First Tick: Here are the top global cues for today’s trade

Market Today

Indian benchmark indices Sensex and Nifty 50 are likely to open on flat to negative note on December 17, tracking cues from GIFT Nifty trading around 24,665.50, a short while ago this morning.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

The Indian benchmark indices ignored the fall in WPI and erased some of the previous session gains to end lower on December 16 with Nifty below 24,700 amid selling seen in the IT, metal, oil & gas, and FMCG names, while buying in realty, PSU bank, media restricted further fall.

At close, the Sensex was down 384.55 points or 0.47 percent at 81,748.57, and the Nifty was down 100.05 points or 0.40 percent at 24,668.25.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Down)

The GIFT Nifty is trading marginally lower, indicating a flat to negative start for the day. Nifty futures were trading at 24,665.50 at 07:00 am IST.

Asian Equities (Up)

Asian markets tracked gains on Wall Street as traders awaited a raft of interest-rate decisions by central banks this week, including the Federal Reserve.

The Nasdaq closed at a record high on Monday, and the S&P 500 also rose as investors gauged the latest economic data and looked toward the Federal Reserve's final policy announcement of the year later in the week to gauge the path of interest rates.

On the economic front, S&P Global said its flash manufacturing PMI dropped to 48.3 this month, below the 49.8 reading of economists polled by Reuters and the 49.7 in November. In addition, a gauge of factory production hit its lowest level since May 2020 ahead of the prospect of higher tariffs increasing the cost of imported raw materials next year.

The Dow Jones Industrial Average fell 110.58 points, or 0.25%, to 43,717.48, the S&P 500 gained 22.99 points, or 0.38%, to 6,074.08 and the Nasdaq Composite gained 247.17 points, or 1.24%, to 20,173.89.

In early Tuesday trade, the US 10-Year Treasury was down 18 basis points to 4.38 percent, while the 2-Year Treasury was down 20 basis points to 4.24 percent.

he dollar held firm and near recent peaks on Tuesday, on the eve of an expected interest rate cut in the United States, as traders ratchet long-term rate assumptions higher.

Asian currencies were trading mixed in early Tuesday with China Renminbi, Japanese Yen, Philippines Peso, and Taiwan Dollar down marginally, while the Thai Baht led the gainers followed by the South Korean Won, Malaysian Ringgit, and Singapore Dollar.

Oil prices were range-bound in early Asian trading on Tuesday as investors worried about Chinese demand and awaited further market direction from a U.S. interest rate decision due on Wednesday.

Gold prices were up marginally at around USD 2657 per ounce, while Silver prices were trading flat at around USD 30.5 per ounce in the early Tuesday trade.

Foreign institutional investors (FIIs) sold equities worth Rs 278 crore on December 16, while domestic institutional investors also sold equities worth Rs 234 crore on the same day.

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