Summary of this article
After finishing lower on August 29, the headline indices are expected to start the session on a flat note with marginal gains amid mixed global cues
On September 1, gold prices inched higher while crude oil prices witnessed declines at the time of writing.
D-street is also expected to factor in several cues such as Trump’s EU Threat and any further announcements from the SCO Summit.
The stock market closed the previous week on a weak note with the 30-share Sensex ending below the 80,000 mark at 79,809.65 down by 0.34 per cent and the Nifty 50 declining to 24,426.85 finishing the session with a decline of 0.3 per cent. On September 1 the Gift Nifty opened marginally lower. However the index traded around 24,607.5 up by 0.12 per cent at the time of writing, indicating a flattish start with marginal gains for the benchmark Nifty.
Stock Market Cues On September 1
Some of the key cues expected to impact D-street on September 1 include Trump’s EU threat, SCO Meeting 2025 and changes in crude oil prices and gold rates. Here’s a look at some of the cues:
Trump’s EU Threat
According to a report by India Today, the US has urged European countries to impose sanctions on India in-line with US trade policy and stop all oil and gas purchases from India. The move comes amid US citing India’s purchases of Russian crude oil as a roadblock in ending the war in Ukraine. Notably the US has already imposed 50 per cent tariffs on imports from India.
Shanghai Cooperation Organisation Summit
Prime Minister Narendra Modi, Chinese President Xi Jinping and Russian President Vladimir Putin are slated to hold talks on the sidelines of the Shanghai Cooperation Organisation (SC) summit. According to a press conference addressed by , Foreign Secretary Vikram Misri said that PM Modi and Xi Jinping met at the summit and discussed potential measures to balance bilateral trade between India and China.
"Two leaders also exchanged views on ways to increase and balance bilateral trade, strengthen people-to-people ties, cooperate on trans-border rivers and jointly fight terrorism. There was a desire to make additional progress on all of these issues on the basis of mutual respect, mutual interests, and mutual sensitivity," Misri said.
Crude Oil Prices On September 1
Crude oil prices declined on September 1 with the West Texas Intermediate crude trading at $63.78 down by 0.34 per cent. The price of Brent Crude fell by 0.41 per cent to $67.2 in the early hours of September 1.
Gold Rate On September 1
Gold prices inched higher in the early hours of September 1, the price of one gram of 24 karat gold was around Rs 10,509, the price of one gram of 22 karat purity gold remained around Rs 9,634. The rates for 18 karat purity gold were Rs 7,883 per gram on September 1.
Asian Indices Trade Mixed On September 1
Key Asian indices traded mixed in the early hours of September 1, Hong-Kong’s Hang Seng gained 2.01 per cent and the Shanghai Composite gained 0.49 per cent. On the other hand the KOSPI fell 0.98 per cent. At the time of writing the Nikkei 225 witnessed the steepest declines as it traded lower by 2.1 per cent.
US Market Indices
Wall Street indices finished the session lower on August 29 , the Dow Jones Industrial Average finished the session at 45,544.88 shedding 92.02 points or 0.2 per cent. On the other hand the Nasdaq Composite and the S&P 500 finished the session lower by 1.15 per cent and 0.64 per cent respectively.
