Stock Market Live Updates: Sensex, Nifty set for muted opening despite hitting record highs
U.S. stocks finished mostly higher on Tuesday with the S&P 500 and the Nasdaq Composite reporting small gains to end at record levels, while the Dow Jones Industrial Average fell for a second session. Investors on Tuesday digested Federal Reserve Chair Jerome Powell’s remarks to Congress, which did little to change market bets that policymakers may be able to start cutting interest rates in September.
Powell said elevated inflation is not the only risk the economy is facing, and the policymakers were paying closer attention to the cooling labor market. Powell on Tuesday expressed concern that holding interest rates too high for too long could jeopardize economic growth.
Tesla Inc.’s stock cruised Tuesday to clinch its longest winning streak in more than a year and close at its highest level since October. The company’s stock TSLA rose 3.7% in Tuesday trading to log its 10th session in a row of gains — its longest stretch of consecutive increases since it rose for 13 trading days in a row during a period that ended last June, according to Dow Jones Market Data.
China’s consumer price inflation rose by 0.2% in June from a year ago, missing expectations, while producer prices fell in-line with forecasts, data from the National Bureau of Statistics on Wednesday showed. China’s consumer price index was expected to rise by 0.4% year-on-year in June, according to a poll by Reuters. The producer price index, which measures factory-gate prices, dropped by 0.8% from a year ago — in line with expectations.
Asia-Pacific markets were mixed on Wednesday, even as key US benchmarks rose following dovish comments from U.S. Federal Reserve Chairman Jerome Powell overnight.
After opening the day higher on July 09, benchmark indices continued the momentum as the session progressed on and ended the day higher. At close, Nifty was up by 112 points or 0.46% at 24433. Short term trend of the Nifty continues to remain positive. Recent swing low of 24168 is likely to offer an immediate support for the short term, while immediate resistance is seen at 24610 in Nifty.
