5 things that changed for market over weekend: Gift Nifty, China loan prime rates to global market cues for Sensex today
Indian stock market is expected to open on a flat note Monday following mixed global cues. The domestic benchmark equity indices ended lower for the fourth consecutive week, the longest stretch of weekly declines in over a year. A sharp spike in domestic retail inflation, weak industrial production for June, worries over likely another interest rate hike by the US Federal Reserve, depreciation in rupee against US dollar, FII outflow, rising US bond yields and slowing China’s economy weighed on investors sentiment.
“Global markets extended their losses as concerns over higher interest rates and slowing China’s economy weighed on investors. Even domestically, markets have been consolidating in the absence of any positive trigger and consistent selling by FIIs," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Also Read: Ahead on D-Street: New listings, FII mood & more; check key triggers for stock markets this week Here are key triggers that will guide the Indian markets today.
Asian markets traded mixed on Monday ahead of China’s announcement for its loan prime rates. Japan’s Nikkei 225 rose 0.31% and the Topix gained 0.28%. South Korea’s Kospi added 0.45%, while the Kosdaq gained 0.38%.
Hong Kong’s Hang Seng index futures traded lower at 17,794, its lowest since November 2022, as compared with its Friday close of 17,950.85. Australia’s S&P/ASX 200 declined 0.13%. Meanwhile Gift Nifty was trading higher at 19,312, as compared to the Nifty futures’ previous close of 19,316, indicating a flat start for the Indian benchmark indices.
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