Gift Nifty Up 44 Pts in Pre-Open Trade Ahead of US CPI, Global Cues

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Gift Nifty Up 44 Pts in Pre-Open Trade Ahead of US CPI, Global Cues
Credit: © Reuters.

By Malvika Gurung -- The Gift Nifty index, formerly Singapore-based Exchange SGX Nifty, an early indicator for Nifty50 , traded 0.22% or 43.5 points higher at 8:12 am on Wednesday, indicating a positive opening on Dalal Street.

Further, the Dow Jones Futures dropped 0.15% and Nasdaq 100 Futures slipped 0.14% in the pre-open session.

India’s CPI inflation fell to 6.83% YoY in August from 7.44% in July 2023, following a somewhat cooldown in the prices of vegetables and food items compared to the previous month. At this reading, India’s retail came in lower than an estimated rate of 7% for the month.

Major US indices ended lower on Tuesday, led by a plunge in the tech-laden Nasdaq Composite index as market heavyweight Oracle (NYSE: ORCL ) plummeted 15.3% following a weak forecast with factors weighing on the company’s revenue growth.

US CPI inflation reading is set to release on Wednesday and investors are laser-focused on it in anticipation of the Fed’s interest rate hike moves and policy tightening course at the September monetary policy meet, as worries loom by surging oil prices.

Nasdaq tanked 1.04%, Dow Jones slipped 0.05%, and S&P 500 fell 0.57%.

Asian shares traded mixed on Wednesday following wobbly cues from the overnight session on Wall Street. Investors await the key US CPI data while rising oil prices are adding to inflationary pressures, stoking concerns.

At 7:58 am, Japan’s Nikkei 225 jumped 1%, South Korea’s KOSPI shed 0.8%, Hong Kong’s Hang Seng declined 0.3%, and Australia’s ASX 200 fell 0.85%.

Oil prices gained on Wednesday, hovering around a 10-month high as oil markets will tighten further this year amid robust demand and lower production.

Brent Futures traded flat at $92.08/barrel and WTI Futures rose to $88.95 a barrel while writing, after hitting their highest levels for the year on Tuesday. Natural Gas Futures dropped 0.3%.

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