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Market Savera - 06/12/2024
Manage episode 458184571 series 3628935
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Morning Market Comments by HDFC Sec Research
U.S. stocks closed lower on Thursday, pausing a record-breaking rally in advance of Friday's monthly jobs report. The November jobs report could help inform the Federal Reserve's next steps on interest rates. Fed officials also say they don't want to see further weakness in the labor market. Stocks lost steam near all-time highs, with Wall Street traders gearing up for key jobs data that will help determine whether the Federal Reserve will cut or hold interest rates in December.
Crude oil prices settled lower on Thursday, giving back early gains after a decision by major oil producers to further postpone a proposed unwinding of output cuts until the end of March.
Bitcoin pulled back a record high with some traders already seeking to hedge against a deeper retreat after the original cryptocurrency surged to more than $100,000 for the first time. The digital asset held its losses after news that Donald Trump had named David Sacks as a White House czar for crypto and artificial intelligence. Powell dispelled notions that Bitcoin undermines the Federal Reserve or the strength of the U.S. dollar. “It’s not a competitor for the dollar. It’s really a competitor for gold,” he added.
Investors await India’s interest rate decision on Friday. The Reserve Bank of India is expected to hold its key policy rate at 6.50% after the country’s retail inflation surged to a 14-month high in October. However, some feel that the RBI may go in for a CRR cut to improve liquidity in the system and bring down rates.
Asian equities tracked a drop in US shares ahead of jobs data that may help shape the direction of the Federal Reserve’s policy path later this month.
Nifty extended its gain on the fifth straight session on December 5 with Nifty recording the highest close since Oct 18, 2024. The last hour of trade was very volatile. At close, Nifty was up 0.98% or 240.9 points at 24708.4. Nifty rose well for the fifth day in a row and seems to have some more upside in store. It could head towards 25010-25400 over the next few days while 24343 could offer support.
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