Active Stocks
Wed May 22 2024 14:29:52
  1. Tata Steel share price
  2. 173.25 -0.60%
  1. ITC share price
  2. 439.90 1.14%
  1. State Bank Of India share price
  2. 817.90 -1.52%
  1. Kotak Mahindra Bank share price
  2. 1,696.00 -0.06%
  1. NTPC share price
  2. 372.15 0.07%
Business News/ Markets / Stock Markets/  Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Tesla Q1 results to US PMI data
BackBack

Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Tesla Q1 results to US PMI data

Indian stock market: Gift Nifty was trading around the 22,450 level, a premium of nearly 80 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Indian stock market: Asian markets rallied, while the US stocks ended higher as investors focused on quarterly results from Magnificent Seven and other megacap growth stocks. (Photo: REUTERS)Premium
Indian stock market: Asian markets rallied, while the US stocks ended higher as investors focused on quarterly results from Magnificent Seven and other megacap growth stocks. (Photo: REUTERS)

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

Asian markets rallied, while the US stocks ended higher as investors focused on quarterly results from Magnificent Seven and other megacap growth stocks.

On Tuesday, the Indian stock market indices continued the upward momentum and ended higher for the third consecutive session.

The Sensex gained 89.83 points, or 0.12%, to close at 73,738.45, while the Nifty 50 settled 31.60 points, or 0.14%, higher at 22,368.00.

“The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors’ reassessing the risks. With higher levels of dollar index and US bond yields, FIIs are expected to continue with outflows, but inflows from DIIs are supporting the recovery," said Vinod Nair, Head of Research, Geojit Financial Services.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 24

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

Asian Markets

Asian markets traded higher on Wednesday following overnight rally on Wall Street.

Japan’s Nikkei 225 surged 1.27%, while the Topix gained 0.71%. South Korea’s Kospi rallied 1.85% and the Kosdaq gained 1.25%. Hong Kong’s Hang Seng index futures indicated a stronger opening.

Gift Nifty Today

Gift Nifty was trading around the 22,450 level, a premium of nearly 80 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 Tuesday following positive earnings from top-tier companies.

The Dow Jones Industrial Average rallied 263.71 points, or 0.69%, to 38,503.69, while the S&P 500 gained 59.95 points, or 1.20%, to 5,070.55. The Nasdaq Composite ended 245.34 points, or 1.59%, higher at 15,696.64.

Among stocks, Tesla share price jumped over 13% in extended hours trading after its earnings release, while General Motors shares closed 4.4% higher on better-than-expected quarterly results. 

Spotify shares rallied 11.4% after its gross profit topped 1 billion euros ($1.1 billion) for the first time. GE Aerospace shares jumped 8.3% on a bullish full-year profit forecast. Danaher shares gained 7.2%, while JetBlue share price plunged nearly 19%.

Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today — April 24

Tesla Q1 Results

Tesla reported Q1 profits of $1.1 billion, registering a fall of 55% from the year-ago quarter amid an increasingly cutthroat electric vehicle (EV) market. The Elon Musk-led EV manufacturer’ revenues for the quarter ended March 2024 dropped 9% YoY to $21.3 billion as the company described EV sales as “under pressure."

Tesla share price jumped more than 13% in after-hours trading after Tesla pledged to “accelerate" new more affordable autos.

US Composite PMI

US business activity cooled in April to a four-month low due to weaker demand, Reuters reported. S&P Global said that its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 50.9 this month from 52.1 in March. 

RBI Bulletin

The Indian economy must grow at 8-10% annually over the next decade to harness the full potential of its demographic dividend, according to the latest Reserve Bank of India (RBI) bulletin released on Tuesday. The central bank also said that the developmental strategy over the next few decades must centre around extracting the maximum possible contribution of its young and rising labour force to the growth of GVA.

Also Read: India needs 8-10% growth over next decade to reap demographic dividend: RBI

NSE Transaction Charges

The National Stock Exchange of India (NSE) said that it is not considering to impose transaction charges for Futures and Options contracts on Nifty Next 50 Index that was to be applicable since launch on April 24, 2024.

(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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

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: 24 Apr 2024, 07:07 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