- US stocks edged lower on Wednesday as investors awaited the upcoming personal consumption expenditure (PCE) inflation report. The Dow Jones Industrial Average ended with a nominal gain, while the Nasdaq and the S&P 500 closed in negative territory. The Dow Jones Industrial Average closed at 35,430.42, up 0.04%, and the S&P 500 lost 0.09%, closing at 4,550.58. Meanwhile, the Nasdaq Composite dropped 0.16%, closing at 14,258.49, despite a robust upward GDP revision that eased recession fears.
- Asia-Pacific markets fell across the board on Thursday ahead of key economic data from the region. Japan’s Nikkei 225 slid 0.25%, extending its three-day losing streak, and the Topix was down by 0.14%. South Korea’s Kospi and industrial output numbers both fell, while China’s November purchasing managers’ index reading and rate decision announcement are due later in the day. The S&P/ASX 200 in Australia saw a marginal dip, while the small-cap Kosdaq was marginally above the flatline.
- Indian benchmark indices Sensex and Nifty 50 ended higher on Wednesday, led by bank, IT, and auto stocks amid favourable global cues. BSE Sensex rose 1.10% to close at 66,901.91 level, up 727.71 points, while Nifty 50 closed at 20,096.60 level, up 1.04% or 206.90 points. The Nifty 50 index rose by 0.60% to 20,008.45 points during morning trading, its first time above 20,100 since September 18. The BSE Sensex hit an all-time peak of 67,927.23 on the same day.
- At 8:20 am, the GIFT Nifty was up by 20 points or 0.10% at 20,225, indicating a positive opening for the Indian markets.
- Oil prices fell in early Asian trade on Thursday due to weaker-than-expected Chinese manufacturing data. Brent crude futures fell by 0.3% to $82.90 a barrel, while U.S. West Texas Intermediate crude futures fell by 0.3% to $77.68 a barrel. Investors exercised caution ahead of an OPEC+ meeting where production cuts are expected.
- India’s Q2FY24 GDP growth data will be announced on Thursday. Most experts expect Q2 GDP growth data to surpass RBI’s estimates for the second consecutive quarter. In Q1FY24, India’s GDP grew by 7.80%, beating market expectations of 7.7% and RBI’s forecast of 6.5%.
- The Indian rupee ended flat against the US dollar on Wednesday, giving up early gains due to a rebound in the dollar and gains in crude oil prices. The local currency closed at 83.325 per dollar, unchanged from its previous close of 83.33, while the dollar index was up 0.12% at 102.87.
- Foreign institutional investors bought shares worth ₹71.91 crore, while domestic institutional investors purchased ₹2,360.81 crore worth of stocks on November 29, according to provisional data from the National Stock Exchange.
- Gold steadied near seven-month highs on Wednesday, boosted by expectations that the US Federal Reserve may cut interest rates by the first half of next year. Spot gold rose by 0.1% to $2,043.58 per ounce, while US gold futures rose by 0.3% to $2,044.90.
