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The S&P 500 ended lower and the Nasdaq higher on Thursday after U.S. inflation data matched estimates, underscoring expectations the Federal Reserve could pause its monetary tightening, while Salesforce climbed following an upbeat forecast. S&P 500 fell 0.16% and Dow shed 0.48 percent while Nasdaq was up 0.11%.
Stocks in Asia were mixed after a muted session on Wall Street as traders await Friday’s jobs reading to gauge the outlook for Federal Reserve policy. Japan’s Nikkei 225 advanced 0.88% while Topix was up 0.8%. The Australian S&P/ASX 200 extended gains, rising 0.1%, however, South Korea’s Kospi fell 0.19% to 2,556.27 as industrial production slid 8% year-on-year in July, marking its 10th straight month of contraction.
At 8:20 am, the GIFT Nifty was trading 40 points or 0.21 percent lower at 19,389, indicating a weak opening for the Indian markets.
Benchmark Sensex closed lower by around 256 points in a volatile trade on Thursday, snapping its three-day gaining streak due to selling in banking, FMCG and oil and gas shares amid weak Asian cues.The BSE barometer fell by 255.84 points or 0.39 percent to close at 64,831.41 points with 22 of its constituents ending in the red. The broader Nifty of NSE also lost 93.65 points or 0.48 percent to settle at 19,253.80 with 35 of its stocks ending in the red.
India's Gross Domestic Product (GDP) growth rate hit a four-quarter high in April-June, rising to 7.8 percent, the Ministry of Statistics and Programme Implementation said on August 31. At 7.8 percent, the latest quarterly growth number is slightly above expectations. The Reserve Bank of India (RBI) had forecast a growth rate of 8 percent. The Indian economy had expanded by 6.1 percent in January-March and 13.1 percent in April-June 2022.
Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year.
Gold steadied on Thursday, hovering near its one-month peak, after as-expected U.S. inflation and weaker jobs numbers reinforced expectations that the Federal Reserve will keep interest rates on hold this year. Spot gold was flat at $1,941.49 per ounce, close to its highest since Aug. 2, at $1,948.79, hit on Wednesday. U.S. gold futures dipped 0.2% to $1,968.1 per ounce.
Foreign institutional investors (FII) sold shares worth ₹2,973.10 crore, while domestic institutional investors (DII) purchased ₹4,382.76 crore worth of stocks on August 31, provisional data from the National Stock Exchange (NSE) showed.
The rupee depreciated by 16 paise to settle at 82.79 against the US dollar on Thursday, tracking a firm American currency and rising crude oil prices.