The U.S. stock market steadied after a blockbuster rally, with traders betting the Federal Reserve will start cutting interest rates next year—while also expecting policymakers to lean against the recent easing in financial conditions, reported Bloomberg.
The S&P 500 index fell and Nasdaq 100 rose by 0.04% and 0.09%, respectively, as on 1:07 p.m. New York time. The Dow Jones Industrial Average rose by 0.01%.
Brent crude was trading 1.53% higher at $86.19 a barrel. Gold was lower by 0.49% at $1,982.92 an ounce.
India’s benchmark stock indices extended gains for the third straight day to close at a two-week high on Monday, led by advances in ICICI Bank Ltd., ITC Ltd., and HDFC Bank Ltd.
Energy, metal, and realty sectors rose, whereas public sector unit banks and consumer durables were under pressure. Nifty 50 was trading above the 19,300 level, whereas Sensex was beyond the 64,700 mark. Intraday, Sensex topped the 64,900 mark, while Nifty 50 rose above the 19,400 level, the highest since Oct. 23.
The S&P BSE Sensex closed 595 points, or 0.92%, higher at 64,958.69, while the NSE Nifty 50 gained 181 points, or 0.94%, to end at 19,411.75.
Overseas investors stayed net sellers of Indian equities for the ninth session. Foreign portfolio investors offloaded stocks worth Rs 549.4 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 595.7 crore, the NSE data showed.
The Indian rupee strengthened 7 paise to close at 83.22 against the U.S dollar on Monday.