Market is open gap down and likely to witness profit booking during the day - Nirmal Bang
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Market Review
US: U.S. market was closed yesterday
Asia: Asian markets traded mixed on Tuesday as China cut its loan prime rate, while the US stock futures started the holidayshortened week lower.
India: Weak global sentiment spilled over into the domestic market as the equity benchmarks the Sensex and the Nifty ended lower on Monday with a majority of their components ending lower. Sensex closed 216 points, or 0.34 %, lower at 63,168.30 while the Nifty ended the day at 18,755.45, down 71 points, or 0.37 %.
Market is open gap down and likely to witness profit booking during the day
Global Economy: Australia's central bank's decision to hike interest rates in June was "finely balanced" but judged necessary to ensure high inflation did not become embedded in wage and price expectations. The bank lifted its cash rate a quarter point to 4.1%, marking 12 hikes in 13 months and surprising some in financial markets who had looked for a pause.
China cut its lending benchmarks in the first such easing in 10 months, as authorities seek to shore up a slowing recovery in the world's second-largest economy, with more stimulus expected.. The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.55%, while the five-year LPR was cut by the same margin to 4.20% from 4.30%.
Commodities Gold prices flitted in a tight range on Tuesday, as market participants maintained a cautious stance and awaited further direction from the Capitol Hill testimony by U.S. Federal Reserve chair Jerome Powell due this week.
Oil prices retreated in Asian trade on Tuesday as investors weighed another interest rate cut in China against increasing pessimism over its economic prospects this year, while caution over U.S. monetary policy also persisted
Currency: The U.S. dollar rose broadly on Tuesday and notched a seven-month high against the yen, while the yuan slipped after China cut two benchmark lending interest rates for the first time in 10 months.
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