After the US market got off to a mixed start yesterday, US futures resumed trading in losses today. US bond yields continue to rise again. European futures and Asian markets got off to a mixed start. The Dow Jones started with a fall and advanced four days in a row last week, losing 1.14% yesterday after Goldman Sachs reported its biggest loss in a decade. Falling travel and communications stocks also weighed on the Dow Jones. Morgan Stanley advanced more than 5% yesterday after reporting strong last quarter results. Tesla, Nvidia and Apple advanced to give the Nasdaq a positive close yesterday. Worse economic data from China also dampened global market sentiment yesterday. Economic data including the Bank of Japan’s policy announcement and UK and Eurozone retail inflation figures are also important for the market today. US retail sales figures, industrial production figures and James Ballard’s speech will determine the course of the US market. Nifty was the first foreign funds to buy in 2023 and the Indian market closed with gains after a subdued start yesterday. Energy, FMCG, Infra, IT sectors and Reliance, HDFC Bank, Hind Uni Lever and TCS also benefitted the market. Jefferies gave a ‘buy’ signal with a target of Rs 3100 for Reliance yesterday after a big fall. The Nifty, which closed at 18053 points up close to one percent, is looking for support at 17930 points, 17880 points and 17800 points. After 18080 points, resistance can be expected at 18130 points and 18200 points. Bank Nifty HDFC Bank advanced but lacked support from other banking stocks, which limited Bank Nifty’s advance to 67 points. Bank Nifty which closed at 42235 points may find support at 41960 points and 41800 points. Bank Nifty’s resistances are at 42500 points and 42700 points. Results Companies like Indus Ind Bank, Central Bank of India, CCL Product, OFSS, Percent, PSP Project, Rallis India, Surya Roshni, Shemaro etc. are also announcing the recruitment results. Crude Oil Crude oil advanced on hopes of US data yesterday after China published poor economic data. U.S. retail sales and industrial production figures due today are also important for crude oil. US oil price crossed 80 dollars yesterday. Gold The US 10-year bond yield crossed 3.54% yesterday and gold also corrected yesterday. International gold prices fell below 1910 dollars yesterday. US Fed decisions are also important for gold.
After the US market got off to a mixed start yesterday, US futures resumed trading in losses today. US bond yields continue to rise again. European futures and Asian markets got off to a mixed start. The Dow Jones began with a fall The Dow Jones, which had advanced four days in a row last … Read more