Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices
- Indian stock market: Gift Nifty was trading around the 22,540 level, a discount of nearly 60 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday tracking weak sentiment in global peers amid a spike in US Treasury yields and oil prices.
Asian markets traded mixed, while the US stock indices ended mostly lower overnight after strong economic data raised worries over the timing of interest rate cuts by the US Federal Reserve.
The US rate futures market was pricing in a 58% chance of a rate cut in June, down from about 64% a week ago, according to the CME’s FedWatch tool, Reuters reported.
On Monday, the Indian stock market benchmarks indices ended half a percent higher after hitting new record highs during the session buoyed by upbeat investor sentiment.
The Sensex gained 363.20 points, or 0.49%, to close at 74,014.55, while the Nifty 50 settled 135.10 points, or 0.61%, higher at 22,462.00.
“The market is expected to continue its positive momentum but the journey could be volatile on the back of elections and Q4 earnings this month. Now all eyes will be on RBI monetary policy due this Friday where status quo is expected but commentary would be keenly watched,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Tuesday as investors gauged key economic data in the region.
Japan’s Nikkei 225 gained 0.25%, while the Topix rose 0.19%. South Korea’s Kospi fell 0.34% and the Kosdaq declined 1.11%. Hong Kong’s Hang Seng index futures indicated a weak opening.
Australia’s S&P/ASX 200 rose 0.12% to fresh all-time highs.
Gift Nifty Today
Gift Nifty was trading around the 22,540 level, a discount of nearly 60 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Wall Street
The US stock market indices ended mixed on Monday after stronger-than-expected manufacturing data pushed Treasury yields higher.
The Dow Jones Industrial Average declined 240.52 points, or 0.60%, to 39,566.85, while the S&P 500 fell 10.58 points, or 0.20%, to 5,243.77. The Nasdaq Composite ended 17.37 points, or 0.11%, higher at 16,396.83.
Treasury Yields
US Treasury yields spiked to a two-week high after strong manufacturing. The yield on two-year Treasury notes rose 9.2 basis points (bps) to 4.712%, while the 10-year’s yield rose 12.3 bps to 4.317%, after earlier touching a two-week high of 4.337%.
The dollar index, which measures the U.S. currency against six rivals, was 0.507% higher at 105.01.
US Manufacturing PMI
US manufacturing grew for the first time in 1-1/2 years in March. The Institute for Supply Management (ISM) said its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February. Economists polled by Reuters had forecast the PMI would rise to 48.4.
Oil prices
Crude oil prices held near a five-month high buoyed by heightened geopolitical crisis in the Middle East and tighter supply from Mexico.
Brent crude oil rose 0.34% to $87.72 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.32% to $83.98.
Gold prices
Gold prices hit fresh all-time highs on Monday amid fading optimism over interest rate cut anytime soon.
Spot gold hit an all-time high of $2,265.49 an ounce earlier in the session, while US gold futures settled 0.9% higher at $2,236.50 an ounce.
(With inputs from Reuters)
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