First Tick: Top global cues to watch in today’s trade

Reports coming in for today mention that Indian key market indices may start on a positive note on September 30, tracking GIFT Nifty, which was trading around 22,799 in early session.

Track the latest updates on GIFT Nifty right here on Moneycontrol

In a volatile session, Indian equity markets ended softer for the second consecutive day on September 29, with the Nifty closing around 22,700 amid F&O expiry.

The market opened on a weak note and hit an intraday low of 22,569.65. Despite a mid-session recovery, uncertainty over prospects of an Iran war peace deal, persistent FII selling, a weakening indian rupee, rising oil price marks and elevated US Treasury yields continued to weigh on sentiment.

At close, the Sensex was down 242.65 points or 0.33 percent at 72,529.07, and the Nifty was down 64.05 points or 0.28 percent at 22,716.20.

Broader markets underperformed the main indices, with the Nifty midcap index declining 0.6 percent and the smallcap index falling 0.8 percent.

Here is how financial markets across the globe fared overnight:

GIFT Nifty was trading elevated at around 22,799 in early session, indicating a positive opening for the domestic equity markets.

Asian stocks advanced for the first time in three sessions as easing oil-market concerns helped stem a bruising bond selloff ahead of a crucial US inflation reading.

The MSCI Asia Pacific Index advanced 0.4%, led by technology firms after a key gauge of US semiconductor shares rose. US equity-index futures additionally edged up.

US stocks ended the session slightly softer on Tuesday, as government bond yields continued their ascent ahead of ​inflation and labor market data, while market participants assessed comments from The US central bank officials for the path of interest rates.

Longer-dated US Treasury yields rose, with the 30-year bond hitting ‌5.6206%, its highest since June 2002. The yield on the benchmark 10-year Treasury bond advanced to 5.293% — its highest level since June 2007.

The Dow Jones Industrial Average declined 131.59 points, or 0.26%, to ‌51,349.92; the ⁠S&P 500 lost 12.85 points, or 0.17%, to 7,670.84 and the Nasdaq Composite lost 22.84 points, or 0.08%, to 26,797.54.

The dollar steadied on Wednesday, wrapping up its best month since June as the Fed’s renewed focus on taming inflation pushed rate expectations and US bond yields elevated.

Bonds remained in focus after yields on the longest-dated Treasuries touched their highest since 2002 in the New York

session.

The benchmark 10-year steadied in early Asian trading following losses earlier the current week, when a surge in oil prompted

traders to price in further interest-rate hikes by the Federal Reserve.

Asian currencies were largely mixed against the US dollar. The South Korean won softened the most, falling 0.43%, while the Indonesian rupiah and Philippine peso eased 0.02% each. The Singapore dollar edged softer by 0.01%.

On the positive side, the Japanese yen strengthened 0.16%, followed by the Taiwan dollar at 0.11%, Malaysian ringgit at 0.07%, and Chinese renminbi at 0.06%. The Thai baht was marginally elevated by 0.02%.

Crude prices rose on Wednesday after US President Donald Trump denied he would be willing to ease sanctions on Iran while Qatar pushed for peace talks, after falling in the previous session on a recovery in crude supply from the Middle East.

Brent crude futures rose $1.14, or 1.11%, to $103.73 a barrel. US West Texas Intermediate crude 34 cents, or 0.38%, to $89.72.

Gold steadied, after advancing on Tuesday, as traders weighed a slide in crude prices that eased concerns over energy-led inflation against elevated Treasury yields.

Bullion traded around $4,180 an ounce, after gaining 1.6% the day before.

Foreign institutional market participants (FIIs) extended their selling streak to the fourth consecutive session on September 29, offloading equities worth nearly ₹10,000 crore. In the meantime, domestic institutional market participants (DIIs) continued to backing the market, buying equities worth nearly ₹7,000 crore during the session.

Hope you're all set for today's trade. We wish you a profitable day ahead.