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

Market Today

Indian benchmark indices Sensex and Nifty are likely to see a strong opening on September 4,  tracking GIFT Nifty, which was hovering around 24,947 earlier this morning.

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

After a choppy session, buying interest in metal stocks drove Dalal Street to rise over half a percent on Wednesday, September 3. Investors also awaited further details from the Goods and Services Tax (GST) Council meeting, which will drive near-term moves.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Gains)

The GIFT Nifty is trading higher at around 24,947, indicating a strong start for the day.

Asian Equities (Up)

Asian equities were primed to rise Thursday after weak US job openings reinforced bets on a Federal Reserve interest-rate cut, boosting stocks and bonds on Wall Street.

US Equities (Up)

Wall Street stocks recovered some ground on Wednesday after technology conglomerate Alphabet rose on a favorable antitrust ruling, but gains were muted as investors digested softer-than-expected labor market data and a selloff in long-term global government bonds.

Job openings, a measure of labor demand, dropped 176,000 to 7.181 million by the last day of July, the Labor Department's Bureau of Labor Statistics said in its "JOLTS" report on Wednesday. Economists polled by Reuters had forecast 7.378 million unfilled jobs.

The Dow Jones Industrial Average dipped 0.05%, the S&P 500 rose 0.5%, and the Nasdaq Composite added about 1%.

US Bond Yield (Down)

The yield on 10-year Treasuries and 2-year Treasuries were trading lower in the early trade on Thursday.

Dollar Index (Flat)

The U.S. dollar softened on Thursday in a volatile week as investors contended with bond market jitters while weighing data that showed a weakening labour market, which reinforced expectations the Federal Reserve will cut rates this month.

Asian currencies (Mixed)

Asian currencies were trading mixed in the early trade on Thursday. However, on a year-to-date basis, except the Indonesian Rupiah, all other currencies gained between 1-7 percent.

Crude (Down)

Oil fell after a report that the OPEC+ alliance will consider a fresh round of production increases
when the group meets over the weekend.

Gold (Flat)

Gold held near an all-time high after a seven-day rally, as weak US data spurred more bets on an
interest-rate cut by the Federal Reserve this month and mounting concerns over the central bank’s independence underpinned haven demand.

Fund Flow Action

The Foreign institutional investors (FIIs) extended their selling on the eighth day as they sold equities worth Rs 1,666 crore on September 03, while Domestic institutional investors (DIIs) continued their selling on the seventh consecutive session as they purchased equities worth Rs 2495 crore on the same day.

Hope you're all set for today's trade. We wish you a profitable day ahead.

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