Sensex Today Live Updates : Muted global cues, Gift Nifty signal slow start for India markets; Mphasis, IDBI Bank eyed
Motilal Oswal Financial Services Ltd, suggests that the market will remain volatile but with an upward trend, fueled by revived hopes of a US Federal Reserve rate cut in September and the allocation of key cabinet portfolios in the new Indian government. (Read the full story here.)Sensex Today Live : Indian markets were likely to be weighed down by the muted sentiment flowing from global peers as hopes of a sooner rate cut by the US Federal Reserve faded on the back of better-than-expected labour market data in the US.Notwithstanding the boost in sentiment from the formation of a new Union government in India, Gift Nifty futures was trading at 23,310, marginally ahead of Friday's Nifty 50 close of 23,290, indicating a muted to positive opening for India on Monday.Asian stocks sank on Monday as traders heavily pared back on bets for Federal Reserve rate cuts this year given a still-tight U.S.
labour market, while a snap election call in France sparked wider political concerns and weighed on the euro.Trading was thinned in Asia with Australia, China, Hong Kong and Taiwan out for public holidays, but MSCI's broadest index of Asia-Pacific shares outside Japan still slumped 0.46%.U.S. futures eased slightly, with S&P 500 futures and Nasdaq futures down about 0.03% each, while the dollar was back on the front foot.The halt in the global risk rally came on the back of Friday's nonfarm payrolls report which showed the U.S.
economy created far more jobs than expected in May and annual wage growth reaccelerated, underscoring the resilience of the labour market.Futures now show roughly 36 basis points (bps) worth of cuts priced in for the Fed, down from 50 bps last week. The odds for an easing cycle beginning in September have also
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