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Business News/ Markets / Stock Markets/  Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Japan Services PMI to oil prices
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Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Japan Services PMI to oil prices

Indian stock market: Gift Nifty was trading around 22,592 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Indian stock market: Asian markets traded higher, while the US stocks ended in the green overnight amid rising hopes that there was a greater chance of the US Federal Reserve cutting interest rates this year. (Photo: REUTERS)Premium
Indian stock market: Asian markets traded higher, while the US stocks ended in the green overnight amid rising hopes that there was a greater chance of the US Federal Reserve cutting interest rates this year. (Photo: REUTERS)

Indian stock market: The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Tuesday led by positive global market cues.

Asian markets traded higher, while the US stocks ended in the green overnight amid rising hopes that there was a greater chance of the US Federal Reserve cutting interest rates this year.

Traders are currently pricing in rate cuts worth 46 basis points from the Fed by the end of 2024, with the first cut expected in September or November, according to LSEG’s rate probability app.

On Monday, the Indian stock market benchmark indices ended mixed amid high volatility.

The Sensex gained 17.39 points, or 0.02%, to close at 73,895.54, while the Nifty 50 settled 33.15 points, or 0.15%, lower at 22,442.70.

“The surge in India VIX by over 70% in the last eight trading sessions from around 10 to its 52-week high near 17 level, indicating increasing nervousness among investors due to the ongoing global uncertainties and Lok Sabha election outcome next month. Hence, markets are likely to remain in a broader range with stock-specific action in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 7

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Tuesday tracking overnight gains on Wall Street.

Japan’s Nikkei 225 rose 0.96%, while the Topix gained 0.61%. South Korea’s Kospi rallied 1.6% and the Kosdaq surged 1.08%. Hong Kong’s Hang Seng index futures indicated a slightly weaker open.

Read here: Asian Stocks Climb After US Gain on Rates Optimism: Markets Wrap

Gift Nifty Today

Gift Nifty was trading around 22,592 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

The US stock market ended higher on Monday, extending gains for the third straight session.

The Dow Jones Industrial Average gained 176.59 points, or 0.46%, to 38,852.27, while the S&P 500 rose 52.95 points, or 1.03%, to 5,180.74. The Nasdaq Composite ended 192.92 points, or 1.19%, higher at 16,349.25.

Among stocks, Arm Holdings rallied 5.2%, Micron Technology shares gained 4.7%, Advanced Micro Devices share price rose 3.4% and Super Micro Computer stock price surged 6.1%. Paramount Global share price added 3.1%.

Tyson Foods shares declined 5.7%, while Spirit Airlines shares plunged 9.7%, to a record closing low.

US Federal Reserve

Richmond Fed President Thomas Barkin said the current interest rate level should cool the economy enough to return inflation to the central bank’s 2% target, with the strength of the job market giving officials time to wait, Reuters reported. Barkin, a voter this year on interest rate policy, added that inflation “data whiplash" supported the Fed's deliberative policy towards interest rates.

Federal Reserve Bank of New York President John Williams said while rate cuts would happen, monetary policy was currently in a very good place.

Also Read: Commodity stocks lift Australian shares; RBA decision on tap

Japan Services PMI

Japanese service sector activity grew at the fastest pace in eight months in April, a private survey showed. The final au Jibun Bank Service purchasing managers’ index (PMI) rose to 54.3 last month, the highest level since August 2023, and up slightly from 54.1 in March.

Oil Prices

Crude oil prices rose after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution, Reuters reported. Brent crude futures rose 0.46% to $83.71 per barrel, while US West Texas Intermediate (WTI) crude futures gained 0.59% to $78.94 a barrel.

US Dollar

The US dollar index, which measures the currency against six major peers, including the yen, sterling and euro, was little changed at 105.13, after dipping as low as 104.52 on Friday.

(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.

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Published: 07 May 2024, 07:00 AM IST
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