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Business News/ Markets / Stock Markets/  Indian stock market: 5 key things that changed for market overnight - Gift Nifty to S&P 500 at record closing high
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Indian stock market: 5 key things that changed for market overnight - Gift Nifty to S&P 500 at record closing high

Indian stock market: Asian markets were trading higher, while the US stocks ended with strong gains overnight, with the S&P 500 index seeing record closing high.

Indian stock market: Gift Nifty was trading around 21,965 level, as compared with Nifty futures’ previous close of 21,875, indicating a positive start for the Indian stock market indices. (Photo: Reuters)Premium
Indian stock market: Gift Nifty was trading around 21,965 level, as compared with Nifty futures’ previous close of 21,875, indicating a positive start for the Indian stock market indices. (Photo: Reuters)

Indian stock market: The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Tuesday, extending gains from previous session’s sharp rally, amid positive global market cues.

Asian markets were trading higher, while the US stocks ended with strong gains overnight, with the S&P 500 index seeing record closing high.

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Investors now await the Union Budget along with the US Federal Reserve’s interest rate decision this week.

The US Federal Open Markets Committee (FOMC) members are widely expected to leave the key Fed funds target rate unchanged at 5.25% to 5.50%.

On Monday, the Indian stock market indices ended sharply higher on renewed buying in Index heavyweights amid positive global cues.

The Sensex jumped 1,240.90 points, or 1.76%, to close at 71,941.57, while the Nifty 50 ended 385.00 points, or 1.8%, higher at 21,737.60.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 30

“This week two important events are scheduled for Thursday - Interim Budget and US FED meeting which could induce some volatility. India ViX has jumped 13% to 15.68 level. However, the Budget is largely expected to be non-event with no major announcement expected, but the hopes have risen for rate cut indications in this monetary policy meeting. After last week’s consolidation, Nifty has regained momentum which is expected to continue ahead of budget," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher following overnight gains on Wall Street.

Japan’s Nikkei 225 rose 0.29% and the Topix was flat. South Korea’s Kospi added 0.82%, while the Kosdaq gained 0.66%. Hong Kong’s Hang Seng index futures indicated a weaker open.

Gift Nifty

Gift Nifty was trading around 21,965 level, as compared with Nifty futures’ previous close of 21,875, indicating a positive start for the Indian stock market indices.

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Wall Street

US stock market indices ended higher on Monday, with the S&P 500 notching yet another record closing high, as investors looked ahead to this week’s slew of megacap earnings, economic data and the Federal Reserve’s monetary policy meeting.

The Dow Jones Industrial Average rallied 224.02 points, or 0.59%, to 38,333.45, while the S&P 500 rose 36.96 points, or 0.76%, to 4,927.93. The Nasdaq Composite ended 172.68 points, or 1.12%, higher at 15,628.04.

Tesla shares surged 4.2%, iRobot shares plunged 8.8%, while Meta Platforms rose 1.7% after Jefferies raised its target price on the stock to $455 from $425.

Warner Bros Discovery declined 1.2% , while SoFi Technologies jumped 20.2% after posting a fourth-quarter profit.

Japan December jobless rate falls

Japan’s jobless rate fell to 2.4% in December from the previous month, government data showed. The seasonally adjusted unemployment rate compared with economists’ median forecast of 2.5% in a Reuters poll. The jobs-to-applicants ratio slipped to 1.27 in December, matching the level seen in June 2022, and slightly lower than the median forecast of 1.28.

Also Read: Brokers divided on longer trading hours in equity derivatives

Oil prices

Crude oil prices fell more than a dollar a barrel on Monday amid demand worries

Brent crude futures fell 1.38% to settle at $82.40 a barrel, while US West Texas Intermediate crude futures dropped by $1.23, or 1.6%, at $76.78 per barrel.

(With inputs from Reuters)

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: 30 Jan 2024, 07:07 AM IST
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