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Business News/ Markets / Stock Markets/  6 things that changed for market overnight: Gifty Nifty, Evergrande shares halt to global market cues for Sensex today
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6 things that changed for market overnight: Gifty Nifty, Evergrande shares halt to global market cues for Sensex today

Stocks set to open flat/negative as GIFT Nifty trades at a discount. Asian markets slide, US stocks end lower.

On Wednesday, the S&P BSE Sensex gained 0.3% to settle at 66,118.69 points, while the Nifty 50 rose 0.26% to conclude at 19,716.45 points. (MINT_PRINT)Premium
On Wednesday, the S&P BSE Sensex gained 0.3% to settle at 66,118.69 points, while the Nifty 50 rose 0.26% to conclude at 19,716.45 points. (MINT_PRINT)

Stock Market Today: The domestic equity benchmark indices are anticipated to open have a flat to negative start on Thursday as GIFT Nifty was trading at a discount of around 5 points from Nifty Futures Wednesday close.

Asian stock markets slid sideways, while the US stock market indices ended lower overnight.

On Wednesday, Sensex and Nifty 50 ended a six-day losing streak and closed higher thanks to healthy macroeconomic indicators and encouraging developments in Asian markets.

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The S&P BSE Sensex gained 0.3% to settle at 66,118.69 points, while the Nifty 50 rose 0.26% to conclude at 19,716.45 points.

"The Nifty showed a strong recovery during the day, finding support at the 50EMA. The day concluded with the formation of a bullish engulfing pattern. On the upper side, resistance is situated at 19,750. A clear breakout is necessary to anticipate a substantial rally in the index. A decisive move beyond 19,750 could potentially push the index towards 19,900. On the downside, support is established at 19,600," said Rupak De, Senior Technical analyst at LKP Securities.

Also Read: Market Closing Bell: Indices snap 6-day losing streak; Sensex up 200 points, Nifty 50 settles above 19,700-mark

Asian Markets

Asian equities slumped on Thursday as investors struggled to cope up with the uncertainty of rising interest rates and oil costs following the extension of crude's one-year high.

Investors in Asia will be closely track China's real estate market for additional indications of stress after the founder of China Evergrande Group was taken into police custody.

Japanese equity benchmarks fell, and Thursday is the last trading day for mainland Chinese markets before they reopen on October 9. Currently, trade will be suspended in mainland China during the Golden Week holiday, but it will continue in most other parts of the world.

Spot gold increased by 0.1% to $1,877.61 an ounce, West Texas Intermediate crude increased by 0.7% to $94.34 a barrel, and Japan's 10-year yield increased by 1.5 basis points to 0.745%.

Gifty Nifty

The Thursday session of GIFT Nifty showed a flat to negative opening for the Indian market as it traded at a discount of approximately 5 points from Nifty Futures Wednesday closing.

Also Read: FII selling unabated, offload 21,287 crore in cash market this month; DIIs net buyers

Wall Street 

US stocks and Treasuries started to decline again as investors worried about the possibility of rising interest rates and an impending government shutdown. The dollar continued to rise for a sixth day.

The S&P 500 Index and Nasdaq 100 indexes declined as oil prices rose to their highest levels in a year and falling crude oil stockpiles stoked concerns about the impact on consumers. The Dow Jones Industrial Average, which includes household names like Intel Corp. and Johnson & Johnson, resumed its downward trend after dropping below its 200-day moving average.

The S&P 500, which took many U-turns throughout the day, increased by 0.98, or less than 0.1%, to 4,274.51 and is still close to its lowest point since June. The Dow Jones Industrial Average fluctuated earlier between a gain of 112 points and a loss of 312 points before dropping 68.61 points, or 0.2%, to 33,550.27. To 13,092.85, the Nasdaq composite increased by 29.24, or 0.2%.

Also Read: Nifty 50, Sensex today: What to expect from stock market indices in trade on September 28

US SEC chief - Companies should go public "before Friday" as the shutdown looms 

Democratic members of the House of Representatives' Financial Services Committee, who are in the minority, sought to highlight the chaos they claimed would follow a shutdown when questioning SEC Chair Gary Gensler during an oversight hearing on Wednesday, according to Reuters report.

According to the agency's contingency plan, Gensler predicted that the agency would lose more than 90% of its workers due to unpaid furloughs, leaving a "skeletal" staff to carry out crucial tasks including monitoring US markets, as per the report.

"If a company were deciding to go public or raise offerings, they'd want to go effective before Friday if they're ready to," Gensler said. "If not, they might be in a sort of subliminal state where they can't access the markets because we can't effectively review those,"said Gensler according to Reuters report.

China's Evergrande shares suspended

China Evergrande Group decided to halt trading in Hong Kong as well as its electric vehicle and property services divisions, following a Bloomberg report that founder Hui Ka Yan had been arrested by authorities.

According to Bloomberg's news report, no explanation for the halt was provided in a notice to the Hong Kong stock exchange on Thursday.

Also Read: China Evergrande shares suspended, China may have some learnings from US, India says Uday Kotak

Crude Oil 

A sharp decline in crude stockpiles in the US added to concerns about a shortage of oil coming from Saudi Arabia-led oil producers, pushing up the price of oil to new highs. The benchmark Brent crude contract reached its highest level in almost a year. Following a 2.8% increase in the previous session, Brent oil futures were 0.6% higher at $97.20 per barrel, according to a Reuters news report.

Also Read: MCX to implement new commodity platform on October 3. Mock session scheduled on this date


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Published: 28 Sep 2023, 07:44 AM IST
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