Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US tech stocks rally to CPI inflation

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, following gains in global markets.

Asian markets gained, while the US stock market ended mostly higher overnight, led by a rally in technology stocks and cooler inflation data.

On Wednesday, the Indian stock market indices ended with minor losses, led by IT stocks.

The Sensex fell 72.56 points, or 0.10%, to close at 74,029.76, while the Nifty 50 settled 27.40 points, or 0.12%, lower at 22,470.50.

“Despite weak global cues, markets are displaying resilience, though pressure in key sectors is limiting the upside. Further consolidation is likely in the coming sessions, with heightened volatility expected due to the weekly expiry. Traders should maintain a stock-specific approach, focusing on large caps and prominent midcaps,” 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 gains on Wall Street, after a soft US inflation data.

Japan’s Nikkei 225 rallied 1.22%, while the Topix index gained 0.96%. South Korea’s Kospi index rose 0.70%, while the Kosdaq advanced 0.47%. Hong Kong’s Hang Seng Index futures indicated a stronger open.

Gift Nifty Today

Gift Nifty was trading around 22,555 level, a premium of nearly 25 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended mixed on Wednesday after cooler-than-expected inflation data.

The Dow Jones Industrial Average fell 82.55 points, or 0.20%, to 41,350.93, while the S&P 500 gained 27.23 points, or 0.49%, to 5,599.30. The Nasdaq Composite closed 212.36 points, or 1.22%, higher at 17,648.45.

Nvidia share price rallied 6.43%, Advanced Micro Devices shares surged 4.16%, while Intel stock price jumped 4.6%. PepsiCo shares fell 2.7%.

US Inflation

US consumer prices increased less than expected in February. The consumer price index rose 0.2% last month after accelerating 0.5% in January. In the 12 months through February, the CPI increased 2.8% after climbing 3.0% in January. Economists polled by Reuters had forecast the CPI gaining 0.3% and advancing 2.9% year-on-year.

India CPI Inflation

India’s retail inflation eased to a seven-month low in February, below the Reserve Bank of India’s (RBI) median target of 4%. Retail inflation, based on the Consumer Price Index (CPI), was at 3.61% in February, down from 4.26% in January. The headline inflation was 5.09% in February 2024.

IIP Data

India’s industrial output, measured by the Index of Industrial Production (IIP) grew by 5.0% in January, from 3.5% in December 2024. The expansion in IIP was at 4.2% in January 2024.

Russia-Ukraine Ceasefire

Russia said it would review details from Washington about a proposal for a 30-day ceasefire in Ukraine before responding, while UA Secretary of State Marco Rubio hoped a deal would be struck within days, Reuters reported.

Dollar

The US dollar gained against major currencies including the yen and the euro on Wednesday. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.13% to 103.57. The dollar strengthened 0.37% to 148.31 yen against the Japanese yen, Reuters reported. The euro was trading down 0.27% at $1.0889.

Gold Prices Today

Gold prices edged higher after cooler-than-expected US inflation print and also as uncertainty over tariffs persisted, driving safe-haven demand. Spot gold was up 0.2% at $2,938.24 an ounce, while US gold futures were steady at $2,945.70.

Crude Oil Prices

Crude oil prices steadied, after the biggest gain in two weeks. Brent crude oil eased 0.03% to $70.93 a barrel, while the US West Texas Intermediate (WTI) crude futures fell 0.12% to $67.60.

(With inputs from Reuters)

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