Stock Market Today: Dalal Street was expected to have a successful start on Wednesday as the GIFT Nifty on the NSE IX trading 45 points, or 0.23 percent, higher at 19,605.50. On the daily chart, Nifty on Tuesday finished around 26 points down, forming a small-bodied bearish candle with a long lower shadow. The pattern suggests that although buying was apparent at the base, impetus and follow-up were lacking. According to Chandan Taparia of Motilal Oswal, it must now maintain above 19560 zones in order to advance upward towards 19700 and 19800 zones, while supports are set at 19500 and 19420 zones.
Asia markets are mixed as consumer prices in China decline
As China’s consumer price index declined in July for the first time in 28 months, the Asia-Pacific markets were split. The July CPI decreased by 0.3%, less than the 0.4% forecast by Reuters’ poll of economists; the last time China’s inflation rate declined was in February 2021. The producer price index, which tracks changes in the prices domestic producers are paid for their production, dropped 4.4% in July, more than the 4.1% economists surveyed by Reuters had predicted.
Stock Market Today: Tokyo stocks opened lower
Investors were alarmed by a Moody’s downgrading of multiple banks and disappointing China trade statistics, which caused Tokyo markets to open lower on Wednesday, extending losses on Wall Street.The broader Topix index decreased 0.39 percent, or 8.87 points, to 2,282.86 while the benchmark Nikkei 225 index was down 0.31 percent, or 101.12 points, in early trade.
Wall Street and Oil prices
After the downgrading of many lenders by credit rating agency Moody’s rekindled concerns about the stability of American banks and the economy, all three major Wall Street benchmarks ended lower on Tuesday. This was the result of a widespread sell-off. Early on Wednesday, oil prices declined as worries about weak demand from China, the world’s largest crude importer, increased in response to negative trade data, outweighing worries about a tighter global supply due to Saudi Arabia and Russia’s production curbs.By 00:39 GMT, Brent crude futures were down 17 cents, or 0.2%, to $86.00 per barrel. American West Texas Intermediate (WTI) crude was down 19 cents or 0.2% at $82.73 per barrel.
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