Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Markets / Stock Markets/  Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices
BackBack

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: 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. (Photo: Reuters)Premium
Indian stock market: 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. (Photo: Reuters)

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.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 2

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.

Also Read: Emerging-Market Assets Edge Lower Amid Thin Liquidity, US Data

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.

Also Read: Bourses direct brokers to follow RBI circular on currency derivatives

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.

Read here: Oil prices surge to five-month high on positive economic news from US and China

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)

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: 02 Apr 2024, 07:04 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
Switch to the Mint app for fast and personalized news - Get App