Stock Market LIVE Updates, Wednesday, August 28, 2024: Indian benchmark indices BSE Sensex and Nifty 50 opened in the green, and were trading marginally higher as a mix of global cues and subdued Asian markets weighed on investors’ sentiment.
Around 11 AM, the BSE Sensex and Nifty 50 were nearly flat arond 81,703 and 24,995 levels, respectively, with both the benchmark indices swinging mildly between negative and positive zones, due to a lack of major market moving cues.
Meanwhile, stocks in Asia were trading in tight ranges following a sluggish day on Wall Street, as investors prepared for a slew of earnings in the US that will set the tone for risk assets.
Asian markets were down, with the ASX200 slipping 0.47 per cent ahead of Australia’s inflation data. The Nikkei declined 0.21 per cent, and the Kospi dropped 0.27 per cent.
Markets are also anticipating an imminent start to the Federal Reserve’s monetary policy easing, after Chair Jerome Powell said on Friday the central bank was ready to start cutting rates.
Wall Street’s main indexes ended higher in choppy trading. The Dow Jones Industrial Average added 0.02 per cent to end at 41,250.50, the S&P 500 gained 0.16 per cent to 5,625.80 and the Nasdaq Composite rose 0.16 per cent to 17,754.82.
Meanwhile, European stocks finished up 0.16 per cent, following a late rally in Japan’s Nikkei index that ended 0.47 per cent higher.
Gold traded above $2,500 per ounce on rate cut expectations and lingering concerns about the Middle East conflict.
In economic data, the US consumer confidence rose to a six-month high in August although Americans are becoming more anxious about the labor market, data showed on Tuesday.
Personal consumption expenditures (PCE) price index, a key US inflation measure that is preferred by the Fed, is due on Friday and could further influence market perceptions of how quickly the central bank officials will act.
Oil prices fell, with Brent futures settling down 2.3 per cent at $79.55 a barrel, while US crude fell 2.4 per cent to $75.53.
On the domestic front, foreign institutional investors (FIIs) purchased shares worth Rs 1,503.76 crore on August 27, whereas domestic institutional investors (DIIs) sold shares worth Rs 604.08 crore.
