Indian benchmark equity indices, the BSE Sensex and Nifty50, opened slightly higher on Wednesday, following mixed global cues.
Indian benchmark equity indices, the BSE Sensex and Nifty50, opened slightly higher on Wednesday, following mixed global cues.
At the start of trading, the BSE Sensex rose by 11.57 points, or 0.01%, to 78,210.68, while the Nifty50 stood at 23,711.95, up 4.05 points, or 0.02%.
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Global Cues
Markets across the Asia-Pacific region mostly declined, influenced by losses on Wall Street, although South Korea and Australia saw gains.
Japan’s Nikkei 225 dropped 0.8%, while the Topix lost 0.82%. South Korea’s Kospi gained 0.29%, and the Kosdaq Index dipped slightly by 0.1%. Australia’s S&P/ASX 200 traded up by 0.39%.
Hong Kong’s Hang Seng Index fell 0.28%, the CSI 300 declined by 0.83%, and the Shanghai Composite dropped 0.47%.
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On Tuesday, global stocks weakened as US Treasury yields edged higher. Economic data indicated the American economy’s resilience, suggesting the Federal Reserve might reduce interest rates fewer times this year than initially expected.
In the US, all three major indices finished lower, with technology, consumer discretionary, and communication services stocks among the biggest losers. However, energy and healthcare stocks saw gains.
Data showed US services sector activity surged in December, exceeding expectations. Additionally, the price index for inputs rose to a nearly two-year high, according to the Institute for Supply Management. Labor Department figures also indicated an unexpected increase in US job openings for November, though a slowdown in hiring pointed to a cooling labor market.
Markets are currently pricing in just one rate cut from the Fed in 2025, down from two anticipated cuts in December, according to the CME FedWatch tool.
On Wall Street, the Dow Jones Industrial Average fell 0.42% to 42,528.36, the S&P 500 dropped 1.11% to 5,909.03, and the Nasdaq Composite tumbled 1.89% to 19,489.68.
European stocks held their gains after a rally on Monday, following reports that President-elect Donald Trump’s team is considering more limited tariffs than previously expected.
The European STOXX 600 index rose 0.32%, marking its second consecutive gain, after climbing 1.75% on Monday. MSCI’s global stock gauge fell 0.75% to 846.52.
Benchmark 10-year Treasury yields reached an eight-month high, bolstered by strong US economic data. The yield on 10-year notes rose 7.5 basis points to 4.691%, peaking at 4.699%, the highest level since April 26.
