First Tick: Top 10 global cues for today’s trade

If tariffs are imposed, China may have to find alternative markets, which could disrupt supply chains.

Indian benchmark indices Sensex and Nifty 50 are likely to see a flat start on November 8, tracking cues from GIFT Nifty trading around 24,288, a short while ago this morning.

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

Indian benchmark indices erased gains from previous sessions to snap a two-day winning run amid selling across sectors, as investors remained cautious ahead of Federal Open Market Committee (FOMC) outcome later tonight.

At close, the Sensex was down 836.34 points or 1.04 percent at 79,541.79, and the Nifty was down 284.70 points or 1.16 percent at 24,199.30.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Up)

The GIFT Nifty is trading marginally higher, indicating a flat to positive start for the day. Nifty futures were trading at 24,288 at 07:00 am IST.

Asian Equities (Gain)

Asian equities climbed Friday after stocks, bonds and commodities all rallied in the US as the Federal Reserve cut interest rates.

US stocks closed higher on Thursday, after the Federal Reserve announced a cut of 25 basis points (bps) in interest rates, extending a sharp rally sparked by Donald Trump's return as U.S. president.

The Fed cut interest rates by a quarter of a percentage point as policymakers took note of a job market that has "generally eased" while inflation continues to move toward the U.S. central bank's 2% target.

The Dow Jones Industrial Average fell 0.59 point, or flat, to 43,729.34, the S&P 500 gained 44.06 points, or 0.74%, to 5,973.10 and the Nasdaq Composite gained 285.99 points, or 1.51%, to 19,269.46.

US 10-Year Treasury added 59 bps at 4.35 percent, while US 2-Year Treasury added 25 bps at 4.20 percent in the early trade on Friday.

The dollar took a breather on Friday, on track to cap off a wild week with a slight gain as markets weighed the impact of Donald Trump's impending return to the White House and what that would mean for the U.S. economy and its rate outlook.

Asian currencies were trading mixed in the early trade on Friday. However, on month-to-date, basis all the currencies were trading weak.

Oil prices erased some of the previous session gains in the early trade on Friday.

Gold prices were trading marginally lower, while Silver prices shed more than 0.5 percent in the early trade on Friday..

Except Leade, all other LME commodities price were trading higher in the early trade on Friday with Aluminium and Copper added more than 3 percent each, while Nickel and Zinc gained over 2 percent each.

The foreign institutional investors (FIIs) sold equities worth Rs 4,888crore on November 7, while domestic institutional investors purchased equities worth Rs 1,786 crore on the same day.

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