GIFT-Nifty Gains 10 Points in Pre-Open Trading Following Nifty’s Breakthrough of the 20,000 Mark

The NewsflixsSeptember 12, 2023

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Nifty 50 : Surpassing 20,000 Mark

Contents

In a significant milestone, the Indian benchmark index Nifty 50 surged past the psychological 20,000 mark in the previous session, reaching 20,008.15.

A Flat-to-High Start on Dalal Street

The GIFT Nifty index, formerly known as the Singapore-based exchange SGX Nifty, serves as a crucial preliminary indicator for the Nifty50. At 8:56 a.m. on Tuesday, it traded 0.05% or 10 points higher, hinting at a potentially flat-to-high or low start on Dalal Street.

Global Futures Market Overview

Moreover, Dow Jones futures and Nasdaq 100 futures showed a flat but slightly negative bias during the pre-open session, adding intrigue to the trading day.

U.S. Market Recap

Major U.S. indices concluded Monday on a positive note, driven by a substantial rally in the tech-heavy Nasdaq Composite Index. This surge was largely attributed to market giants like Tesla (NASDAQ: TSLA), which climbed over 10% on the back of AI optimism, and Morgan Stanley (NYSE: MS) receiving an overweight upgrade rating.

Eyes on U.S. CPI Data

As we move forward, investors eagerly await the release of August US Consumer Price Index (CPI) data later this week. This data will provide insights into the Federal Reserve’s interest rate hike plans and its course for policy tightening at the upcoming September monetary policy meeting.

U.S. Market Performance

On Monday, the Nasdaq surged by 1.14%, the Dow Jones gained 0.25%, and the S&P 500 advanced by 0.67%.

Asian Market Trends

In Asian markets, the landscape is mixed on Tuesday. The U.S. dollar is losing ground, and the Japanese yen is enjoying its most significant one-day gain against the greenback in two months. Meanwhile, the Chinese yuan is recording its best day in six months.

Japan’s Nikkei rose by 0.61% at 8:50 am.
South Korea’s KOSPI fell by 0.42%.
China’s Shanghai Composite and Hong Kong’s Hang Seng traded flat with negative biases.
Australia’s ASX 200 traded flat with a positive bias.

Oil Prices and OPEC Forecast

Oil prices are on the rise as markets eagerly anticipate supply and demand forecasts from an upcoming report by OPEC. Despite this optimism, recent supply cuts continue to exert pressure, maintaining prices near a 10-month high.