As the US dollar fell, the US stock market started to rise, but the Nasdaq stock index ended in negative territory on Monday. The fall in the dollar index pushed oil prices higher in early trading on Tuesday. Meanwhile, the fall in the US bond yields extended for another session during the morning session in Asian equity markets. SGX Nifty opened higher today and is trading in a range above 100 points, promising a big step up on Dalal Street with today’s open.
US stock market
With rate-sensitive Federal Reserve stocks continuing to weigh heavily on the Nasdaq and Treasury yields falling further, the US stock market ended Monday on a mixed note. The Dow Jones Index rose by 0.20%, the S&P 500 index rose by 0.09%, but the Nasdaq fell by 0.29%. Furthermore, on Monday, massive sell-offs in Tesla Inc, Microsoft Corp, and other mega-caps were the main stocks boosting the tech-heavy Nasdaq.
US dollar rate
The US dollar record gain was triggered after waiting and watching throughout the session as the US dollar index neared its yearly low of 100.80. In early morning trading, the dollar index fell by 0.05% to 101.025.
For INR, Anuj Choudhary, an Analyst at BNP Paribas Sharekhan, said, “We expect the Indian rupee to trade positively as global oil prices decline and domestic stocks are positive.”
SGX nifty today
Signaling an initial gap in the Indian Stock market, SGX Nifty opened higher, hitting a daily high of 17,805. After almost an hour of market opening, SGX Nifty is trading above 100 anger points today, signaling a significant move on Dalal Street today. Hence, the Indian stock market is expected to have a positive opening.
Asian stock market
In Tuesday’s morning session, Japan’s Nikkei rose by 0.34%, and the Shanghai index slipped by 0.42%. Moreover, Hong Kong’s Hang Seng fell by 1.65%, and Korea’s KOSPI South Korea rose by 1.32%.
Crude oil prices
Oil prices declined in early trade on Tuesday after the US dollar weakened. In today’s morning trade, WTI Crude oil is up by 0.11% to $78.75 a barrel. Brent crude oil price increased by o.17% to $82.47 a barrel.
Today’s gold rate
As the US dollar weakened against major global currencies, gold is up by 0.37% today to trade at $1,989 an ounce during the morning session in Asian equity markets.
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