak to a second consecutive week. Meanwhile, the S&P 500 and Nasdaq fell 1.4% and 2%, respectively, bringing their three-week winning runs to an end.
US-Iran war
Treasury Secretary Scott Bessent is set to hold a press conference on Monday to unveil sanctions against Iran, which he has described as part of the largest campaign of “coordinated economic isolation” in history.
The announcement follows US President Donald Trump’s statement last week that Washington would impose what he called the “most crushing economic operation ever taken against any country” against Iran.
Crude oil prices
Oil prices declined by more than 1% on Monday as investors booked profits ahead of an expected announcement by Washington regarding further sanctions on Iran, which could potentially disrupt crude supplies from the Middle East.
Brent crude futures fell $1.22, or 1.29%, to $93.17 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.20, or 1.38%, to $85.86 per barrel.
Both benchmarks had posted their second straight weekly gains last week, rising more than 5%, after peace talks between the US and Iran reached a deadlock.
Gold rate today
Gold prices continued their upward trend on Monday, reaching their highest level in more than three months as investors awaited upcoming U.S. inflation figures and a speech by Federal Reserve Chair Kevin Warsh later this week.
Spot gold gained 0.7% to $4,636.34 an ounce, marking its highest level since May 15. Meanwhile, US gold futures advanced 0.3% to $4,694.80.
Gold prices surged more than 5% last week after the US Treasury’s buyback support plan put pressure on the dollar.
With inputs from agencies)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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