Stock Market LIVE updates: Wall Street drives Asia markets higher; Indian markets set to follow

Stock Market LIVE updates: Markets in India were poised to open higher, tracking overnight gains in the US markets that were also driving stocks higher in other Asian markets.

Photo: Bloomberg

Stock Market LIVE updates, Tuesday, September 10, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50 were poised for a strong start on Tuesday, tracking overnight gains in the US markets that closed sharply higher on Monday, even as the dollar strengthened as investors awaited key data and actions from central banks.

At 7:20 AM, GIFT Nifty futures were also trading marginally higher at 25,021, around 50 points ahead of Nifty futures' last close, which indicated a positive start for Indian markets.

US stocks closed sharply higher on Monday and the dollar strengthened as markets awaited key data and actions from central banks.

All three major US stock indices surged more than 1 per cent, with the S&P 500 and the Dow ending a four-session losing streak, bouncing back from their biggest weekly percentage losses since March 2022. The tech-heavy Nasdaq also staged a comeback.

The strong showing overnight in the US were driving Asia-Pacific markets higher on Tuesday. Japan’s Nikkei 225 was up 0.52 per cent, while the broad-based Topix was 0.65 per cent higher. Australia’s S&P/ASX 200 had gained 0.69 per cent, and South Korea’s Kospi index was up 0.17 per cent, while the small-cap Kosdaq also rose 0.18 per cent.

Meanwhile, Hong Kong's Hang Seng index futures were at 17,216, higher than the HSI’s last close of 17,196.96.

The greenback strengthened ahead of Wednesday's much anticipated Consumer Price Index report.

Last week mixed data, particularly the August employment report, caused investors to dial back expectations that the US Federal Reserve could issue an outsized 50 basis point rate cut when it convenes for its policy meeting next week.

In Asia, traders will monitor August trade data from China and India. China’s exports and imports for August are expected to grow by 6.5 per cent year-on-year and 2.0 per cent, respectively, according to a Reuters poll, in what would be the slowest pace in four months.

On Wednesday, the Labor Department's Consumer Price Index is expected to show underlying inflation remains on its meandering path back down toward the central bank's 2 per cent target.

At last glance, financial markets have baked in a 71 per cent likelihood that the Fed will lower its key policy rate by 25 basis points at the end of next week's meeting, with a 29 per cent probability of a 50 basis point reduction, according to CME's FedWatch tool.

The Dow Jones Industrial Average rose 484.28 points, or 1.2 per cent, to 40,829.69, the S&P 500 gained 62.65 points, or 1.16 per cent, at 5,471.07 and the Nasdaq Composite added 193.77 points, or 1.16 per cent, at 16,884.60.

European stocks staged a comeback with the benchmark STOXX 600 recovering from last week's steep declines as investors awaited an expected interest rate cut from the European Central Bank later in the week.

The pan-European STOXX 600 index rose 0.82 per cent and MSCI's gauge of stocks across the globe gained 0.58 per cent.

Emerging market stocks lost 1.07 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.13 per cent
lower, while Japan's Nikkei lost 0.48 per cent.

US Treasury yields waffled in choppy trading amid uncertainty over the size of the Fed's expected rate cut this month. Benchmark 10-year notes last rose 1/32 in price to yield 3.7061 per cent, from 3.71 per cent late on Friday.

Crude rose as concerns over supply worries arising from forecasts of a hurricane hitting Louisiana this week helped oil prices rebound from last week's heavy losses.

US crude rose 1.54 per cent to settle at $68.71 per barrel, while Brent settled at $71.84 per barrel, up 1.10 per cent on the day.

Gold prices pared gains but held their ground as investors awaited key inflation data. Spot gold added 0.4 per cent to $2,505.75 an ounce.

8:00 AM

Stock Market LIVE Updates: Sebi lifts restrictions on 16 entities in Infosys insider trading case

Stock Market LIVE Updates: Sebi on Monday lifted restrictions imposed on 16 entities, including some former employees of Infosys, in a case pertaining to alleged insider trading activities in IT major shares. READ MORE

7:57 AM

Stock Market LIVE Updates: Global markets' rebound, P N Gadgil Jewellers IPO eyed in markets today

Stock Market LIVE Updates: Domestic benchmark indices BSE Sensex and Nifty 50 are likely to open flat to positive, tracking a rebound in global stocks that were climbing about the sharp rally in US stocks on Monday. At 6:54 AM, GIFT Nifty futures were up 46.5 points at 25,040.5, indicating a higher open for India markets. READ MORE

7:56 AM

Stock Market LIVE Updates: Analysts expect turnaround for IT firms with growth recovery, higher margin

Stock Market LIVE Updates: In previews of Q2FY25 and beyond, industry analysts are expecting a turnaround for IT services. High teens earnings per share or EPS growth is expected for the next 2-3 financial years. The hopes are backed by deal wins of above $100 billion as at Q1FY25, up 16.6 per cent Y-o-Y. Margins seem to have stabilised. There are medium to long-term opportunities in digital transformation (DT), especially in Cloud, cybersecurity and GenAI. Positive sentiment from possible Fed cuts could accelerate demand. READ MORE

7:53 AM

Stock Market LIVE Updates: SC sets aside Bombay HC order imposing Rs 80 lakh fine on Sebi, NSE, BSE

Stock Market LIVE Updates: The Supreme Court on Monday set aside an order by the Bombay High Court which had imposed a cost of Rs 80 lakh on the Securities and Exchange Board of India (Sebi), the National Stock Exchange (NSE), and BSE for freezing the demat accounts of a father-son duo. READ MORE

7:52 AM

Stock Market LIVE Updates: Apple supplier Jabil to set up Rs 2,000 crore mfg unit in Tiruchirapalli

Stock Market LIVE Updates: Jabil Inc, an American multinational contract manufacturer for Apple, will set up an electronics manufacturing facility in Tiruchirapalli, Tamil Nadu, with an investment of Rs 2,000 crore, creating 5,000 jobs. With this, the state is likely to get its fourth Apple supplier, after Foxconn, Pegatron, and Tata Electronics. READ MORE

7:47 AM

Stock Market LIVE Updates: Adani Green redeems $750 mn bonds eight months ahead of redemption date

Stock Market LIVE Updates: Adani Green Energy Ltd (AGEL), the renewable energy arm of the ports-to power conglomerate run by billionaire Gautam Adani, on Monday said it has redeemed $750 million worth of bonds as it deleverages business. READ MORE

7:46 AM

Stock Market LIVE Updates: Sebi levels playing field for FVCIs and FPIs

Stock Market LIVE Updates: The Securities and Exchange Board of India (Sebi) has notified norms governing foreign venture capital investors (FVCIs), effectively bringing them on a par with those for foreign portfolio investors (FPIs). The amendments represent a comprehensive revamp of the registration and governance framework for FVCIs, ensuring greater parity. READ MORE

7:45 AM

Stock Market LIVE Updates: After Ola Electric, e-scooter maker Ather Energy files for $536 million IPO

Stock Market LIVE Updates: Indian electric two wheeler-maker Ather Energy has filed for a Rs 4,500 crore ($536.2 million) IPO at a valuation of $2.5 billion, a source with direct knowledge of the matter said on Monday, seeking to tap a red-hot stock market weeks after bigger rival Ola Electric went public. READ MORE

7:44 AM

Stock Market LIVE Updates: Sebi modifies foreign venture investors' registration, eligibility criteria

Stock Market LIVE Updates: Capital markets watchdog Sebi has notified rules to streamline the framework for the registration of Foreign Venture Capital Investors (FVCIs). Under this, the process of granting registration to FVCIs and processing other post-registration references has been delegated to designated depository participants (DDPs) in line with provisions prescribed for FPIs (Foreign Portfolio Investors). READ MORE

7:43 AM

Stock Market LIVE Updates: Linde India seeks SAT relief on valuation exercise ordered by Sebi

Stock Market LIVE Updates: Industrial gases and engineering firm Linde India has sought relief from the Securities Appellate Tribunal regarding the valuation diktat stated in an order passed by the Securities and Exchange Board of India (Sebi). The tribunal may deliver its final decision on the matter on Tuesday. READ MORE

7:39 AM

Stock Market LIVE Updates: Dixon Tech, Awfis Space, Adani Green and Suzlon among top stocks to track today

Stock Market LIVE Updates: Dixon Technologies: HP India is set to partner with Dixon Technologies' subsidiary, Padget Electronics, to manufacture notebooks, desktops, and all-in-one PCs in Chennai under the PLI 2.0 scheme. The new facility is expected to create 1,500 jobs and produce up to 2 million units annually. READ MORE

7:38 AM

Stock Market LIVE Updates: Nifty Fin Services and PSU Bank trading strategy for September 10

Stock Market LIVE Updates: The Nifty Financial Services Index is currently trading in a range-bound pattern, moving between the levels of 23,800 and 23,660. This indicates that the index is in a consolidation phase, with no clear trend direction emerging for now. READ MORE

7:34 AM