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Business News/ Markets / Stock Markets/  Indian stock market: 7 key things that changed for market overnight - Gift Nifty, oil prices to China markets rally
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Indian stock market: 7 key things that changed for market overnight - Gift Nifty, oil prices to China markets rally

Indian stock market: Asian markets gained on bets that China will be more forceful to prop up markets, while US stocks ended higher overnight as investors assessed corporate earnings and comments from US Federal Reserve officials.

Indian stock market: Gift Nifty was trading around 22,120 level, as compared with Nifty futures’ previous close of 22,000, indicating a gap-up start for the Indian stock market indices. (Photo: AP)Premium
Indian stock market: Gift Nifty was trading around 22,120 level, as compared with Nifty futures’ previous close of 22,000, indicating a gap-up start for the Indian stock market indices. (Photo: AP)

Indian stock market: The domestic equity benchmark indices are expected to open higher on Wednesday tracking positive global market cues.

Asian markets gained on bets that China will be more forceful to prop up markets, while US stocks ended higher overnight as investors assessed corporate earnings and comments from US Federal Reserve officials.

Indian markets will take cues from the Reserve Bank of India’s (RBI) monetary policy meeting outcome on Thursday. The RBI is widely expected to keep repo rate unchanged but the commentary of further rate trajectory will be keenly watched.

On Tuesday, the Indian stock market indices ended over half a percent higher led by across the board buying.

The Sensex jumped 454.67 points, or 0.63%, to close at 72,186.09, while the Nifty 50 settled 157.70 points, or 0.72%, higher at 21,929.40.

“We expect the market to continue its positive momentum with sectorial rotations. The key event this week is RBI’s monetary policy which provides direction to the market. Though RBI is expected to maintain the status quo, commentary would be eagerly eyed with regards to hints on rate cut," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

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

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher on Wednesday tracking overnight gains on Wall Street.

Japan’s Nikkei 225 index rose 0.07%, while the broader Topix index gained 0.62%. South Korea’s Kospi rose 0.8% and the Kosdaq rallied 1%. Hong Kong’s Hang Seng index futures also indicated positive opening.

Gift Nifty

Gift Nifty was trading around 22,120 level, as compared with Nifty futures’ previous close of 22,000, indicating a gap-up start for the Indian stock market indices.

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Wall Street

US stock market indices ended higher on Tuesday as investors scrutinized a mixed bag of earnings at big US companies.

The Dow Jones Industrial Average gained 141.24 points, or 0.37%, close at 38,521.36, while the S&P 500 rose 11.42 points, or 0.23%, to 4,954.23. The Nasdaq Composite ended 11.32 points, or 0.07%, higher at 15,609.00.

Among stocks, Snap share price plunged 30% after its quarterly revenue missed Wall Street estimates.

New York Community Bancorp shares plunged 22.2%, while Frontier Group Holdings’ shares rallied 20.8%. GE HealthCare Technologies jumped 11.6%, Palantir Technologies shares surged 30.8%, while Eli Lilly stock price eased 0.2%.

US Fed officials

Cleveland Fed President Loretta Mester said on Tuesday that if the US economy performs as she expects, it could open the door to rate cuts. But Mester said she was not ready to provide timing for easier policy amid ongoing inflation uncertainty, Reuters reported.

China markets rally

Chinese stock market indices saw the largest one-day gain in two years on Tuesday amid signals that authorities are strengthening their resolve to support slumping markets. The Shanghai Composite jumped 3.2%, notching its biggest daily gain since March 2022, the CSI 300 climbed 3.5% for its largest one-day rise since November 2022 and the CSI1000I saw its biggest rise since 2008 on Tuesday.

Also Read: Day trading guide for stock market today: Seven stocks to buy or sell on Wednesday — 7th February

Dollar dips

The US dollar remained under pressure on Wednesday amid a decline in US bond yields. The US dollar index, which measures the currency against six major peers, was flat at 104.14, following Tuesday’s 0.29% slide. It had reached the highest since November 14 at 104.60 on Monday.

Oil prices

Crude oil prices traded higher on Wednesday. Brent crude futures rose 38 cents, or 0.5%, to $78.97 a barrel, while US West Texas Intermediate crude climbed 41 cents, or 0.6%, to $73.72. 

(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 taking any investment decisions.

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Published: 07 Feb 2024, 07:20 AM IST
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