Stock Market LIVE updates: GIFT Nifty signals gap-up open for Sensex, Nifty; Nikkei gains 3% | News on Markets

Stock Market LIVE updates, Thursday, September 12, 2024: Indian benchmark equity indices BSE Sensex and Nifty 50 were anticipated to start higher on Thursday, tracking overnight advances in the US markets that were also pulling other Asian markets higher.




At 7:25 AM, GIFT Nifty futures, at 25,088, were trading 150 points ahead of Nifty future’s last close, bearing out the benchmark indexes’ stronger open.




Meanwhile, the US markets reversed an earlier sell-off to close higher on Wednesday, and Brent crude prices rallied from their three and a half year lows as a crucial inflation report reaffirmed predictions that the US Federal Reserve will deliver a 25-basis point rate decrease next week.




Investors also examined Tuesday night’s US Presidential debate to determine prospective policy moves following the November election.




All three major US market indices pulled a U-turn, transforming a sell-off into a rally by mid-afternoon. Tech stocks, particularly semiconductors, were strong outperformers, putting the Nasdaq ahead of the pack.




The Labor Department’s Consumer Price Index (CPI) indicated the annual inflation rate CPI lost 0.4 percentage points to a cooler-than-expected 2.5 per cent. The core measure – which excludes food and energy – reported a hotter-than-expected monthly advance of 0.3 per cent, and an annual increase of 3.2 per cent.




At last glance, financial markets have built in an 85 per cent probability that the Fed would lower its key policy rate by 25 basis points at next week’s policy meeting, with a diminishing 15 per cent chance of a double-sized 50 bp decrease, according to CME’s FedWatch Tool.




Market traders also paid close attention to late Tuesday’s US presidential debate, listening closely for potential policy indications from Vice President Kamala Harris and former President Donald Trump.




That apart, investors in India will have their eyes peeled for August’s consumer price index due to be revealed late on Thursday. Economists surveyed by Reuters predict it to grow 3.5 per cent year-on-year, compared to 3.54 per cent in July.




The Dow Jones Industrial Average jumped 124.75 points, or 0.31 per cent, to 40,861.71, the S&P 500 gained 58.6 points, or 1.07 per cent, to 5,554.12 and the Nasdaq Composite added 369.65 points, or 2.17 per cent, to 17,395.53.




European markets closed the afternoon relatively flat as investors moved their focus to the European Central Bank and its rate announcement scheduled on Thursday.




The pan-European STOXX 600 index jumped 0.01 per cent and MSCI’s gauge of equities across the globe gained 0.62 per cent.




Following that, markets in the Asia-Pacific region opened higher on Thursday. Japan’s Nikkei 225 rose 3 per cent in early sessions while Topix climbed 2.48 per cent.




South Korea’s Kospi began 1.2 per cent higher while the small cap Kosdaq rose 2.5 per cent. Australia’s S&P/ASX 200 surged 0.6 per cent, meanwhile, Hong Kong’s Hang Seng index futures were at 17,194, higher than the HSI’s latest closing of 17,108.71. Futures for mainland China’s CSI 300 was at 3,181.6, lower than its Wednesday finish at 3,186.13.




Oil prices steadied after Tuesday’s sell-off as a dip in US oil inventories and expected supply interruptions from Hurricane Francine balanced against fears over declining global demand.




US crude surged 2.37 per cent to close at $67.31 per barrel, while the Brent settled at $70.61 per barrel, up 2.05 per cent on the day.




Gold prices sank as chances dimmed for a greater interest rate cut from the Fed at next week’s policy meeting. Spot gold declined 0.2 per cent to $2,512.30 an ounce.

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