Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US stocks, to rise in Treasury yields

Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday amid weak global market cues.

Asian markets traded lower, while the US stocks ended in the red overnight dragged by higher Treasury yields and concern over the timing and scale of possible interest rate cuts from the US Federal Reserve.

On Wednesday, the Indian stock market benchmark indices ended significantly lower, extending their losing streak for the fourth consecutive session, amid weak global cues.

The Sensex declined 667.55 points, or 0.89%, to close at 74,502.90, while the Nifty 50 settled 183.45 points, or 0.8%, lower at 22,704.70.

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“Though FII selling intensity has reduced, the caution is increasing as we near the big event outcome which is resulting in profit booking. The volatility is expected to be heightened in coming sessions, thus it is advisable to traders to stay on the sidelines and not get too aggressive. The weak global cues are further adding to the nervousness and thus markets are likely to remain weak in near future,” 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 lower on Thursday tracking overnight losses on Wall Street and ahead of key economic data from the region. 

Japan’s Nikkei 225 plunged over 2%, while the Topix declined 1.4%. South Korea’s Kospi dropped 1%, and the Kosdaq fell 0.6%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Also Read: European Stocks Slip as German Data Lifts Bond Yields Further

Gift Nifty Today

Gift Nifty was trading around 22,660 level, a discount of nearly 70 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

The US stock market ended lower on Wednesday with the Dow Jones falling more than 1% and hitting its lowest level in nearly a month.

The S&P 500 fell 39.09 points, or 0.74%, to 5,266.95 while the Nasdaq Composite closed 99.30 points, or 0.58%, lower at 16,920.58. The Dow Jones Industrial Average plunged 411.32 points, or 1.06%, to 38,441.54.

Among stocks, Salesforce share price dropped more than 15% after the bell, while Marathon Oil share price rallied 8.4%. American Airlines shares dropped 13.5%, Dick’s Sporting Goods stock jumped 15.9% and Abercrombie & Fitch surged 24.3%.

Also Read: US stock markets: American Airlines shares plunge over 14% on Q2 profit forecast cut

Treasury Yields

The yield on the benchmark 10-year US Treasury note hit four-week highs at 4.6%, extending Tuesday's gains, after weak debt auctions.

Fed Beige Book Survey 

The US economy expanded at a “slight or modest” pace across most regions since early April and consumers pushed back against higher prices, the Federal Reserve said in its Beige Book survey of regional business contacts.

Oil Prices

Crude oil prices were steady after retreating earlier. West Texas Intermediate traded 0.10% higher at $79.31 a barrel after falling 0.8% in the previous session, while Brent oil traded 0.11% higher at $83.69 a barrel.

(With inputs from Agencies)

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