From Gift Nifty, Nvidia earnings, to Nasdaq, Nikkei rally: 10 key things that changed for Indian stock market overnight

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a bullish note on Thursday, supported by strong global market cues amid easing geopolitical anxiety.

Asian markets traded higher, while the US stock market rallied overnight, with all three Wall Street indices rallying over 1% each, amid growing hopes that the US-Iran war could end soon.

On Wednesday, the Indian stock market ended marginally higher, supported by gains in select index heavyweights.

The Sensex rose 117.54 points, or 0.16%, to close at 75,318.39, while the Nifty 50 settled 41.00 points, or 0.17%, higher at 23,659.00.

“Rotational buying in select heavyweight stocks across sectors is helping limit the downside, with the Nifty 50 index finding support in the 23,250 – 23,400 zone so far. Meanwhile, we continue to recommend a sector-specific trading approach with a strong emphasis on overnight risk management,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Thursday, following overnight rally on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.2%. Japan’s Nikkei 225 rallied 3.06%. South Korea’s Kospi jumped 6.00%, while the Kosdaq surged 5.55%. Hong Kong Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 23,810 level, a premium of nearly 142 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher on Wednesday, bouncing back from a three-day selloff, led by a rally in chip stocks.

The Dow Jones Industrial Average rallied 645.47 points, or 1.31%, to 50,009.35, while the S&P 500 gained 79.36 points, or 1.08%, to 7,432.97. The Nasdaq Composite closed 399.65 points, or 1.55%, higher at 26,270.36.

Nvidia stock price rose 1.30%, AMD shares jumped 8.10%, Microsoft share price gained 0.87%, Amazon shares surged 2.19%, Apple stock price advanced 1.10%, Intel shares spiked 7.36%, and Micron Technology shares rallied 4.76%. Tesla stock price added 3.25%.

Delta Air Lines, United Airlines, Southwest Airlines and Alaska Air jumped between 6% and 10%.

US-Iran War

US President Donald Trump said negotiations with Iran were in the final stages but warned of further attacks unless Iran agreed to a deal, adding that Washington could wait a few days to “get the right answers.” Iran warned against renewed attacks.

US Fed Meeting Minutes

The minutes of the US Federal Reserve’s April meeting showed a majority of Fed policymakers felt “some policy firming would likely become appropriate” if inflation stays persistently above the central bank’s 2% target.

Nvidia Q1 Earnings

Nvidia’s Q1 net profit jumped to $58.3 billion, or $2.39 per share, more than tripling from $18.8 billion in the year-earlier period. The company posted record revenue of $81.62 billion, a surge of 85% from $44.01 billion, YoY. Nvidia also announced a share buyback of $80 billion.

Treasury Yields

US Treasury yields fell sharply overnight after President Donald Trump said peace deal talks with Iran were in their final stage. The yield on benchmark US 10-year notes fell 9.4 basis points to 4.576%.

Japanese government bonds (JGBs) rose for a second straight day. The yield on the 10-year JGB eased 3.5 bps to 2.750%, and the yield on the 30-year JGB dropped 8.5 bps to 4.015%. The two-year yield eased 0.5 bp to 1.445%, and the five-year yield fell 1 bp to 2.025%.

Dollar

The US dollar hovered below a six-week peak. The dollar index, which measures the currency against the euro, yen and four other rivals, was flat at 99.128. The euro was steady at $1.1626, and Sterling was little changed at $1.3430. The dollar was down slightly at 158.905 yen.

Gold Rate Today

Gold prices held steady amid optimism around a potential US-Iran peace deal. Spot gold price was unchanged at $4,543.96 per ounce, while US gold futures for June delivery gained 0.2% to $4,545.50. Spot silver price was steady at $75.96 per ounce.

Crude Oil Prices

Crude oil prices rebounded after two days of losses. Brent crude futures rose 0.45% to $105.49 a barrel, and while US West Texas Intermediate crude traded near $99.