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Sensex Today Live Updates : Asian stocks rose in early trading as markets await a key US jobs reading that’s likely to guide the Federal Reserve’s policy outlook.
The MSCI Asia Pacific Index rose 0.2%, lifted by a strong gain in South Korea, while shares in Australia rose and those in Japan and China traded in a tight range. Futures contracts for US stocks were steady after the S&P 500 closed little changed as traders refrained from big bets ahead of US nonfarm payrolls data. The dollar was little changed, while US Treasury yields edged higher.
Traders have escalated rate-cut bets in the past week, emboldened by the slew of softer-than-forecast US data, the Bank of Canada’s decision to ease monetary policy, and bets the ECB would be the next to cut — a move confirmed on Thursday. Global stocks are on track for their first weekly gain in almost a month, while a Bloomberg gauge of global government bonds posted its longest rising streak since November on Thursday.
“A quiet session should be expected ahead today given the large move lower in yields this week,” said Martin Whetton, head of markets strategy at Westpac Banking Corp. in Sydney. “The nonfarm payrolls data is on the horizon and it’s unlikely, given moves seen, that fresh risk appetite would appear.”
In Asia, markets will be paying close attention to Chinese trade data later Friday as fears of overcapacity in the nation’s manufacturing sector may cause trade partners to slap tariffs on its exports. Reserve Bank of Australia Deputy Governor Andrew Hauser is also due to speak after the nation’s growth almost stalled in the first quarter.
Investors will be also be monitoring the Indian rupee as the nation’s central bank meets to decide interest rates, with economists seeing borrowing rates unchanged.
The RBI can’t ignore the market’s negative reaction after Prime Minister Narendra Modi’s narrow election victory, but it’s unlikely to cut its rate on Friday, Bloomberg Economics’ Abhishek Gupta wrote in a note. “Cutting rates now – ahead of any reductions by the Federal Reserve — risks triggering capital outflows, which the RBI wants to avoid.”
Elsewhere in Asia, more than a half of surveyed Bank of Japan watchers have forecast that the central bank will trim its government bond buying when authorities meet next week, with a growing number also looking ahead to a rate hike in July.
Attention will then turn to the looming US jobs print, which is expected to show the US added 180,000 jobs in May while the unemployment rate held steady. In the run-up to the reading, US data included jobless claims that topped estimates and labor costs which increased by less than previously reported. Swap markets continued to pencil in the start of the Fed rating cut in November, with a strong likelihood it begins in September.
“We expect the overall message from the non-farm payrolls report to be one of strength, albeit ebbing,” said Joseph Capurso, head of international economics at Commonwealth Bank of Australia in Sydney. “Consequently, market pricing for the FOMC’s first rate cut in September may be pushed out, supporting a modest increase in the US dollar.”
Oil rose Friday, set for a third straight gain, as expectations waned that OPEC and its allies will allow the market to become oversupplied. Gold slipped.
Sensex Today Live : Wipro shares climb 4% after company bags $500 million contract from top US telecom operator
Sensex Today Live : The company has secured a $500-million contract from a top US communication service provider. The IT major will offer managed services for certain products and industry-specific solutions over five years.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the red on Friday, ahead of key announcements after the two-day RBI MPC meeting.
At opening bell, Sensex was down 79.65 points, or 0.11%, at 74,994.86 and Nifty was down 17.20 points, or 0.08%, at 22,804.20.
Sensex Today Live : Benchmark indices muted at pre-open
Sensex Today Live : Indian benchmark indices were muted at pre-open on Friday, ahead of the announcement following RBI MPC’s two day meeting and amidst muted signals from global peers.
Sensex was down 47.23 points, or 0.06%, at 75,027.28 and Nifty was up 0.45 points at 22,821.85 during pre-open.
Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, says preferred trades for today include buying Nifty and Bank Nifty on dips
Sensex Today Live : “This Friday morning, GIFT Nifty consolidates at 22,920, following an 11% drop in India VIX to 16.85. The European Central Bank’s rate cut, the first since 2019, shifts global policy focus to the Federal Reserve. Investors await the RBI MPC’s outcome at 10:00 AM and key events like the US jobs report and PM Modi’s swearing-in ceremony after the NDA’s Lok Sabha win.
Technically, Nifty looks positive above 22,500, with crucial support at 21,957 and the 200 DMA at 21,128. Preferred trades include buying Nifty and Bank Nifty on dips, and bullish positions on stocks like GAIL, BIOCON, and NTPC. Suzlon is a buy at CMP 49, with targets up to 75 and a stop at 31 over 18-24 months.”
–Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says long-term investors can keep accumulating high quality largecaps where FIIs have continued selling their holdings
Sensex Today Live : “In the near-term, the market is likely to be weighed down by the huge FII selling which has touched ₹24,960 crores cumulatively during the last three days. Therefore the largecaps in sectors like financials and IT where FIIs have huge assets under management may underperform. This trend will change when FIIs turn buyers, which is inevitable. Meanwhile long-term investors can accumulate these high quality largecaps were margin of safety is high in an otherwise highly valued market.
There is excessive speculative activity in stocks where the floating stock is very low. Retail investors venturing into these speculative activities is highly risky.
Today’s monetary policy meet is not expected to impact the market since any rate action by the MPC is unlikely.”
–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : What to expect from Indian stock market in trade ahead of RBI policy on June 7
Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are projected to have a flat opening on Friday, as the market awaits the Reserve Bank of India’s (RBI) monetary policy outcome. The Gift Nifty trends also suggest a flat start for the Indian benchmark index, trading at around the 22,920 level.
On Thursday, the domestic equity indices closed on a high note, with the Nifty 50 maintaining above the 22,800 level. The Sensex rose by 692.27 points (0.93%) to close at 75,074.51, while the Nifty 50 increased by 201.05 points (0.89%) to settle at 22,821.40.
The Nifty 50 chart formed a small positive candle with upper and lower shadows. “This pattern signifies a high wave type candle pattern, indicating ongoing high market volatility at the highs. Such a high wave pattern after a reasonable upmove typically signals caution for an impending reversal. However, the negative implication of this pattern could be less, given it formed after one day of upmove,” stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)
Sensex Today Live : Seven key things that changed for market overnight – Gift Nifty, ECB rate cut to US jobless claims
Sensex Today Live : The domestic equity market benchmark indices, Sensex and Nifty 50, are poised for a flat opening on Friday, as investors await the Reserve Bank of India’s (RBI) monetary policy decision. Mixed trading was observed in Asian markets, while US markets closed similarly due to a drag from technology and industrial stocks.
The spotlight is now on the RBI monetary policy outcome, set to be announced later today. The Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, is anticipated to maintain the repo rate at 6.5% for the eighth consecutive time, while upholding the ‘withdrawal of accommodation’ stance.
However, market watchers are keenly interested in the RBI Governor’s remarks on the inflation trajectory and future interest rate cut trajectory.
“With the market regaining its buoyancy, the fear gauge volatility index also significantly eased, falling by 11%. The focus will now shift to the Union Budget next month and the RBI’s commentary on the interest rate to be announced in its credit policy,” stated Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. (Read the full story here.)
Sensex Today Live : Markets to open higher on firm global cues; All eyes on RBI MPC decision today
Sensex Today Live : Indian shares are set to open slightly higher on Friday, ahead of the Reserve Bank of India’s policy meeting at which it is widely expected to keep interest rates unchanged.
The Gift Nifty was trading at 22,905 as of 07:40 a.m IST, indicating that the benchmark Nifty 50 will open marginally higher than its close of 22,821.40 on Thursday.
The RBI is expected to keep rates steady and retain its tighter monetary stance, as robust economic growth continues to give it space to focus on bringing down inflation towards its medium-term target of 4%. The decision is due at 10 a.m. IST.
Asian stocks are set to snap a two-week losing streak on Friday after major central banks kick-started their rate easing cycle this week, adding to expectations the U.S. Federal Reserve could soon follow suit.
The European Central Bank (ECB) delivered a well-telegraphed rate cut on Thursday, a day after the Bank of Canada became the first G7 nation to trim its key policy rate.
The two join Sweden’s Riksbank and the Swiss National Bank in beginning their respective monetary easing cycles, breathing new life into the global risk rally and as bets grow that the Fed could also cut rates in September.
“You’ve got two of the G7 cutting rates … it certainly opens the door further to the Fed,” said Tony Sycamore, a market analyst at IG. “We’re not in the home straight, but we’ve certainly rounded the corner.
MSCI’s broadest index of Asia-Pacific shares outside Japan tracked world stocks higher and rose 0.3% in early Asia trade. The index was headed for a weekly gain of nearly 3%.
Hong Kong’s Hang Seng Index similarly ticked up 0.14%, while Chinese blue chips edged 0.23% higher.
Japan’s Nikkei fell 0.16%.
Market moves were largely subdued as traders stayed on guard ahead of Friday’s U.S. nonfarm payrolls report, where expectations are for the world’s largest economy to have added 185,000 jobs last month.
“If we did get a little softer data tonight … We could see 10-year Treasury yields pushing down towards the 4% level,” said Rob Carnell, ING’s regional head of research for Asia-Pacific.
“Equities, in all likelihood, would rally strongly on that, and that would reflect across the region. You’ll likely see the dollar losing a little bit of strength from that.”
The benchmark 10-year U.S. Treasury yield was last firm at 4.2987%, while the two-year yield rose about two basis points to 4.7386%, after having clocked six straight sessions of declines.
The decline in yields has come on the back of renewed expectations of imminent Fed rate cuts, following a slew of data this week which pointed to an easing of labour market conditions in the United States.
Markets are now pricing in roughly 50 basis points of easing from the Fed this year.
Elsewhere, the dollar languished near an eight-week low against a basket of currencies, and was headed for a weekly-loss of about 0.5%.
The euro rose 0.05% to $1.0895, extending its slight gain from the previous session as the ECB raised its inflation forecasts and kept investors in the dark over how soon subsequent rate cuts could come.
“The ECB nudged up its projections for core and headline inflation … This implies that policymakers might feel slightly less inclined to cut interest rates further,” said Andrew Kenningham, chief Europe economist at Capital Economics. “Changes to the policy statement were also slightly hawkish.”
Against the dollar, the yen fell 0.1% to 155.79, but was headed for a weekly gain of nearly 1%.
Japanese household spending rose for the first time in 14 months in April from a year earlier, data showed on Friday, although the tepid growth showed consumers remained reluctant to loosen their purse strings in the face of higher prices.
In commodities, oil prices eased slightly, with Brent crude futures down 0.09% to $79.80 a barrel while U.S. West Texas Intermediate crude futures dipped 0.1% to $75.48 per barrel.
Spot gold fell 0.2% to $2,370.82 an ounce.
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