Market Cues Today: Trump-Jinping, US CPI Inflation, Russian Oil Sanctions Among Other Factors

Indian equities ended almost unchanged on October 23, giving up most of the early gains as investors booked profits in select counters amid a lack of fresh domestic cues and lingering global uncertainty. The market remained cautious through the session, tracking muted global trends and concerns over trade developments. At close, the Sensex added 0.15 per cent to end at 84,556.40, while the Nifty 50 inched up 0.09 per cent to settle at 25,891.40.

Key Market Cues To Watch Today

White House Says India, China Scaling Back Russian Oil Purchases

India and China are cutting back on Russian oil imports following a request from US President Donald Trump, White House Press Secretary Karoline Leavitt said at a briefing on October 23. Her remarks came after Trump stated that he had spoken again with Prime Minister Narendra Modi and that India aims to end Russian oil purchases by the end of this year. The development follows the US decision on October 23 to impose fresh sanctions on Russian energy majors Rosneft and Lukoil.

Putin Hits Back At Trump

Russian President Vladimir Putin acknowledged that the latest US sanctions imposed by Trump were “serious” and would have “certain consequences” for Russia, however, he added that they would not severely hurt the economy. Speaking to reporters on October 23, Putin called the measures an “unfriendly act” that “does not strengthen Russia-US relations, which have only just begun to recover.”

Trump-Jinping Meeting Confirmed

Trump will meet Chinese President Xi Jinping next week as part of his trip to Asia, the White House confirmed, following an escalation in trade tensions between the world’s two largest economies. The leaders are scheduled to meet on the sidelines of the APEC summit to discuss trade and economic cooperation.

US CPI Inflation Data

The US Bureau of Labor Statistics (BLS) is set to release September’s consumer price index (CPI) inflation data later today. Market participants will be watching closely for clues on how Trump’s tariffs are affecting prices.

US Stock Market

US stock benchmarks closed higher overnight as investors weighed corporate earnings and took comfort from the confirmation of an upcoming meeting between Trump and his Chinese counterpart Xi Jinping. At the close, the Dow Jones gained 0.31 per cent, the S&P 500 rose 0.58 per cent, and the tech-heavy Nasdaq Composite advanced 0.89 per cent.

Asian Stock Markets

Asian markets traded on a positive note in early trade today, buoyed by optimism over a potential meeting between Trump and Jinping next week, which helped ease fears of an escalating trade war. Early in the session, Japan’s Nikkei 225 jumped 1.35 per cent, while South Korea’s Kospi led the rally with gains of over 2 per cent. In China, the CSI 100 and the Shanghai Composite rose 0.81 per cent and 0.42 per cent, respectively, and Hong Kong’s Hang Seng Index was up 0.6 per cent.

Crude Oil Prices Today

Crude oil prices took a breather in early trade today after a sharp 5 per cent rally in the previous session. The surge came after the US imposed sanctions on key Russian energy suppliers over the war in Ukraine, prompting refiners in China and India to consider trimming Russian imports. In early trade, Brent crude was down 0.61 per cent at $65.58 a barrel, while West Texas Intermediate (WTI) slipped 0.60 per cent to trade at $61.42 per barrel.

USD Vs INR

The Indian rupee opened little changed against the US dollar earlier today. At 9:22 AM, the USD/INR pair was trading at 87.78, up 0.03 per cent from the previous close. During the session, the local currency moved in a narrow range of 87.76 to 87.86 against the greenback.

Meanwhile, the US dollar index, which measures the greenback against six major currencies, traded at 98.79, up 0.06 per cent from previous close.

Gold Prices Today

Gold prices slipped in early trade today.

Gold futures on the Multi Commodity Exchange (MCX) fell by Rs 421, or 0.34 per cent, to trade at Rs 1,23,683 per 10 grams.

On Comex, gold futures traded $11.9, or 0.29 per cent, lower at $4,133.70.