Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, US inflation to tech stocks rally
- Indian stock market: Gift Nifty was trading around the 22,650 level, a premium of nearly 95 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Monday tracking gains in global peers.
Asian markets traded higher while the US stock market ended with strong gains last week led by tech stocks earnings.
Investors will eye several stock market triggers this week including the Q4 results, auto sales data, domestic and global macroeconomic data, US Federal Reserve’s interest rate decision, Israel-Iran conflict, crude oil prices, and other global market cues.
Read here: Week Ahead: Q4 Results, US Fed Policy, Auto sales, global cues among key market triggers this week
On Friday, the Indian stock market indices ended sharply lower, snapping their five-day winning streak.
The Sensex declined 609.28 points, or 0.82%, to close at 73,730.16, while the Nifty 50 settled 150.40 points, or 0.67%, lower at 22,419.95.
“We expect market momentum to resume with a focus on stock-specific action due to the ongoing result season and sector rotation at play. Markets on Monday will react to US PCE data and results of several private banks announced on Saturday,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here are key domestic and global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Monday ahead of the key economic data from the region and the US Federal Reserve’s meeting this week.
South Korea’s Kospi gained 0.63%, and the Kosdaq surged 0.94%. Japan’s markets are shut for a public holiday. Hong Kong’s Hang Seng index futures indicated a weak opening.
Gift Nifty Today
Gift Nifty was trading around the 22,650 level, a premium of nearly 95 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
Wall Street
The US stock market ended higher on Friday led by a rally in megacap growth stocks after robust quarterly results from Alphabet and Microsoft in addition to moderate inflation data.
The Dow Jones Industrial Average rallied 153.86 points, or 0.40%, to 38,239.66, while the S&P 500 gained 51.54 points, or 1.02%, to 5,099.96. The Nasdaq Composite ended 316.14 points, or 2.03%, higher at 15,927.90.
Among stock movers, Alphabet shares jumped 10%, Snap shares surged nearly 28%, while Pinterest shares rallied 4%. Exxon Mobil shares declined 3% and Intel shares dropped 9.1%.
Also Read: Wall Street week ahead: All eyes on Federal Reserve’s interest rate decision and jobs data
Tech Stocks Rally
Alphabet share price jumped 10% to a record high after its first-ever dividend, its $70 billion stock buyback program, and better-than-expected first-quarter results. The Google-parent Alphabet shares rose 10% to $171.95, its biggest one-day jump since July 2015, resulting in a valuation of $2.15 trillion.
Alphabet stock added almost $200 billion to the company’s market capitalization, making for one of the largest single-day value additions in stock market history. Alphabet shares have gained 23% this year, outperforming the 5.3% gain of the Nasdaq 100 Index.
Microsoft shares rose 1.8% after its third-quarter revenue and profit exceeded Wall Street estimates, driven by gains from artificial intelligence (AI) adoption across its cloud services. Amazon shares rallied 3.4%, Nvidia stock price surged 5.8%, and Meta Platforms shares gained 0.4%.
US Inflation
US monthly inflation rose moderately in March as the personal consumption expenditures (PCE) price index increased 0.3% last month, matching the unrevised gain in February, the Commerce Department data showed. In the 12 months through March, inflation rose 2.7% after advancing 2.5% in February. The increase in inflation last month was broadly in line with economists’ expectations.
Dollar
The US dollar softened on Monday, thinned by a holiday in Japan, though the yen, euro and sterling stayed near the bottom of the ranges hit during Friday’s volatile session, Reuters reported. Japan’s yen was at 158.05 per dollar, up nearly 0.2% after it had its biggest drop in six months on Friday.
Read here: Dollar a tad softer as markets wait for Fed
Oil Prices
Crude oil prices fell on Monday as US inflation data dimmed the prospects of interest rate cuts anytime soon boosting the dollar.
Brent crude futures fell 0.84% to $88.75 a barrel, while West Texas Intermediate (WTI) futures declined 0.78% to $83.20 a 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 making any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High