Top 10 things to know about the stock market today before it opens

 Top 10 things to know about the stock market today before it opens

GIFT Nifty trends show that the Indian benchmark index is off to a bad start, down 50 points, or 0.24 percent.

The benchmark Nifty and Sensex indexes are expected to begin slightly lower on December 7 because to GIFT Nifty trends, which indicate a 50-point rise for the wider market.

On December 6, domestic stock indexes rose for the seventh day in a row as gains in IT and power sectors persisted and ongoing foreign inflows drove the benchmarks to new highs for the third day.

Both indexes set new closing highs when the Sensex finished 357.59 points, or 0.52 percent, higher at 69,653.73 and the Nifty closed 82.60 points, or 0.40 percent, higher at 20,937.70. Nifty was at 20,961.95 while Sensex was at 69,744.62 intraday.

The Nifty is expected to encounter immediate resistance around 20,959, followed by 20,985 and 21,027, according to the pivot point calculator. Conversely, Nifty may find support at 20,875, followed by 20,849 and 20,808 levels, if it continues to decline.

Keep up with Moneycontrol to find out what's going on in the equities and currency markets right now. Important headlines from various news sources that might affect the Indian and global markets are included below.

present nifty

GIFT Nifty trends show that the Indian benchmark index is off to a bad start, down 50 points, or 0.24 percent. The 21,046.50 mark was where Nifty futures were trading at the moment.

Top 15 things to know before the starting bell sounds on Thursday's trading setup

US marketplace

Wednesday's closing price of US equities was lower than expected, with energy and megacap firms down along with indications of a cooling employment market. This increased views that the Federal Reserve may begin reducing interest rates as early as next year.

At 4,549.34, the S&P 500 had a 0.39% decline.

The Dow Jones Industrial Average (.DJI) dropped 0.19% to 36,054.43, while the Nasdaq Composite Index (.IXIC) dropped 0.58% to 14,146.71.

Asian marketplace

As investors evaluated trade statistics from China and Australia, Asian markets were trading lower, mirroring the move made by Wall Street.

The Kospi is down 0.5 percent and the Nikkei down 1.2 percent in Japan.

Deutsche Bank predicts that the RBI won't lower rates until June.

A foreign brokerage report states that it is improbable for the Reserve Bank-led Monetary Policy Committee (MPC) to alter repo rates until June of the next year.

December 6 saw the start of the bi-monthly MPC meeting, and December 9 will see the announcement of the rate decision.

The Deutsche Bank analysis suggests that the interest rate cycle may have peaked and that more rate rises by the Reserve Bank of India (RBI) are unlikely unless they are absolutely required. It said that a rate decrease in June may occur.

The repo rate was recently raised by the RBI on February 23 and is at 6.5 percent.

By January 2024, the BSE and NSE GIFT City organizations will combine; by April, they will go direct.

The two active international exchanges in GIFT City, the BSE's India INX and the NSE's International Exchange, will combine by the end of January, according to IFSCA Chairperson K Rajaraman's statement on December 6.

"The process is in advanced stage and the merger should be completed in a month," he told the reporters during an event.

It is anticipated that the modification would increase trade volume in Gifty City.

Shree Cement intends to place a bid in the lithium auction.

In an effort to generate more than $5 billion, Shree Cement intends to compete on the rights to mine lithium as part of a government initiative to ensure crucial mineral output via auctions.

The business plans to seek for rights to lithium mining blocks in Jammu and Kashmir, the federally managed region where resources of an estimated 5.9 million tonnes were discovered in February, according to a person with direct knowledge of the subject who spoke to Reuters. Based on market capitalization, Shree Cement, which is the second-biggest cement manufacturer in India, intends to compete for blocks in the eastern state of Chhattisgarh, according to a source who requested anonymity because of commercial sensitivities.

dollar index

On Wednesday, the US dollar reached a two-week high, while the euro saw widespread weakness as investors increased their wagers that the European Central Bank (ECB) will lower interest rates as early as March.

The dollar was able to maintain its strength as bets on foreign central banks cutting interest rates grew, despite the fact that markets are still expecting the US Federal Reserve to decrease interest rates by at least 125 basis points next year.

After hitting a two-week high of 104.10, the dollar index, which compares the value of the US dollar to six other major currencies, was down 0.01% at 103.95 as of late.

At $1.0785, the euro was down 0.09% from its three-week low.

gold costs

While investors turned to the U.S. for fresh cues on when interest rates may be cut, gold gained ground on Wednesday as Treasury yields fell and steadied following a steep decline from record highs earlier this week.

By 10:13 a.m. ET (1513 GMT), spot gold had increased by 0.3% to $2,025.09 an ounce. US gold futures increased to $2,043.10, up 0.3%.

Data from FII and DII

Provisional data from the National Stock Exchange (NSE) revealed that on December 6, domestic institutional investors (DIIs) purchased shares worth Rs 1,372.18 crore, while foreign institutional investors (FIIs) became net sellers for the first time in the previous ten sessions, selling shares worth Rs 79.88 crore.

NSE stocks prohibited from F&O

While keeping Delta Corp, Indiabulls Housing Finance, India Cements, and Zee Entertainment Enterprises on the list, NSE has added SAIL to its F&O ban list for December 7.

Restrictions on securities under the F&O sector apply to corporations whose derivative contracts over 95% of the maximum position limit in the market.