A host of global cues are likely to impact the action on D-Street on November 7.
Earlier on November 6, the benchmark indices ended lower, weighed down by losses in metal and realty stocks. The Nifty 50 slipped 0.34 per cent to close at 25,509.7, while the Sensex fell 0.18 per cent to 83,311.01.
Key Market Cues To Watch Today
US Jobless Claims
New filings for US unemployment benefits rose slightly last week, indicating a still-resilient labor market despite a recent jump in layoff announcements.
Haver Analytics estimated that initial jobless claims increased to a seasonally adjusted 229,140 for the week ended November 1, up from 219,520 a week earlier. The figure was broadly in line with projections from Citigroup, JPMorgan, and Nationwide.
The Labor Department has not issued its weekly jobless claims report since September 25 due to the government shutdown, though data for most states remains available.
BoE Holds Interest Rate
The Bank of England kept interest rates unchanged at 4%, as widely expected. Governor Andrew Bailey said it was too soon to start cutting rates, adding that he would rather “wait and see” if inflation continues to cool through the year.
US Stock Market
Overnight, US stocks fell as renewed pressure on tech shares dragged markets lower. The Dow Jones fell 0.84 per cent, the S&P 500 declined 1.12 per cent, and the tech-heavy Nasdaq slipped 1.90 per cent.
Investor sentiment weakened after a report from Challenger, Gray & Christmas showed that US companies announced 153,074 layoffs in October, the highest for the month in over two decades. The report raised concerns that the labor market, one of the economy’s key supports, may be starting to weaken.
Asian Stock Markets
Asian stock markets, tracking cues from Wallstreet witnessed sharp decline in early trade on November 7. Japan's Nikkei 225 crashed 2.16 per cent, South Korea's Kospi tumbled 2.20 per cent. The Hong Kong-based Hang Seng was down 0.66 per cent, while China's CSI 100 was slightly trading higher by 0.11 per cent.
Crude Oil Price Today
Oil prices rose slightly in early trade on November 7 after three continuous days of losses, as investors weighed concerns over ample supply and weakening US demand.
The Brent crude oil futures traded at $63.64 per barrel, up 0.41 per cent. Likewise, the West Texas Intermediate (WTI) crude oil futures traded higher by 0.44 per cent at $59.69 per barrel.
