US stocks dipped slightly in the post-Thanksgiving lull, but retailers offering Cyber Monday deals attracted bargain hunters. The Dow fell 0.16% to 35,333.47, the S&P 500 lost 0.20% to 4,550.43, and the Nasdaq Composite dropped 0.07% to 14,241.02.
Asian stocks edged up on Tuesday, with the dollar at its lowest in three months. Investors believe the Federal Reserve is done with its rate-hike cycle and await a crucial inflation report later this week. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.39%, while China’s blue-chip CSI 300 Index fell 0.23%. Hong Kong’s Hang Seng index dropped 0.70% after slower growth in China’s industrial firms’ profits in October
The Indian stock market was closed on November 27 for Guru Nanak Jayanti. On Friday, November 24, the Sensex and Nifty 50 ended flat due to a drop in IT and FMCG stocks amid mixed global cues. Meanwhile, metal and pharma stocks rose. The BSE Sensex fell 0.07% to 65,970.04 level while the Nifty 50 closed 0.04% lower at 19,794.70 level.
The GIFT Nifty was up 21 points or 0.11% at 19,877 at 8:20 am, indicating a positive opening for the Indian markets.
S&P Global Ratings revised its GDP growth projection for India’s economy in FY24 to 6.4% from 6%, citing strong domestic tailwinds. However, the rating agency lowered its growth projection for FY25 to 6.4% from 6.9% earlier.
Oil prices rose on Tuesday ahead of a crucial OPEC+ meeting. Brent crude futures rose 0.6% to $80.43 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.6% to $75.28 a barrel.
Gold prices hit a six-month high on Monday, surpassing $2,000 per ounce. The demand for gold increased due to a weaker dollar and expectations of an end to US interest rate hikes. Spot gold rose 0.6% to $2,013.99 per ounce, while US gold futures rose 0.6% to $2,015.00.
Currency markets in India were closed on November 27 due to Gurunanak Jayanti. On Friday, November 24, the Indian rupee closed at a record low of 83.37 a dollar, down 3 paise from the previous close. The decline was attributed to the weakness in Asian peers and dollar demand from foreign banks.
According to provisional data from the National Stock Exchange, foreign institutional investors bought shares worth ₹2,625.21 crore, while domestic institutional investors purchased stocks worth ₹134.46 crore on November 24.
