Market Cues Today: BRICS Summit, Crude Oil Prices, FII, DII Trade And Other Factors Likely To Impact Trade

The benchmark indices are likely to begin the session on a positive note amid strong cues on September 9. The Gifty Nifty opened in the green at 24,888.50, hinting at a strong start for the benchmarks. Several factors such as trade data for Indian equities, gold rates, crude oil prices and announcements related to global trade are expected to affect trade on D-street today.

On September 8, the headline indices finished the session in the green, the 30-share Sensex closed at 80,787.3 up by 0.09 per cent and the Nifty 50 index closed at 24,773.15 up by 0.13 per cent.

Stock Market Cues On September 9

Some of the key cues expected to impact D-street on September 9 include developments related to global trade, changes in key commodity prices and other such factors.

Navarro’s India Remark, Jaishankar’s Appeal At BRICS

The strain in India-US trade ties continued to persist as US President Donald Trump’s trade adviser Peter Navarro accused India of buying Russian oil in a move he called "blood money," claiming New Delhi did not purchase large quantities of Moscow’s crude before the Ukraine conflict. On the other hand external affairs minister S Jaishankar emphasised the importance of having a stable and predictable environment for trade at a BRICS leadership summit. The trade tensions are expected to continue to impact D-street.

“The World, as a collective, is seeking a stable and predictable environment for trade and investment. At the same time, it is imperative that economic practices are fair, transparent and to everyone's benefit. When there are multiple disruptions, our objective should be to proof it against such shocks. That means creating more resilient, reliable, redundant and shorter supply chains," Jaishankar said.

Crude Oil Prices On September 9

In the early hours of September 9, crude oil prices edged higher with the West Texas Intermediate crude trading at $62.58 up by 0.5 per cent. Brent Crude prices also increased by 0.53 per cent to $66.37.

Gold Rate On September 9

Gold prices continued to fall for the second straight day on September 9. In the early hours of September 9, the price of one gram of 24 karat gold was around Rs 10,837, the price of one gram of 22 karat purity gold remained around Rs 9,934. The rates for 18 karat purity gold were Rs 8,128 per gram on September 9.

FII, DII Trade

On September 8, foreign institutional investors turned sellers and sold Indian equities worth Rs 2,169.35 crore. Domestic institutional investors purchased 3,014.30 crore worth of Indian equities.

Asian Indices Trade Mixed On September 9

On September 9, major Asian indices traded mixed, the Hang Seng climbed 1.12 per cent and the Nikkei 225 and the KOSPI witnessed gains of 0.14 per cent and 1.09 per cent respectively. At the time of writing the Shanghai Composite traded lower with marginal decline of 0.2 per cent.

US Market Indices

On September 8, the US market indices closed the session with marginal gains. The Dow Jones Industrial Average closed at 45,514.95 up by 0.25 per cent. Other indices such as the S&P 500 and the Nasdaq Composite finished the session with gains of 0.21 per cent and 0.45 per cent respectively.