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Business News/ Markets / Stock Markets/  6 things that changed for the stock market overnight - Gift Nifty, fall in US job openings to Mastercard buyback
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6 things that changed for the stock market overnight - Gift Nifty, fall in US job openings to Mastercard buyback

Global market setup remains positive as Asian markets traded higher while the US shares ended mixed overnight.

Japan’s Nikkei 225 rose 0.86%, while the Topix gained 0.7% (Photo: AP)Premium
Japan’s Nikkei 225 rose 0.86%, while the Topix gained 0.7% (Photo: AP)

The Indian stock market is expected to extend its rally on Wednesday with the benchmark indices Sensex and Nifty 50 likely to test new highs, riding on improved global sentiments over the end of rate hike cycle.

Global market setup remains positive as Asian markets traded higher while the US shares ended mixed overnight.

The equity benchmark indices on Tuesday ended at their record closing highs as market sentiment remained upbeat following strong macro numbers and BJP's victory in the three large states.

The Sensex jumped 431.02 points, or 0.63%, to end at 69,296.14, while the Nifty 50 settled 168.30 points, or 0.81%, higher at 20,855.10.

“The global and domestic markets made a smart comeback as investors remained convinced that the rate-hike cycle has ended. This coupled with strong institution flows and economic data added to the positivity. FIIs have remained net buyers to the tune of 17,133 crore in the last eight trading sessions. Going forward, Investors will take cues from US Service PMI and Jolt Jobs data," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th December

Here are key global market cues for Sensex today:

Asian markets

Asian markets traded higher as US Treasury yields dropped after the slowdown in the labor market increased expectations that the US Federal Reserve will be able to cut interest rates next year.

Japan’s Nikkei 225 rose 0.86%, while the Topix gained 0.7%. South Korea’s Kospi advanced 0.18% and the Kosdaq was up 0.43%. Hong Kong’s Hang Seng index futures pointed to a stronger open.

Australia’s S&P/ASX 200 rallied 0.73%.

Gift Nifty was trading around 21,021 level as compared to Nifty futures’ previous close of 20,953, indicating a positive start for the Indian benchmark equity indices.

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US stock market

US stock market indices ended mixed on Tuesday after the fresh employment data raised bets of a sooner Fed rate cut.

The Dow Jones Industrial Average fell 79.72 points, or 0.22%, to 36,124.72, while the S&P 500 eased 2.59 points, or 0.06%, to 4,567.19. The Nasdaq Composite ended 44.42 points, or 0.31%, higher at 14,229.91.

US Treasury yields fell, with the benchmark 10-year Treasury note touching its lowest level since September 1 at 4.163% and was last down 11 basis points to 4.174%.

US job openings hit more than 2-1/2-year low

The US job openings fell to more than a 2-1/2-year low in October, the strongest sign that higher interest rates were dampening demand for workers, and boosting hopes that the US Federal Reserve monetary policy tightening cycle was over.

Job openings, a measure of labor demand, fell 617,000 to 8.733 million on the last day of October, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, coming in below estimates, Reuters reported.

Read here: US job openings hit more than 2-1/2-year low as labour market cools

Oil prices fall for fifth day

Crude oil prices dropped for a fifth day on concerns over increased supply amid near-record US exports.

Brent crude futures fell 1.06% to $77.20 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.18% to $72.19.

Dollar rebounds

The US dollar gained against a basket of currencies, paring losses from a recent selloff.

The dollar index was last up 0.41% at 104.03, its highest in a week. The euro was last down 0.5% to $1.0782. Sterling was $1.258, down 0.4%, while the yen was steady, leaving the dollar at 147.26. The Australian dollar fell 1.03% to $0.6545, Reuters reported.

Mastercard to buyback shares

Mastercard board approved a new share buyback program, authorizing the company to repurchase up to $11 billion of its Class A shares. The new share buyback program will become effective at the completion of its previously announced $9 billion program, the company said.

The company also raised its quarterly dividend to 66 cents per share over the previous dividend of 57 cents, Reuters reported. Mastercard shares rose about 1% to $411.75 in after-hours trading.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 06 Dec 2023, 07:06 AM IST
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