Indian stock market: 6 key things that changed for market overnight - Gift Nifty, Nasdaq, S&P at record to oil prices
- Indian stock market: Gift Nifty was trading around the 22,620 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
Indian stock market: The Indian equity market is expected to open on a cautious note Wednesday amid mixed global market cues.
Asian markets traded mixed, while the US stock market ended higher overnight as investors gauged comments from the US Federal Reserve officials for further cues on interest rates trajectory.
On Tuesday, the Indian stock market indices ended the cautious session flat amid mixed global cues.
The Sensex fell 52.63 points, or 0.07%, to close at 73,953.31, while the Nifty 50 settled 27.05 points, or 0.12%, higher at 22,529.05.
“Despite FIIs selling and India Vix at elevated levels, markets have stabilized and we expect a gradual up-move going forward. Key events to watch this week – UK inflation data, US Existing Home Sales number and FOMC meeting minutes,” 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 mixed on Wednesday as investors assessed Japan’s economic data.
Japan’s Nikkei 225 fell 0.5%, while South Korea’s Kospi declined 0.35%. Hong Kong’s Hang Seng index stood at 19,212 pointing to a slightly weaker start compared with the HSI’s close of 19,220.62.
Gift Nifty Today
Gift Nifty was trading around the 22,620 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
Wall Street
The US stock market ended higher on Tuesday, with the S&P 500 and Nasdaq closing at record levels.
The Dow Jones Industrial Average gained 66.22 points, or 0.17%, to 39,872.99, while the S&P 500 rose 13.28 points, or 0.25%, to 5,321.41. The Nasdaq Composite ended 37.75 points, or 0.22%, higher at 16,832.62.
Among stocks, Nvidia share price rose 0.64%, AutoZone shares declined 3.53%, and Macy's share price jumped 5.13%. JPMorgan Chase stock price rallied 2.01%, while International Business Machines shares gained 2.09%.
US Federal Reserve
The US Federal Reserve policymakers said that the central bank should wait several more months to ensure that inflation really is back on track to its 2% target before cutting interest rates, Reuters reported. The policymakers spoke as the Fed has downplayed talk of any further rate hikes, but also noted they feel the economy needs to cool further.
Japan Trade Deficit
Japan’s exports rose 8.3% in April from a year earlier, while imports also rose 8.3% in the year to April, versus a 9.0% increase seen by economists. As a result, the country’s trade balance came to a deficit of 462.5 billion yen ($2.96 billion).
Also Read: Oil prices drop over $1 after US inflation, Fed outlook hurts consumer demand; Brent at $82/bbl
Oil Prices
Crude oil prices extended decline on rising US crude inventories. Brent crude oil fell 0.57% to $82.41 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.68% to $79.26.
(With inputs from Reuters)
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