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The BSE Sensex closed 0.12% lower at 65,946 on Tuesday, tracking a generall risk-averse mood and large selling by foreign investors due to the Fed's hawkish stance. The US-demand dependent IT sector declined 0.5% while the more domestically-focused small-caps rose 0.6%. Among individual stocks, Tech Mahindra, IndusInd Bank and Infy were the top losers, falling 1.3%, 1.3% and 1%, respectively. Conversely, Nestlé India and Tata Steel were the winners, increasing 1.5% and 1.2%. Meanwhile, the Nifty 50 closed flat at 19,665.

Sensex Edges Down On Tuesday

Building permits in the United States rose by 6.8% to a seasonally adjusted annual rate of 1.541 million in August 2023, the highest level since October 2022 and little-changed from the preliminary estimate of 1.543 million, revised data showed. The jump in permits suggested that new construction continues to thrive, driven by a shortage of homes available in the market, despite the dampening effect of rising mortgage rates on housing demand. Notably, single-family authorizations increased by 1.9% to a rate of 948 thousand, the highest since June 2022, while approvals for the volatile multi-segment surged by 15.6% to a three-month high of 593 thousand. Across the various US regions, there were increases in permits in the South (3.2% to 837 thousand), West (9.9% to 376 thousand), Midwest (14.3% to 208 thousand), and Northeast (11.1% to 120 thousand).

US Building Permits at 10-Month High in August

Wheat futures in the US rose above the $5.9 per bushel mark, rebounding slightly from the near-three-year low of $5.75 touched on September 21st as hiccups to Russia’s harvest threatened soaring supply expectations from the world’s top exporter. Fuel shortages hampered economic activity in Russia’s southern breadbasket, driving Moscow to suspend exports of selected fuels to salvage sales of its bumper crop. The USDA expects the country to produce 85 million tonnes of wheat this marketing year, lifting exports to be revised higher to a record-high of 49 million tonnes, by far the largest in the world. Also lowering prices, the WASDE report also showed that global consumption forecasts were revised lower by 210,000 tonnes to 795.9 million amid lower demand in Southeast Asia, Northern Africa, and Canada. In the meantime, news of ships successfully arriving in Ukraine through a temporary corridor lifted hopes that the country may be able to sell grain in the foreign market.

Wheat Edges Higher from Near 3-Year Low

Nickel futures dipped below the $19,000 per tonne, a nearly two-year low, as prospects of elevated interest rates by major central banks and China's slowing economy dampened the demand outlook. The S&P has downgraded the China's GDP forecast for 2023 and 2024 amid continued signs of weakness in the country's property and construction sectors, exacerbated by the potential liquidation of the giant developer Evergrande. Simultaneously, the need for electric vehicles experienced a downturn, with battery prices falling by 10% in August and manufacturers of batteries for new EVs gradually curtailing their input buying activity since the onset of the third quarter. Additionally, a lithium deposit discovered in the United States further boosted the case for lithium-ion batteries, undermining nickel-based alternatives. Lastly, the metal's stocks continued to stand at the level of multi-year highs and the market faced largest demand-supply surplus in at least a decade.

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Range Bound

Rectangle Pattern

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Falling Trend Line

Latest News

Sensex Edges Down On Tuesday

US Building Permits at 10-Month High in August

Wheat Edges Higher from Near 3-Year Low

Nickel Prices Lowest in 2 Years

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United States Redbook YoY

United States House Price Index

United States S&P/Case-Shiller Home Price YoY

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Trending Symbols And Events

Most latest news, events and ideas for smart decisions

Latest Ideas

Range Bound

Rectangle Pattern

Rising Wedge

Falling Trend Line

Latest News

Sensex Edges Down On Tuesday

US Building Permits at 10-Month High in August

Wheat Edges Higher from Near 3-Year Low

Nickel Prices Lowest in 2 Years

Upcoming Events

United States Redbook YoY

United States House Price Index

United States S&P/Case-Shiller Home Price YoY

United States S&P/Case-Shiller Home Price MoM