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Equity Alert: Indices likely to open higher, Nifty 50 may hit record high soon

MUMBAI--0759 IST--Although expectations of the Nifty 50 hitting a record high remain intact, the market could see some softness in the coming sessions on slight profit-booking and concerns about a weak rupee. On Monday, benchmark equity indices are likely to open a tad higher, supported by positive global cues and early gains across Asian markets. This week, investors will continue to track developments on the US-India trade deal and GDP data for the September quarter from the statistics ministry on Friday.

"Gift Nifty is indicating a positive open for the benchmark domestic markets," Vipin Kumar, assistant vice president – technical and derivatives at Globe Capital Market, said. "Despite a profit taking last Friday, the chart structure for Nifty (50) index is strong, and we are hopeful of a new high in the near term," he said while adding, "However, a close below 26000 spot levels might lead it towards a fresh round of consolidation in the 26250-25750 spot zone."

The November contract of the GIFT Nifty indicated that indices are likely to open higher Monday. At 0749 IST, the contract was at 26160.50 points, down 30 points from its previous close. The index was around 92 points higher than the Nifty 50's close Friday. The 50-stock index had closed at 26068.15 points on Friday, down 124 points or 0.5%. The BSE Sensex closed at 85231.92 points, down 400.76 points or 0.5%.

On Friday, foreign investors turned net sellers in the Indian stock market and offloaded shares worth INR 17.66 billion. Domestic investors continued to be net buyers and bought stocks worth INR 13.62 billion.

US benchmark indices closed higher Friday as bets of an interest rate cut by the US Federal Open Market Committee in December increased after a voting member hinted that the rate-setting committee could still trim rates without jeopardising the inflation goal. Asian indices were also higher in early trade Monday, tracking the gains in the US market. (Gopika Balasubramanium)

Equity Alert: US indices end higher Fri after Fed official's rate cut views

MUMBAI--0756 IST--Equity indices in the US ended higher Friday as chances of a rate cut by the US Federal Reserve rebounded after dovish remarks by New York Fed President John Williams John Williams. A higher-than-expected unemployment rate Thursday also boosted bets of a rate cut at the apex bank's meeting in December. Recent jitters around artificial intelligence-related stocks weighed on benchmark indices on a weekly basis.  

"I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions," Williams was quoted by CNBC. "Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals." 

While Williams said the US Fed could still cut rates in the near term, Dallas Fed President Lorie Logan said they should be left on hold while the central bank assesses the effect of current rates on the economy. "Part of the reason for the move today is that Williams was seen as one of the hawkish leans, so the market could perceive it representing someone stepping over the line towards the dovish point of view," Ross Mayfield, investment strategy analyst at Baird, was quoted as saying by Reuters.

Amid the rate cut optimism, the US unemployment rate rose to 4.4% in September, the highest level in four years, against 4.3% in August, according to data from the US Labour Department. This cemented the US Fed's efforts to tighten the labour market, one of its measures to keep inflation under control. Fed funds futures are currently pricing in a 69% chance of a 25-basis-point rate cut, a sharp increase from the 44% likelihood a week ago, according to the CME FedWatch Tool.

The three major US equity indices were sharply lower last week. The S&P 500 and the Dow Jones Industrial Average fell almost 2% on week. The technology-heavy Nasdaq Composite index fell 2.7% last week.

Following are the closing levels of US indices Friday:

(Eshitva Prakash)

End

US$1 = INR 89.48

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Subhojit Sarkar

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