IGI Logo

The market is expected to open lower today following weakness in global markets. Asian markets mostly fell on Tuesday, with investors watching August pay and spending data out from Japan and as mainland Chinese markets return to trade. Wall Street's three major indexes closed down around 1% on Monday while Treasury yields rose, as traders tamped down bets for Federal Reserve interest-rate easing and worried about the Middle East conflict's impact on oil prices. Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war.

As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.8293.41 crore and Domestic institutional investors bought shares worth net Rs.13245.12 crore on 7^th October 2024.

Most Asian shares tumbled on Tuesday. However, Chinese stocks surged as trading resumed after a week-long break, buoyed by recent stimulus measures from Beijing. Officials are scheduled to provide further details on these measures later today. In contrast, other Asian indices followed Wall Street`s downward trend. U.S. stocks fell sharply on Monday as investors anticipated a smaller rate cut from the Federal Reserve due to a stronger-than-expected U.S. jobs report.

The major U.S. indexes suffered significant losses on Monday. The Dow Jones Industrial Average fell 0.94%, the S&P 500 dropped 0.96%, and the NASDAQ Composite lost 1.18%. Fears of an escalating Middle East conflict also dampened risk appetite. Meanwhile, the impending landfall of Hurricane Milton, following on the heels of Hurricane Helene, added further anxiety.

US tech stocks witnessed a sharp decline. Google's parent company, Alphabet Inc., faced pressure after being ordered to restructure its Android app store. Additionally, negative analyst comments on Amazon and Apple triggered selling in these tech giants.

The release of the minutes from the September Federal Reserve meeting, scheduled for Wednesday, will be closely monitored. These minutes will offer insights into the Fed`s future rate cut strategy. Thursday`s consumer price index data is another key event. Investors will be looking for signs of persistent inflation, which could influence the Fed`s monetary policy decisions.

Above views are of the author and not of the website kindly read disclaimer