On the global front, U.S. markets were weak, with both the Dow and Nasdaq closing in the red. In contrast, sentiment in Asian markets was mixed, with Japan’s Nikkei trading about 0.5% higher, providing some regional support.
STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded lower by 26.50 points, or 0.10 per cent, at 26,333.50, signaling that Dalal Street was headed for a negative start on Tuesday.
Tech View: Nifty has formed a bearish candle on the daily chart, suggesting a pause in the ongoing trend and the potential for some consolidation before the next upward move.
India VIX: India VIX, which is a measure of the fear in the markets, ended flat at 11.63, signaling a trade in a narrow range.
Asian shares upAsian stocks edged higher at the open, staging a tentative rebound after Monday’s selloff which saw cryptocurrencies lead declines in global risk assets.
- S&P 500 futures were little changed as of 9:34 a.m. Tokyo time
- Hang Seng futures rose 0.6%
- Nikkei 225 futures (OSE) rose 0.6%
- Japan’s Topix rose 0.3%
- Australia’s S&P/ASX 200 rose 0.2%
- Euro Stoxx 50 futures were little changed
US stocks downU.S. stocks edged lower on Monday, weighed down by a rise in Treasury yields and economic data that showed the pressure from tariffs on the manufacturing sector, as investors looked toward the Federal Reserve’s policy announcement next week.
- Dow 0.62%,
- S&P 500 0.34%,
- Nasdaq 0.29%
Gold slips
Gold edged lower in early Asian trading on Tuesday after it touched a six-week peak in the previous session, as investors booked profits even as they awaited remarks by the Federal Reserve Chair and key economic data for interest rate cut cues.
Dollar under pressure
The U.S. dollar remained under pressure on Tuesday as weaker-than-expected manufacturing activity data from the world’s biggest economy heaped pressure on the Federal Reserve to cut interest rates at its policy meeting later this month.
Oil climbs
Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions. Brent crude futures rose 14 cents, or 0.2%, to $63.31 a barrel by 0102 GMT. U.S. West Texas Intermediate crude gained 18 cents, or 0.3%, to $59.50 a barrel.