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Business News/ Markets / Stock Markets/  Indian stock market: 5 key things that changed for market overnight - Gift Nifty to Nvidia results, US Fed meet minutes

Indian stock market: 5 key things that changed for market overnight - Gift Nifty to Nvidia results, US Fed meet minutes

Indian stock market: Gift Nifty today morning is trading flat to positive as Gift Nifty saw morning trade at 22,671, up 21 points

Indian stock market: (Photo: Getty Images)Premium
Indian stock market: (Photo: Getty Images)

Indian stock market: The domestic equity market is expected to open flat to positive as Gift Nifty saw morning trade at 22,671, up 21 points, or 0.1% tracking the weak global cues in US and Asian markets after US Fed meeting minutes revealed hawkish comments.

On Wednesday, the Indian stock market indices ended higher led by gains in heavyweights.

The Sensex gained 267.75 points, or 0.36%, to close at 74,221.06, while the Nifty 50 ended 68.75 points, or 0.31%, higher at 22,597.80.

“Despite weak global cues, markets moved in a range and were positive for most part of the trading session aided by selective buying in IT, FMCG and realty stocks. The mood is currently of utmost caution, as investors don’t want to risk taking major exposure to equity assets with a couple of weeks left for the poll outcome," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Gift Nifty Today

The Gift Nifty today morning is trading lower by more than 10 points from Wednesday close. The Indian stock market is expected to open with minor losses.

Asian Markets

The Asian markets also fell in trade on May 23 after US Fed minutes showed patient approach to monetary easing amid sticky inflation. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.57%. Australia's S&P/ASX 200 index was one of the biggest decliners, slumping 0.8%, also hurt by a pullback in some commodity prices, according to a Reuters report.

Also read: US Federal Reserve minutes show officials rally around higher-for-longer rates

Nvidia earnings

The chipmaker Nvidia posted its first quarter earnings after market hours in US on May 22. Net income of Nvidia surged to $14.88 billion in the first quarter ended April 28, up more than seven-fold from $2.04 billion a year earlier. Revenue tripled to $26.04 billion from $7.19 billion in the previous year's quarter.

A 10-for-1 stock split, which divides one share into ten, has also been announced. NVIDIA will additionally pay a quarterly dividend of 10 cents, representing a 150 per cent increase.

Also read: Nvidia profit soars over 600%, shares top $1,000: From 10:1 stock split to dividend – key highlights from results

US Fed meeting minutes

The minutes of the last meeting released by the US Fed showed that some of the officials are willing to raise interest rates. This hawkish stance did not go well with the markets.

“Participants noted disappointing readings on inflation over the first quarter," said the minutes released by the FOMC from May 1 meeting. "It would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%."

Wall Street

The US stock market did not take the hawkish comments from April 30-May 1 US Fed meeting minutes. The benchmark indices closed marginally in the red with S&P 500 down 0.27% at 5,307, while Nasdaq ended 0.18% lower at 16,801.

The Dow Jones Industrial Average finished down 0.5 percent at 39,671.04, Bloomberg reported.

The US Treasury 10-year yield was up 1 bpd at 4.42%, while the Dollar Index topped out at 105.

(With inputs from agencies)

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 making any investment decisions.


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Published: 23 May 2024, 08:00 AM IST
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