Global market: SGX Nifty to US dollar — key triggers for stock market today

Global market today: On account of relief rally in US Dollar Index, US stock market finished higher on the weekend session as all three key benchmark indices ended in green territory. In early morning deals on Monday, US dollar rate continue to climb as Dollar Index came close to 102 levels. SGX nifty today opened higher but soon witnessed profit booking. Australia, Hong Kong, New Zealand and the Philippines will observe stock market holiday today for public holidays.

Here we list out key triggers that may dictate Indian stock market today:

US stock market

Amid mixed global trends, Wall Street witnessed some buying interest on the weekend session. S&P 500 index finished 0.36 per cent higher, Dow Jones added 0.01 per cent whereas tech heavy weight Nasdaq surged 0.76 per cent.

Asian stock markets

In early morning session, Japanese Nikkei is up 0.31 per cent, Shanghai index is up 0.05 per cent whereas South Korean KOSPI is up 1.07 per cent. Among other major Asian markets, Australia, Hong Kong, New Zealand and the Philippines will observe stock market holiday today.

US dollar rate

In early morning session on Monday, US dollar witnessed some relief rally as the Dollar Index shot up 0.11 per cent to 101.850 levels.

Speaking on the reason for rise in US dollar that fueled US stock market, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "US stock market ascended after US dollar rates appreciated on Un Non-farm payroll data, which reported a tight labour market leading to speculation for another rate hike by the US Fed in upcoming meeting."

SGX Nifty today

In early morning session, SGX Nifty opened higher but went through profit booking and hit intraday low of 16,993 within few minutes of opening bell today.

"Trend is still strong and one should maintain buy on dips strategy as chances are high for the index to put bulls in drivers seat in near term," said Anuj Gupta, Vice President — Research at IIFL Securities.

Crude oil price edges higher

Oil prices edged higher in early morning session in Asian stock market, which was well supported by OPEC+ product cut and uncertainty looming over global economy.

US bond yield

During early morning deals on Monday, US 10 year bond yield skyrocketed 2.25 per cent to 3.374 levels whereas US 30-year bond yield shot up 1.54 per cent to 3.594 levels.

US non-farm payroll data

The US Labor Department data on Friday showed that non-farm payrolls increased by 236,000 jobs last month. The US non-farm payroll data also highlighted that annual wage gains slowed but remained too high to be consistent.

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