6 things that changed for the stock market over the weekend - Gift Nifty, US stocks to FII outflow
- Indian stock market investors will watch out for a slew of stock market triggers including the ongoing Q2 results, domestic and global macroeconomic data, foreign capital flow, key decisions from global central banks and the developments over the Israel-Hamas war.
Stock market today: The Indian stock market indices, Nifty 50 and Sensex, are expected to open lower on Monday tracking weak cues from global peers.
The Asian markets were trading in the red, while the US stocks ended mixed on Friday as lower investors’ risk appetite.
Domestic investors will watch out for a slew of stock market triggers in the first week of November including the ongoing September quarter corporate results, domestic and global macroeconomic data, foreign capital flow, key decisions from global central banks and the developments over the Israel-Hamas war.
The domestic equity indices snapped their six session losing streak and ended with strong gains on Friday amid all-round buying.
The Sensex surged 634.65 points, or 1.01%, to settle at 63,782.80, while the Nifty 50 jumped 190.00 points, or 1.01%, to 19,047.25.
“The movements in the US markets and the geopolitical developments will continue to hold sway over the markets in the coming days too. The domestic economy is afforded some protection by robust economic growth and the strong fundamentals,” said Joseph Thomas, Head of Research, Emkay Wealth Management.
Another factor that adds to the positivity is the likelihood of domestic interest rates remaining stable for a longer time after the recent spike in money market yields, he added.
Here are key domestic and global market cues for Sensex today:
Asian Markets
Asian markets traded lower on Monday as investors await key economic data from around the region. Central banks of Japan and Malaysia will announce their monetary policy decisions this week, while inflation data from South Korea, and Taiwan and Hong Kong GDP data will also be announced this week.
Japan’s Nikkei 225 fell 0.96% and the Topix declined 0.91%. South Korea’s Kospi fell marginally, while Kosdaq rose 0.54%.
Hong Kong’s Hang Seng index futures traded lower at 17,175 as compared to the HSI’s close of 17,398.73
Australia’s S&P/ASX 200 dropped 0.83%.
Gift Nifty was trading around 19,090 level as against Nifty futures previous close of 19,145, indicating a gap-down opening for the Indian benchmark indices.
Wall Street
The US stock market ended mostly lower on Friday amid a mixed set of corporate earnings, and economic data that likely support the “higher for longer” interest rate scenario.
The Dow Jones Industrial Average declined 366.71 points, or 1.12%, to 32,417.59, while the S&P 500 dropped 19.86 points, or 0.48%, to 4,117.37. The Nasdaq Composite ended 47.41 points, or 0.38%, higher at 12,643.01.
All three indexes lost more than 2% last week.
Among stocks, Amazon shares jumped 6.8%, while Intel stock price surged 9.3%.
Chevron shares plunged 6.7%, while Exxon Mobil fell 1.9%. Ford Motor shares tanked 12.2%.
Key US inflation gauge holds steady
The personal consumption expenditures (PCE) price index, which is the US Federal Reserve’s preferred inflation gauge, gained 0.4% in September after increasing by the same margin in August.
In the 12 months through September, the PCE price index advanced 3.4%, matching August’s rise, said the Commerce Department.
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Gold prices around $2,000
Gold prices traded near $2,000 an ounce amid safe haven demand after Israel’s ground invasion of Gaza. Spot gold eased 0.1% to $2,003.57 an ounce.
Gold rates rallied 1.1% on Friday and breached the $2,000 threshold for the first time since May as Israel stepped up ground operations.
Brent oil price below $90
Crude oil prices declined even after Israel opened a new phase of its war against Hamas with a ground invasion of Gaza.
Brent crude fell 0.85% to $89.71 a barrel, while US West Texas Intermediate crude declined 0.91% to $84.76 a barrel.
FPIs offload ₹20,356 crore in October
Foreign portfolio investors (FPIs) have emerged as net sellers for the second consecutive month in October on a sharp spike in US bond yields amid ongoing geopolitical tensions in the Middle East.
Read here: FPIs emerge net sellers for 2nd month in a row, offload ₹20,356 crore in Indian equities; here's why
FPIs have sold ₹20,356 crore worth of Indian equities and offloaded a total of ₹14,561 crore as of October 27, taking into account debt, hybrid, debt-VRR, and equities, according to National Securities Depository Ltd (NSDL) data.
(With inputs from Agencies)
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