Stock Market Today, August 26: Indian benchmark indices are likely to open on a strong note on August 26, tracking GIFT Nifty, which was trading higher at around 24,534.50 in early trade.
Benchmark stock indices Sensex and Nifty pared intraday losses to close higher on Tuesday, driven by buying in the final hour amid a sharp drop in crude oil prices.
Asian Stock Markets: Asian markets traded mostly higher, supported by gains in technology stocks and easing global bond yields, while investors remained cautious ahead of Nvidia’s earnings report.
US Markets: Wall Street’s major indices closed higher on Tuesday, led by a recovery in technology stocks ahead of Nvidia’s earnings. Easing oil prices and lower bond yields also offered some relief to investors. The Dow Jones Industrial Average rose 160.24 points, or 0.30 per cent, to 53,577.40, while the S&P 500 gained 24.38 points, or 0.32 per cent, to 7,677.24. The Nasdaq Composite advanced 171.11 points, or 0.66 per cent, to 26,151.30.
Dollar Index: The dollar index hovered around 98.90, extending its recent weakness as easing US Treasury yields and reduced expectations of a September Fed rate hike continued to weigh on the greenback.
US Bond Yield: US Treasury yields edged higher, with the 10-year Treasury yield rising marginally to 4.63 per cent and the 2-year Treasury yield increasing to 4.18 per cent.
Asian Currencies: Asian currencies traded mixed against the US dollar. The Philippine peso (+0.25 per cent) and Malaysian ringgit (+0.154 per cent) led the gains, followed by the Taiwan dollar (+0.107 per cent), Chinese renminbi (+0.033 per cent) and Japanese yen (+0.019 per cent). Meanwhile, the South Korean won (-0.083 per cent), Thai baht (-0.04 per cent), Indonesian rupiah (-0.011 per cent) and Singapore dollar (-0.008 per cent) weakened marginally against the greenback.
Crude: Oil prices fell around 2 per cent on Wednesday, extending the previous session’s losses, as hopes grew that the Strait of Hormuz could reopen after Iran said it had resumed talks with neighbouring Oman on managing the strategic waterway.
Gold: Gold prices were largely unchanged in early Asian trade on Wednesday as investors awaited key US inflation data for cues on the Federal Reserve’s interest-rate trajectory.
Fund Flow Action: Foreign institutional investors (FIIs) extended their buying streak for the second consecutive session on August 25, purchasing Indian equities worth Rs 1,593 crore. Domestic institutional investors (DIIs) also remained net buyers, investing Rs 230 crore in the Indian equity market.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
Akshat Mittal is the Chief Copy Editor at ET NOW with over 6 years of experience, specialising in Markets, Personal Finance, and General News. Before joining ET NOW, he worked with prominent media organisations and has reported on numerous major events firsthand.
He has also conducted several high-profile interviews on topics such as the 8th Pay Commission and the IMF’s loan to Pakistan amid Operation Sindoor.
Akshat has been involved in numerous key business launches, covering these events on the ground. His articles are widely published in national magazines and newspapers, where he has conducted several interviews with prominent political figures.
He was the first to bring out the IMF spokesperson’s statement on the voting pattern of the Executive Directors, following reports claiming that ‘no is not an option’ in the IMF voting procedure.
Akshat is passionate about public speaking and has delivered numerous lectures at colleges and schools. He also served as a member of a Youth Parliament in Delhi.
