Stock Market Today: Top 10 things to know before the market opens today

Sensex, Nifty, stock market news

The market is expected to open in the green as trends in the SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 102 points.

The BSE Sensex fell 168 points to 59,029, while the Nifty50 declined 31 points to 17,624 and formed a bullish candle on the daily charts as the closing was higher than opening levels.

As per the pivot charts, the key support level for the Nifty is placed at 17,522, followed by 17,420. If the index moves up, the key resistance levels to watch out for will be 17,689 and 17,753.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

US stock indexes climbed the most in roughly a month as bond yields eased, with investors shrugging off hawkish remarks made by Federal Reserve officials on Wednesday.

The Dow Jones Industrial Average rose 435.98 points, or 1.4 percent, to 31,581.28, the S&P 500 gained 71.68 points, or 1.83 percent, to 3,979.87 and the Nasdaq Composite added 246.99 points, or 2.14 percent, to 11,791.90.

Asian Markets

Markets in Asia-Pacific traded higher following Wall Street’s solid rebound rally overnight in the best day since August 10 for all three averages. Investors will also be closely watching Federal Reserve Chair Jerome Powell’s speech Thursday as markets brace for another 75 basis-point hike later this month.

In Japan, the Nikkei 225 was 1.62 percent higher and the Topix was also up 1.6 percent. In Australia, the S&P/ASX 200 was up 0.41 percent and the Kospi in South Korea was up 0.33 percent.

SGX Nifty

Trends in SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 102 points. The Nifty futures were trading around 17,732 levels on the Singaporean exchange.

Oil settles below $90 as recession fears mount

Oil prices settled sharply lower on Wednesday, slumping below levels seen prior to Russia's invasion of Ukraine as downbeat Chinese trade data fed investor worries about recession risks.

Brent crude futures settled down $4.83 to $88 a barrel, falling below $90 a barrel for the first since February 8. The US West Texas Intermediate crude settled down by $4.94, or 5.7 percent, to $81.94, its lowest since January.

India's August fuel demand steady MoM, diesel consumption drops

India's August fuel consumption was little changed from the previous month, government data released on Wednesday showed, even as diesel demand dropped to the lowest this year during monsoon season in the world's No. 3 oil consumer.

Fuel consumption, a proxy for oil demand, rose 16.3 percent to 17.81 million tonnes from August 2021, but was up only marginally from 17.61 million tonnes in July, data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed.

Japan upgrades Q2 GDP as easing COVID curbs lift spending

Japan's economy grew more than initially reported in the second quarter, as the lifting of local Covid-19 restrictions boosted consumer and business spending.

Gross domestic product (GDP) in the world's third-largest economy expanded an annualised 3.5 percent in the second quarter, stronger than the preliminary estimate of annualised 2.2 percent growth, government data showed Thursday.

ECB poised for another big rate hike as inflation soars

The European Central Bank will raise interest rates again on Thursday to fight runaway inflation and, with a big move and a record one under consideration, the only question is by how much. The choice will be between a 50 and a 75 basis point increase in the zero percent deposit rate.

Buoyed by hawkish comments from conservative policymakers, markets have now nearly priced in a 75 basis point hike. A slim majority of economists polled by Reuters are also predicting the larger increase.

Rupee bruises far from healed, more pain on the cards: Poll

India's battered rupee will trade not far from its lifetime low against the US dollar into next year and remain vulnerable to a worsening trade balance and an aggressive US Federal Reserve rate-hiking campaign, according to a Reuters poll. Sinking with other emerging currencies against a strong dollar, the rupee has hit rock-bottom multiple times this year and weakened over 7 percent in 2022.

The Sept. 1-6 Reuters poll of 40 FX analysts expected the rupee to weaken to 80/$ in a month and remain around there until end-November, despite the Reserve Bank of India's burning through dollar reserves in active defence of the currency since May.

FII and DII data

Foreign institutional investors (FIIs) have net-bought shares worth Rs 758.37 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 138.67 crore on September 7, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Delta Corp remained on the NSE F&O ban list for September 8. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

With inputs from Reuters and other agencies