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Business News/ Markets / Stock Markets/  Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nikkei’s record high to FPI flows
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Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nikkei’s record high to FPI flows

Indian stock market: Gift Nifty was trading around 22,231 level, as compared with Nifty futures’ previous close of 22,222, indicating a flat-to-positive start for the Indian stock market indices.

Indian stock market: Asian markets traded mostly higher with Japan’s Nikkei hitting record highs, while the US stock market ended mixed on Friday. (Photo: AP)Premium
Indian stock market: Asian markets traded mostly higher with Japan’s Nikkei hitting record highs, while the US stock market ended mixed on Friday. (Photo: AP)

Indian stock market: The domestic equity market is expected to see a muted opening on Monday following mixed global market cues.

Asian markets traded mostly higher with Japan’s Nikkei hitting record highs, while the US stock market ended mixed on Friday.

Investors remained on the sidelines ahead of the key economic data releases that will provide further clues on the global interest rate outlook, with a US inflation reading taking centre stage.

On Friday, the Indian stock market indices ended flat with a negative bias with Nifty 50 hitting a record high for the fifth consecutive session.

The Sensex eased 15.44 points, or 0.02%, to close at 73,142.80, while the Nifty 50 ended 4.75 points, or 0.02%, lower at 22,212.70.

“This week, the market might take a pause ahead of various global economic data releases. US would be reporting its Q4 GDP numbers along with Initial jobless claim, PCE data and Consumer Confidence for the month of February. However, the overall trend remains positive and thus we recommend investors to continue with the buy on dips strategy," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

On the domestic front, investors will eye several stock market triggers this week including domestic and global macroeconomic data, auto sales figures, crude oil prices, foreign capital inflow, along with other global developments.

Read here: Week Ahead: Auto sales, F&O expiry, Q3 GDP data, global cues among key market triggers this week

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

Asian Markets

Asian stocks traded mostly higher on Monday ahead of a slew of economic data this week including Chinese activity gauges and the Federal Reserve’s preferred measure of inflation.

Japan’s Nikkei 225 gained 0.5% and Topix rose 0.6%. South Korea’s Kospi fell 0.5%, while the Kospi added 0.2%. Hong Kong’s Hang Seng index futures were flat.

Gift Nifty Today

Gift Nifty was trading around 22,231 level, as compared with Nifty futures’ previous close of 22,222, indicating a flat-to-positive start for the Indian stock market indices.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 26

Wall Street

The US stock market ended mixed on Friday, while all three Wall Street benchmarks scored weekly gains led by artificial intelligence stocks.

The Dow Jones Industrial Average gained 62.42 points, or 0.16%, to close at 39,131.53, while the S&P 500 rose 1.77 points, or 0.03%, to end at 5,088.8. The Nasdaq Composite settled 44.80 points, or 0.28%, lower at 15,996.82. 

For the week, the S&P 500 rallied 1.7%, the Dow gained 1.3% and the Nasdaq finished 1.4% higher.

Nvidia stock price rose 0.4% and briefly traded above $2 trillion in market valuation for the first time. Apple, Tesla and Meta Platforms fell between 0.4% and 2.8%. 

Carvana shares rallied 32.1%, Super Micro Computer shares dropped 11.8%, while Warner Bros Discovery declined 9.9%.

Also Read: Wall Street week ahead: Investors to review big earnings, economic data

Interest rate cuts ‘likely later this year’: Fed’s Williams

The US economy is headed in the right direction and it will likely be appropriate to cut interest rates later this year, said US Federal Reserve Bank of New York President John Williams, Bloomberg reported.

In an interview with Axios, Williams said officials want to see inflation data that continues to move toward the central bank’s 2% goal.

“At some point, I think it will be appropriate to pull back on restrictive monetary policy, likely later this year. But it’s really about reading that data and looking for consistent signs that inflation is not only coming down but is moving towards that 2% longer-run goal," Williams said.

Oil prices

Crude oil prices steadied after the biggest drop in three weeks, with prices still trading in a narrow range.

Brent oil traded 0.15% lower at $81.50 a barrel after declining by 2.5% on Friday, with US West Texas Intermediate down 0.18% at $76.35.

Berkshire posts record profit 

Warren Buffett’s Berkshire Hathaway reported its second straight record annual operating profit led by insurance business. The company’s fourth-quarter net income more than doubled to $37.57 billion, or $26,043 per Class A share, while the annual profit of $96.2 billion topped the old record $89.9 billion from 2021.

Net income also reached a record $96.2 billion, as the rising stock market boosted the value of Berkshire's $354 billion equity portfolio, half of which is in Apple, Reuters reported.

Also Read: FPIs offload 424 crore in Indian equities as outflows sharply decline in February: Here's why

FPI trajectory

Foreign Portfolio Investors (FPIs) net infused more than 18,500 crore in India’s debt markets so far this month. This came after a net investment of over 19,836 crore in January.

On the other hand, FPI outflows from equities stood at 424 crore during the period under review. In January, FPIs net sold Indian equities worth 25,743 crore, data showed.

(With inputs from Agencies)

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 taking any investment decisions.

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Published: 26 Feb 2024, 07:08 AM IST
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