Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review
US:
US stocks advanced on Thursday as chipmaker Micron Technology’s upbeat revenue forecast revived the frenzy around artificial intelligence (AI).
Asia:
Markets in Japan, South Korea, and Australia extended their rally on Friday amid China's pledge to arrest decline of its real estate market and strong economic data from the US.
India:
The NSE Nifty 50 and BSE Sensex extended their record run to the sixth session intraday on Thursday, led by gains in Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. The benchmarks have been touching fresh highs since Sept. 19. The Nifty 50 ended 211.90 points, or 0.81% higher at 26,216.05, and the S&P BSE Sensex ended 666.25 points, or 0.78% higher at 85,836.12. Nifty settled at its highest closing level for the fifth straight session. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global Economy:
Core inflation in Japan's capital matched the central bank's 2% target in September, data showed, a sign the economy is making progress in meeting the criteria for further interest rate hikes. While political and overseas economic uncertainties may prod the Bank of Japan to stand pat in October, the solid inflation reading will keep alive market expectations for another rate hike in December or early next year, analysts say. U.S. economic growth accelerated in the second quarter amid strength in consumer spending, the government confirmed on Thursday. Gross domestic product increased at an unrevised 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its third estimate of secondquarter GDP on Thursday. Economists polled by Reuters had forecast GDP would be unrevised at a 3.0% pace. Growth in the first quarter was revised up to a 1.6% rate from the previously reported 1.4% pace. The government revised the national accounts data from the first quarter of 2019 through the first quarter of 2024.
Commodities:
Gold held its ground on Friday after hitting a record high in the previous session on mounting expectations of another big U.S. interest rate cut this year, while market participants awaited a key inflation report for further direction. Oil prices fell for a third day on Friday, on course to end the week lower, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters.
Currency:
The dollar wobbled on Friday, poised for a fourth straight week of declines as investors weighed U.S. data to gauge the pace of interest rate cuts, while China's spree of stimulus measures kept risk-sensitive currencies aloft.
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