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Sensex Today Live Updates : Asian stocks fell, weighed down by Japanese and Chinese shares, while the yen weakened as markets awaited the outcome of the Bank of Japan’s two-day policy meeting.
The MSCI Asia Pacific Index slipped, while the Japanese currency weakened 0.2% to 157.27 per dollar, as the central bank is widely expected to consider reducing bond purchases. The policy board will hold its benchmark rate in a range between 0 and 0.1%, according to economists surveyed by Bloomberg. Traders are also on alert for any signals on the prospect of an interest rate hike next month.
“Taking risk off the table seems like a good game plan, given that markets remain nervous about what the BOJ might do,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. In the more likely case of a widely expected reduction in bond-buying and moderately hawkish guidance, “markets may still deem it a dovish tightening — and the yen selloff may hurt sentiment without much benefit.”
Australian shares slid along with equity benchmarks in Hong Kong and China. The losses in Asia put the regional MSCI stock gauge on track for its third decline in the past four weeks. Mainland Chinese shares extended a drop into a fourth week, with calls growing for the nation’s central bank to ease policy to boost sentiment and support a soggy economy.
US stock futures were little changed in Asia after the S&P 500 notched a fourth straight record, led by a surge in tech shares. Broadcom Inc. led a rally in US chipmakers following solid earnings and a 10-for-1 stock split. GameStop Corp. also climbed as Keith Gill, known as “Roaring Kitty,” posted on X. Elsewhere, Adobe Inc. soared 15% in late trading after projecting strong future sales for its creative products, while Tesla Inc. jumped after Elon Musk said shareholders backed his compensation package.
Still, the sentiment didn’t flow into Asia as the breadth of the US rally was “poor” and limited to tech stocks, said Chris Weston, head of research at Pepperstone Group in Melbourne. “The weights of tech stocks on Asian equity markets is far lower.”
Australian yields fell as Treasury yields held Thursday’s decline. The US producer price index unexpectedly declined the most in seven months, adding to evidence that inflationary pressures are moderating. Several categories that are used to calculate the Fed’s preferred inflation measure — the personal consumption expenditures price index — were softer in May than a month earlier.
“The latest data in hand nudges the door a little wider open for the Fed to begin making an interest rate cut later this year,” said Bill Adams at Comerica Bank, which forecasts Fed reductions in September and December.
Elsewhere, the European Union’s bonds got hit Thursday as bets they would soon be added to key sovereign benchmarks received a blow, undermining the bloc’s efforts to broaden the appeal of its debt. Heightened political risk in France drove the premium on the nation’s 10-year bonds to the widest since 2017 over German peers. The euro held Thursday’s loss as French election worries weigh.
In commodities, oil fell as the US economic data signaled inflation is cooling. Gold was steady.
Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, says markets could see consolidation while it waits for FY25 budget announcement
“Yesterday’s session saw Nifty reach a new record high of 23,481.05 and Sensex peak at 77,145.45. Nifty’s crucial support is at 22,950 with its 200 DMA at 21,226. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%. Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase. Preferred trades are Nifty and Bank Nifty buys at CMP with specific target zones. Top stock pick is TITAN, recommended for its momentum play.”
–Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Sensex Today Live : What to expect from Indian stock market in trade on June 14
Sensex Today Live : India’s benchmark stock market indices, Sensex and Nifty 50, are anticipated to have a subdued start on Friday due to mixed signals from international markets. The Gift Nifty trends also suggest a steady opening for the Indian index, currently trading around the 23,400 mark.
On Thursday, both Sensex and Nifty 50 ended on a positive note, with Nifty closing near the 23,400 level. The Sensex rose by 204.33 points to close at 76,810.90, and the Nifty 50 increased by 75.95 points (0.33%) to end at 23,398.90.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the market has been moving sideways in the past four sessions, forming a small negative candle on the daily chart. Despite this, the larger positive pattern of higher tops and bottoms remains intact. He added that while the short-term trend of Nifty remains range-bound with a positive bias, similar sideways movements at higher tops have previously led to a downward correction from the highs. (Read the full story here.)
Sensex Today Live : Seven key things that changed for market overnight – Gift Nifty, US jobless claims to treasury yields
Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are projected to start off subdued on Friday due to mixed signals from global markets. While Asian markets are mostly down, the US market closed mixed with tech stocks gaining amidst weak economic data.
On Thursday, both Sensex and Nifty 50 closed higher, reaching new record highs during the session, driven by positive domestic and global influences. The Sensex rose by 204.33 points (0.27%) to close at 76,810.90, and the Nifty 50 increased by 75.95 points (0.33%) to end at 23,398.90.
Deepak Jasani, Head of Retail Research at HDFC Securities, noted that although Nifty continues to hit new highs daily, it struggles to maintain these gains. He predicts that Nifty may oscillate between 23,297 and 23,481 in the near term. (Read the full story here.)
Sensex Today Live : Global cues weigh on sentiment; Indian markets expected to start slow
Sensex Today Live : Indian benchmark indices were expected to open on a muted note with a positive bias as global markets weighed the timeline for interest rate cuts by the Federal Reserve this year.
In India, Gift Nifty futures were trading at 23,419, marginally ahead of Nifty 50’s Thursday close of 23,399, indicating a muted but positive start for markets in India.
Asian stocks fell on Friday as investors pondered the outlook for U.S. rates after the Federal Reserve tempered its rate-cut views even as inflation came in softer than expected, while the yen was shaky before the Bank of Japan’s policy meeting.
The dollar was hovering near a one-month high on the back of the hawkish tone from the Fed this week, while political uncertainty in Europe kept the euro under pressure.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.48% lower. Chinese stocks also fell, with the blue chip shares down 0.3%, while Hong Kong’s Hang Seng was 0.79% lower.
Japan’s Nikkei declined 0.25%, while the yen was slightly weaker at 157.185 per dollar in early trading ahead of the BOJ meeting where the central bank is likely to keep interest rates ultra-low.
But the focus will be on whether the BOJ will take steps to trim its bond purchases or drop clues on its future tapering plans and start reducing its huge balance sheet.
A Reuters poll showed nearly two-thirds of economists expect the BOJ to start tapering its monthly bond buying, now set at around 6 trillion yen ($38 billion), on Friday.
“It is possible that the BOJ will tweak its JGB buying operation with only a small reduction, but we are not sure that the BOJ will start cutting without a grace period,” said ING economists in a note.
The yen’s decline to a 34-year low of 160.245 per dollar at the end of April triggered several rounds of intervention by Japanese authorities totalling 9.79 trillion yen ($62.25 billion).
The yen, which is extremely sensitive to U.S. Treasury yields, is down over 10% against the dollar this year.
Greg Hirt, global CIO for multi asset at AllianzGI, expects the BOJ to remain patient and possibly raise rates only in July or later this year as more data become available over the summer.
“The wild card is the renewed weakness of the yen over the past two months. Another bout of currency-induced cost-push inflation could be detrimental to achieving the goal of real income growth.”
On the macro level, markets remain focused on when the U.S. central bank will cut rates and by how much after event-filled week.
Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased to a 10-month high last week, while producer prices unexpectedly fell in May.
That followed Wednesday’s cooler-than-expected consumer inflation report and the Fed’s revised dot plot, which lowered rate-cut expectations this year from three to one.
James McCann, deputy chief economist at abrdn, said the Fed seems to be in a patient mood as it waits for signs of sustained progress on inflation and expects the U.S. central bank to start its monetary easing campaign in December.
Traders though are taking their cues from the inflation reports and are now pricing in 50 basis points of cuts this year, with a rate cut in September priced in at 68%, CME FedWatch tool showed.
“Rate expectations are likely to remain volatile over coming months against the backdrop of a data dependent Fed,” McCann said.
The shifting expectations has seen the dollar bounce around this week, with the U.S. currency index which measures its value against six peers, last at 105.25, not far from the one-month high of 105.46 it touched on Tuesday. The index is up 0.3% for the week.
In commodities, oil prices eased on Friday but were on track for their first weekly gain in four weeks as markets assessed the impact of U.S. rates staying higher for longer against solid outlooks for crude and fuel demand this year.
Brent crude futures fell 0.62% to $82.26 a barrel while West Texas Intermediate (WTI) U.S. crude futures eased 0.69% to trade at $78.08.
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