Explained: Key Factors That Affects Market Today

Indian benchmark indices are set open on a positive note today as GIFT Nifty is indicating a jump of 0.35 points from Friday's close on Nifty Futures. While Asian stocks rallied, US President-elect Donald Trump warned BRICS nations of creating a competing currency against the greenback, by proposing heftier tariffs.

On Friday, Sensex closed at 79,802.79 points, up by 759.05 points, while Nifty surged by 216.95 points to settle at 24,131.10 points.

Here’s a list of global cues that shaped the market today

GIFT Nifty

Buoyed by optimism in the global markets, stock markets are set to open a stronger note. Meanwhile GIFT Nifty is indicating an increase of 30.25 today.

Asian Markets

Driven by strong economic data from China and positivity in Wall Street, Asian markets are in an upward trajectory. US dollar gained after President-elect Donald Trump warned BRICS nations to not develop a competing currency which is at par with US dollar

Wall Street

While S&P 500 jumped 0.56%, its highest monthly gain since November 2023 at 5.14%, Nasdaq surged by 0.83%.

US Job Growth

Followed by ravaging hurricanes that dampened the employment in the country, the US is witnessing a steady growth in its job market. Nonfarm payrolls surged by 200,000 in November, Bloomberg reported. The unemployment rate cooled at 4.1%.

GDP numbers

GDP growth declined to 5.4% in Q2 driven by surging inflation and higher borrowing costs.

Vinod Nair, head of research at Geojit Financial Services, stated, “While the slowdown in economic growth will affect sentiment, investors are likely to respond to the upcoming monetary policy announcement from the Reserve Bank of India.”

Donald Trump on Tariffs

President-elect Donald Trump came down heavily on BRICS nations for proposing a new currency that undermines the US dollar. He floated the possibility of imposing 100 percent tariffs to maintain the dollar's stability. The statement was directed towards the BRIC alliance, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, according to an AP news report.

Crude Oil

The price of crude oil increased on the back of positivity in China’s factory output. Notably, China is the second largest consumer of crude oil. Tensions in the middle-east escalated after Israel attacked Lebanon despite a ceasefire agreement, sources said. While crude futures rose by 8 cents at $71.92 a barrel US West Texas Intermediate crude soared by 9 cents to $68.09 a barrel.