Summary of this article
New single-family home sales rose 20.5 per cent in August to 8,00,000 units in the US
GST reforms expected to boost ease of doing business, lower prices, support consumption, and improve tax compliance, says RBI
US to release GDP growth data later today
Trump and Modi are likely to meet soon, reports say
A host of domestic and global market cues are likely to influence action on the Dalal Street on September 25.
In the previous session, benchmark domestic indices extended losses for the fourth straight session. The Sensex slipped 386 points to end at 81,716, while the Nifty fell 113 points to close at 25,057.
Weak sentiment was driven by concerns over the US H-1B visa fee hike and its impact on India-US immigration policy, along with continued foreign fund outflows.
Key Market Cues Today
US Home Sales Data
US new single-family home sales jumped 20.5 per cent in August to an annualised rate of 8,00,000 units, according to the US Department of Commerce. July sales were also revised higher to 6,64,000 units.
Sales were up 15.4 per cent from a year earlier, though economists cautioned that gains from lower mortgage rates may be capped by a softening job market.
RBI Bulletin
The Reserve Bank of India (RBI) said in its bulletin that recent Goods and Services Tax (GST) reforms will improve ease of doing business, lower retail prices, and support consumption growth.
The measures include fixing the inverted duty structure and simplifying processes, which are expected to help small businesses and startups. The RBI noted the changes should also improve tax collections and compliance.
Earlier this month, the GST Council cut taxes on small cars, TVs, air conditioners, textiles, and other household goods from September 22 to spur demand ahead of the festive season.
US GDP Data
The US Bureau of Economic Analysis will release gross domestic product (GDP) growth data later today.
Earlier, the Organisation for Economic Co-operation and Development (OECD) raised its 2025 US growth forecast to 1.8 per cent from 1.6 per cent, citing strong investments in artificial intelligence (AI). However, it warned that tariffs and lower net immigration will weigh on the economy, with growth expected to slow to 1.5 per cent in 2026.
Trump-Modi Meet
A US official earlier today said a meeting between Prime Minister Narendra Modi and US President Donald Trump is likely, ANI reported. However, no further details of the meeting were shared. The probable meet, if happens, would primarily aim to sort out trade relations between the two countries.
Despite tensions over trade and visas, Trump has described Modi as “a good friend” and called ties with India “very special.”
US Stock Market
Overnight, US equity market's benchmark indices fell for a second day as investors booked profits amid cautious sentiment after the US Federal Reserve Chair Jerome Powell, during his speech at Rhode Island, said asset prices look stretched.
Powell's remarks came amid all three major indices had closed at record highs together earlier in the week.
The Dow Jones fell 0.37 per cent, the S&P 500 slipped 0.28 per cent, and the tech-heavy Nasdaq declined 0.33 per cent.
Asian Markets
Asian stocks traded largely higher in early trade. Japan's Nikkei 225 was up by 0.18 per cent, the Hong Kong-based Hang Seng rose 0.43 per cent, China's SSE Composite was up 0.16 per cent, while South Korea's KOSPI was down 0.12 per cent.
Oil Price Today
Oil prices slipped in early trade today after hitting seven-week highs as US crude inventories fell unexpectedly, signaling tighter supply, while ongoing geopolitical tensions between Ukraine and Russia kept prices elevated.
In early trade, Brent crude oil November futures slipped 0.43 per cent to trade at $69.01 per barrel, while the West Texas Intermediate (WTI) crude oil November futures declined 0.48 per cent to quote at $64.68 per barrel.
Gold Price Today
Gold prices slipped in early trade today.
On the Multi Commodity Exchange (MCX), Gold October futures traded at Rs 1,12,402 per 10 grams, down 0.14 per cent. On the COMEX, Gold December futures quoted flat. The contract traded at $3,768.30 per ounce, up by 0.01 per cent.
USD vs INR
The Indian rupee (INR) opened slightly higher against the US dollar (USD), trading near 88.80 after hitting a record high of 89.12 on September 24.
The US Dollar index futures slipped in early trade today after logging over half percentage point gains in the previous session. It quoted at 97.445, down 0.07
