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Business News/ Markets / Stock Markets/  Indian stock market: 6 key things that changed for market overnight - Gift Nifty, S&P’s record close to oil prices
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Indian stock market: 6 key things that changed for market overnight - Gift Nifty, S&P’s record close to oil prices

Indian stock market: Markets will closely monitor the RBI’s commentary on any hints regarding potential rate cuts and improvements in liquidity.

Indian stock market: Gift Nifty was trading around 22,046 level, as compared with Nifty futures’ previous close of 22,019, indicating a mildly positive start for the Indian stock market indices. (Photo: REUTERS)Premium
Indian stock market: Gift Nifty was trading around 22,046 level, as compared with Nifty futures’ previous close of 22,019, indicating a mildly positive start for the Indian stock market indices. (Photo: REUTERS)

The Indian stock market indices, Sensex and Nifty 50, are likely to remain volatile on Thursday ahead of the announcement of Reserve Bank of India’s (RBI) monetary policy and amid mixed global market cues.

Asian markets traded higher, while the US stock market closed in the green overnight as investors assessed corporate earnings and comments from the US Federal Reserve officials on further cues for interest rate cuts.

Meanwhile the RBI’s Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das is widely expected to keep its repo rate unchanged for the sixth consecutive time at 6.5%. The policy stance of ‘withdrawal of accommodation’ also appears to be very likely this time too.

Markets will closely monitor the RBI’s commentary on any hints regarding potential rate cuts and improvements in liquidity.

RBI MPC Meeting Live Updates here

On Wednesday, the domestic equity benchmark indices ended flat amid volatility as it seemed that traders awaited the RBI Policy outcome scheduled today.

The Sensex eased 34.09 points, or 0.05%, to close at 72,152.00, while the Nifty 50 settled 1.10 points, or 0.01%, higher at 21,930.50.

“Overall market remained on the side-lines ahead of the RBI policy meeting outcome on Thursday. Investors would continue to take cues from the earning season," 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 on Thursday following overnight gains on Wall Street and ahead of China’s inflation data.

Japan’s Nikkei 225 gained 0.77%, while the Topix eased 0.15%. South Korea’s Kospi rose 0.46% and the Kosdaq rallied 0.92%. Hong Kong’s Hang Seng index futures indicated a weak opening.

Gift Nifty Today

Gift Nifty was trading around 22,046 level, as compared with Nifty futures’ previous close of 22,019, indicating a mildly positive start for the Indian stock market indices.

Wall Street

US stock market indices ended higher on Wednesday, with the benchmark S&P 500 registering a record closing high, as investors reacted to corporate earnings and monitored comments from Federal Reserve officials for clues on interest rates.

The Dow Jones Industrial Average gained 156.00 points, or 0.40%, to close at 38,677.36 while the S&P 500 rallied 40.83 points, or 0.82%, to close at 4,995.06. The Nasdaq Composite settled 147.65 points, or 0.95%, higher at 15,756.64.

Among stocks, Ford shares gained 6%, while Snap stock price plummeted 34.6%, hitting a two-month low. VF Corp shares plunged 9.7% and Enphase Energy shares jumped 16.9%.

Also Read: Nifty Microcap 250 up nearly 10% in January, outperforms all major indices in last 1 year; check details

US Fed Officials

US Federal Reserve officials want to hold off on cutting interest rates until they have more confidence that inflation is headed down to 2%, Reuters reported.

“For the moment, policy remains well positioned, as we carefully assess the evolving data and outlook," Boston Fed President Susan Collins told the Boston Economic Club on Wednesday. “As we gain more confidence ... I believe it will likely become appropriate to begin easing policy restraint later this year."

Minneapolis Fed President Neel Kashkari said in an interview with broadcaster CNBC, “Sitting here today I would say two to three cuts would seem to be appropriate for me right now...that’s my gut based on the data we have so far."

US Trade Deficit Widens

The US trade deficit widened slightly in December, but contracted sharply in 2023. The trade deficit increased 0.5% to $62.2 billion. For the whole of 2023, the trade deficit contracted 18.7% to 773.4 billion, representing 2.8% of GDP, down from 3.7% in 2022.

Oil prices

Crude oil prices rose for a third consecutive day on Wednesday, driven by a fall in US fuel stocks and rising tensions in the Middle East.

Brent crude futures settled 62 cents higher, or 0.79% at $79.21 a barrel, while US West Texas Intermediate crude rose 55 cents, or 0.75% to $73.86.

(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: 08 Feb 2024, 07:01 AM IST
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