Indian stock market: 6 key things that changed for market overnight - Gift Nifty, Tesla shares to Reliance Q4 results

Indian stock market: The domestic equity market indices, Nifty 50 and Sensex, are expected to open higher following positive global market cues amid improved sentiment.

Asian markets traded higher, while the US stock market ended with gains overnight led by technology and banking stocks.

Investors will watch out for key macroeconomic data and corporate earnings for further stock market triggers.

On Monday, the Indian stock market indices extended gains for the second consecutive session tracking positive global cues amid easing concerns over geopolitical tensions in West Asia.

The Sensex rallied 560.29 points, or 0.77%, to close at 73,648.62, while the Nifty 50 settled 189.40 points, or 0.86%, higher at 22,336.40.

“The buoyancy in equity markets continued due to strong global cues as buying was seen across the board on the back of risk-on sentiment. Although geopolitical tension in West Asia last week plundered global assets, the absence of any fresh eruption of conflict between Israel and Iran also soothed the market sentiment, which triggered massive buying for the second straight session. The sharp fall in crude oil prices, currency and gold also resulted in a boost for equity assets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 23

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Tuesday following overnight gain on Wall Street.

Japan’s Nikkei 225 gained 0.8%, while the Topix rose 0.66%. South Korea’s Kospi added 0.2%, and the Kosdaq rose 0.62%. Hong Kong’s Hang Seng index futures indicated a weak opening.

Gift Nifty Today

Gift Nifty was trading around the 22,415 level, a premium of nearly 55 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

The US stock market ended higher on Monday led by gains in technology and banking stocks.

The S&P 500 rose 43.37 points, or 0.87%, to 5,010.60, while the Nasdaq Composite rallied 169.30 points, or 1.11%, to 15,451.31. The Dow Jones Industrial Average ended 253.58 points, or 0.67%, higher at 38,239.98.

Among stocks, Alphabet, Amazon.com and Apple share price gained between 0.5% and 1.5%, while Nvidia share price surged 4.4% to rebound from a 10% drop in the previous session.

Tesla shares declined 3.4% and Cardinal Health shares dropped 5%.

Japan PMI

Japan’s factory activity contracted but approached the break-even point in April. The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) rose to 49.9 in April from 48.2 in March, Reuters reported.

Yen at 34-year low

The US dollar rose to a fresh 34-year peak against the yen. The dollar rose to 154.85 yen versus the Japanese currency, its highest since mid-1990. It was last up 0.1% at 154.82 yen.

The yen hit fresh lows ahead of the Bank of Japan’s (BOJ) policy meeting on Friday.

Read here: FOREX-Dollar hits new 34-year peak against yen on higher US rate outlook

Reliance Q4 Results

Reliance Industries reported a net profit of ₹21,243 crore for the quarter ended March 2024, a rise of 0.1% over the corresponding period of last fiscal. Gross revenue in Q4FY24 increased 10.8% to ₹2.65 lakh crore YoY led by double-digit growth in oil-to-chemicals (O2C) business. EBITDA rose 14.3% YoY to ₹47,150 crore and margin expanded by 50 bps to 17.8%.

Read here: Reliance Q4 result: Revenue up 11% YoY, PAT comes almost flat; 5 key highlights

(With inputs from Reuters)

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