Active Stocks
Wed Jun 19 2024 15:54:35
  1. HDFC Bank share price
  2. 1,658.00 3.06%
  1. Tata Steel share price
  2. 180.05 -0.61%
  1. State Bank Of India share price
  2. 852.60 0.95%
  1. ITC share price
  2. 423.70 -1.19%
  1. ICICI Bank share price
  2. 1,144.75 1.93%
Business News/ Markets / Stock Markets/  Indian stock market: 7 key things that changed for market overnight - Gift Nifty, India inflation to GameStop rally
BackBack

Indian stock market: 7 key things that changed for market overnight - Gift Nifty, India inflation to GameStop rally

Indian stock market: Gift Nifty was trading around 22,245 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: Asian markets traded mostly higher, while US stocks ended mixed with the Dow Jones Industrial Average snapping an eight-day winning streak. (Photo: REUTERS)Premium
Indian stock market: Asian markets traded mostly higher, while US stocks ended mixed with the Dow Jones Industrial Average snapping an eight-day winning streak. (Photo: REUTERS)

Indian stock market: The domestic equity market may open on a cautious note Tuesday following mixed cues from global peers.

Asian markets traded mostly higher, while US stocks ended mixed with the Dow Jones Industrial Average snapping an eight-day winning streak.

On Monday, the Indian stock market indices ended the volatile session higher led by fag-end buying.

The Sensex gained 111.66 points, or 0.15%, to close at 72,776.13, while the Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05.

“The positive takeaway was that Nifty ended above the psychological 22,100 mark, aided by sluggish WTI oil prices and investors reinforcing bets for Federal Reserve’s September interest rate cuts. While mixed global cues hardly enthused local investors, concerns over strong FII selling in the month so far along with caution in the poll season kept the upside limited with investors also trading with caution ahead of the inflation announcement," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

According to him, on the technical front, Nifty’s immediate hurdles are seen at 22,500 mark and  22,795 mark, while immediate downside risk is at its biggest support at 21,710 mark.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 14

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

Asian Markets

Asian markets traded mostly higher as investors assessed inflation data from India and Japan.

Japan’s Nikkei 225 rose 0.7%, while the Topix gained 0.6%. South Korea’s Kospi added 0.18%, and the Kosdaq gained 5%. Hong Kong’s Hang Seng index futures indicate a positive opening.

Gift Nifty Today

Gift Nifty was trading around 22,245 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.

Also Read: Stock market today: 9 stocks under F&O ban list on May 14

Wall Street

The US stock market ended mixed on Monday as investors awaited key inflation readings and earnings later this week.

The Dow Jones Industrial Average fell 81.33 points, or 0.21%, to 39,431.51, while the S&P 500 eased 1.26 points, or 0.02%, to 5,221.42. The Nasdaq Composite ended 47.37 points, or 0.29%, higher at 16,388.24.

Among stocks, Apple shares closed up 1.8%, while Alphabet share price gained 0.3% after falling as much as 2.7% during the session. Videogame retailer GameStop share price jumped 74%, while AMC Entertainment stock surged and Koss Corp rallied 36.7%.

India Inflation

India’s headline retail inflation eased marginally in April as the Consumer Price Index (CPI) inflation came down to 4.83% from a 10-month low of 4.85% in March.

Read here: India's retail inflation marginally eases to 4.83% in April

Japan Wholesale Inflation

Japan’s wholesale inflation or the corporate goods price index (CGPI) rose 0.9% in April from a year earlier, compared with the median market forecast for a 0.8% gain and followed a 0.9% increase in March.

Meme Stocks Rally

GameStop share price shares hit an 18-month high at $38.20 and were halted multiple times for volatility, posting its sharpest one-day percentage gain since January 2021. The rally in GameStop shares came amidst speculation surrounding a potential return to social media by Keith Gill, famously known for igniting the meme-stock frenzy of 2021 as “Roaring Kitty."

Read here: GameStop rises 71% on ‘Roaring Kitty’ return, surges 87% in five days

GameStop stock price rally also boosted other meme stocks as theater chain AMC jumped 78%, while headphones maker Koss Corp soared 37%. Hertz Global surged nearly 12%, while Reddit Inc rose nearly 9%.

Oil Prices

Crude oil prices rose on Tuesday on tighter supply outlook amid stronger demand and voluntary output cuts.

US West Texas Intermediate crude futures rose 0.28% to $79.34 a barrel, while Brent crude futures gained 0.29% to $83.60 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.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

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.
More Less
Published: 14 May 2024, 07:13 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started