Nifty’s Opening Amid Mixed Global Cues, Ahead of US FOMC Meeting Minutes

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Nifty’s Opening Amid Mixed Global Cues, Ahead of US FOMC Meeting Minutes
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.25% or 45.5 points higher at 8:32 am on Wednesday, indicating a muted-to-positive opening on Dalal Street amid mixed global cues, while investors await the US FOMC minutes of meeting scheduled later today.

Further, the Dow Jones Futures traded flat and Nasdaq 100 Futures lowered 0.11%.

Major indices on Wall Street ended mixed on Tuesday amid stellar retail earnings but weakening tech stocks. 

Shares of Walmart (NYSE: WMT ) and Home Depot (NYSE: HD ) jumped up to 5% on strong forecasts and higher-than-estimated quarterly earnings, adding to the recent optimism that the Fed could achieve a soft, less-aggressive monetary tightening to tame the mounting inflation.

US manufacturing output recovered 0.7% in July, surpassing the Street’s estimates, after contracting 0.4% in June.

Nasdaq Composite dropped 0.19%, Dow Jones surged 0.71% and S&P 500 gained 0.19%. 

Stocks across Asian markets traded mostly higher on Wednesday, following strong US retail data and ebbing worries over Fed’s aggressive rate hike. Japan posted a bigger-than-expected jump in exports by 19% in July.

At 8:25 am, South Korea’s KOSPI declined 0.46%, Japan’s Nikkei surged 0.81%, Hong Kong’s Hang Seng index rose 0.6%, China’s Shanghai Composite rose 0.24%, and Australia's ASX 200 traded flat.

Oil climbed on Wednesday after hitting six-month lows in the previous session amid a steep drop in U.S. oil and gasoline stocks. Brent crude rose 0.54% to $92.8/barrel and WTI Futures surged 0.74% to $87.17/barrel. Natural gas Futures jumped 1.1%.

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