Indian Stock Market Set for Muted Start Amid Crude Oil Price Fears
The Indian stock market is expected to have a muted start on Tuesday, September 29, according to the GIFT Nifty index. The index is trading flat or 2 points lower at 22,820.5 in early trade. This comes as crude oil prices remain elevated, with Brent crude hovering around $106 per barrel.
The US 10-year treasury yield has also continued to hover near multi-year highs of 5.24%, adding to the market's concerns. Major Asian markets have opened lower on Tuesday, with Japan's Nikkei 225 declining 0.4% in early trade and South Korea's Kospi falling 0.5%. However, Australia's S&P/ASX 200 opened 0.2% higher.
The US stock futures remained flat in Tuesday trade after the sharp overnight losses seen by the indices. The Dow Jones Industrial Average lost over 300 points to end at 51,481.5 points on Monday, while the S&P 500 ended 0.8% lower and the Nasdaq Composite ended 0.9% lower.
The 10-year US yield remains a major concern for markets, with its elevated levels stoking further rally in yield rates due to apprehension about Fed rate action. Higher crude oil prices and inflation fears are also contributing to the market's volatility.