Thursday, 20 June 2024
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Stock Market

With Nifty closing at 22,335 and Sensex down 160 points

  • European stock futures saw gains as well; the Stoxx Europe 600 increased by 0.6%.
  • The CPI is predicted to have risen 3.1% in the year ending in February.
  • Chinese equities increased, with the tech industry leading the 2.6% gain on Hong Kong’s Hang Seng Index.

Tuesday’s gains in S&P 500 and Nasdaq futures came ahead of U.S. consumer prices data, which may shed light on whether inflation has decreased sufficiently for the Federal Reserve to cut interest rates in the upcoming months.

European stock futures saw gains as well; the Stoxx Europe 600 increased by 0.6%. Following statistics showing a softening job market, UK stocks outperformed.

Sensex and Nifty

It is anticipated that the data will demonstrate that the consumer price index (CPI) rose 0.4% in the previous month following a 0.3% increase in January. The CPI is predicted to have risen 3.1% in the year ending in February.

The stock market’s surge last month was halted by data indicating a strong economy, as traders rescheduled their expectations for the first Fed rate drop from March to June.

Based on the CME FedWatch Tool, traders are projecting a 72% possibility that the first rate cut will occur in June. Tuesday saw a little increase in global stocks ahead of US inflation statistics that may indicate when the Federal Reserve would lower interest rates.

Chinese equities increased, with the tech industry leading the 2.6% gain on Hong Kong’s Hang Seng Index. Spot gold fell 0.3% to $2,176 per ounce, within striking distance of the record high set last week at $2,194.99. Before the publication of critical US consumer price data and local inflation statistics later in the day, Indian benchmark indices were able to close the day in the green.

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