5 things that changed for market overnight: Gift Nifty, Japan PMI, US bond yields to global market cues for Sensex today
Indian stock market is expected to open on a weak note Wednesday following losses in global peers amid lower risk appetite. Asian markets fell while US stocks indices ended lower overnight as investors awaited clarity on the US Federal Reserve monetary policy outlook from Fed chair Jerome Powell’s speech at a meeting in Jackson Hole on Friday. On the domestic front, the Indian equity indices, Sensex and Nifty, ended flat on Tuesday despite positive trends in global markets.
“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction," said Vinod Nair, Head of Research at Geojit Financial Services. Moreover, the influence of higher bond yields and concerns about potential rate hikes in the US is prompting FIIs to withdraw funds from the domestic market, contributing to the market's volatility, he added.
Also Read: Day trading guide for today: Five buy or sell stocks for Wednesday —August 23 Here are 5 key global market cues for Sensex today: Asian shares declined on Wednesday after the release of key economic data in the region. Japan’s factory activity shrank in August, a private survey showed, while Australia’s business activity contracted at the fastest pace in 19 months Australia’s S&P/ASX 200 traded lower marginally. According to Juno Bank, the composite purchasing managers index came in at 47.1 for August.
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