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Below the Quote on Pre-Market Comment by Stoxkart - a discount broker for Thursday October 10

Market is likely to open higher in the early trade, taking cues from positive Asian stocks and overnight gains in the US market. Asian equities rose Thursday after their US peers set a fresh high ahead of inflation data that may define Federal Reserve policy easing in the coming months. Wall Street stocks advanced on Wednesday with the S&P 500 and the Dow scoring record closing highs after the release of Federal Reserve meeting minutes and ahead of September inflation data and the earnings season. Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida.

As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.4562.71 crore and Domestic institutional investors bought shares worth net Rs.3508.61 crore on 9th October 2024.

Asian stocks climbed on Thursday, buoyed by Wall Street`s gains and anticipation for Beijing`s additional fiscal stimulus measures. The region`s markets were positively influenced by the Dow Jones Industrial Average hitting a new record closing high after the Federal Reserve`s September meeting minutes indicated a preference for a 50-basis-point interest rate cut. However, the minutes also clarified that the Fed has not committed to a specific pace of rate reductions. In the U.S., the S&P 500 rose 0.7% on Wednesday, while the Dow Jones Industrial Average surged 1% to a record closing high of 42,512.0. The NASDAQ Composite gained 0.6%. Investors are now closely watching the third-quarter earnings season, with several major banks scheduled to report on Friday. Additionally, concerns about potential damage from Hurricane Milton are being monitored.

The key focus has shifted to the consumer price index data due on Thursday, which will provide valuable insights into inflation trends and their implications for interest rates. Persistent inflation could limit the Fed`s ability to rapidly cut rates.

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