Stock Market LIVE Updates: Indian benchmark indices S&P Sensex and Nifty 50 are likely to open on a positive note following a strong indication from Jerome Powell’s speech of an upcoming interest rate cut cycle by the US central bank during its upcoming meeting in September.
After Jerome Powell’s dovis comments on Friday, the US markets had closed sharply higher.
Meanwhile, GIFT Nifty futures were trading at 24,918 levels at 7:35 AM, more than 60 points ahead of Nifty 50 futures last close.
That apart, Asian shares crept cautiously higher, while the dollar and bond yields were on the wane ahead of inflation data that investors hope will pave the way for rate cuts in the United States and Europe.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4 per cent, after rising 1.1 per cent last week, while South Korea’s Kospi rose 0.3 per cent.
Japan’s Nikkei eased 0.7 per cent as a stronger yen pressured exporter stocks.
Australia’s S&P/ASX 200 was up by 0.61 per cent. Hong Kong’s Hang Seng index was up by 0.89 per cent at 17,768 levels.
Meanwhile, the Dow Jones Industrial Average had risen 1.14 per cent, to 41,175.08, the S&P 500 had gained 1.15 per cent, to 5,634.61 and the Nasdaq Composite had added 1.47 per cent, to 17,877.79.
