Indian stock market: 8 key things that changed for market overnight - Gift Nifty, BoE policy to Accenture’s guidance cut
- Indian stock market: Gift Nifty was trading around the 22,095 level, a discount of nearly 10 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market indices.
Indian stock market: The domestic equity market is expected to open on a muted note Friday amid mixed cues from global peers.
Asian markets traded mixed, with Japan’s Nikkei at an all-time high, while the US stock indices also ended at record closing levels overnight as sentiment improved on optimism over interest rate cuts this year by the US Federal Reserve.
On Thursday, the Indian stock market benchmark indices ended with strong gains led by across-the-board buying amid positive global cues after the US Federal Reserve signaled three interest rate cuts this year.
The Sensex jumped 539.50 points, or 0.75%, to close at 72,641.19, while the Nifty 50 settled 172.85 points, or 0.79%, higher at 22,011.95.
“We expect market recovery to sustain over the next few days. Large caps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out,” 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 Friday tracking an overnight rally on Wall Street and after the release of Japan’s inflation data.
Japan’s Nikkei 225 gained 0.55% to hit a fresh all-time high, breaching 41,000 level, while the Topix rose 0.42% to a fresh record. South Korea’s Kospi fell 0.12% and the Kosdaq declined 0.23%. Hong Kong’s Hang Seng index futures indicated a weak opening.
Gift Nifty Today
Gift Nifty was trading around the 22,095 level, a discount of nearly 10 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market indices.
Wall Street
US stock market indexes registered record closing highs on Thursday amid optimism after the Federal Reserve reassured investors about the prospects for rate cuts this year.
The Dow Jones Industrial Average rallied 269.24 points, or 0.68%, to 39,781.37, while the S&P 500 rose 16.91 points, or 0.32%, to 5,241.53. The Nasdaq Composite ended 32.43 points, or 0.20%, higher at 16,401.84.
Among stocks, Micron Technology share price jumped 14%, Broadcom shares gained 5.6%, while Nvidia share price rose more than 1%. Goldman Sachs surged 4.4%, while Alphabet shares fell 0.8% and Apple shares ended 4.1% lower. Accenture shares plunged 9%.
Bank of England
The Bank of England decided to keep interest rates unchanged at 5.25% for a fifth-straight meeting on Thursday. The BoE’s committee of interest rate-setters voted 8-1 to keep borrowing costs at their 16-year high of 5.25%. Most economists polled by Reuters had expected one member of the Monetary Policy Committee (MPC) to continue voting for an increase in Bank Rate.
US S&P Global Composite PMI
S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, dipped to 52.2 this month from 52.5 in February. Manufacturing expanded further, with the survey’s flash manufacturing PMI rising to 52.5 this month, the highest reading since June 2022, from 52.2 in February, Reuters reported. The survey’s flash services sector PMI slipped to 51.7 in March from 52.3 in the prior month.
Accenture Cuts Guidance
Accenture share price plunged 9% after the company cut its revenue forecast for fiscal year 2024 as an uncertain economy is likely to prompt clients to curtail spending on its consulting services. The IT services provider now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%.
Japan Inflation
Japan’s core inflation accelerated in January to the quickest pace in four months. The core consumer price index (CPI), which excludes fresh foods, rose 2.8% in February from a year earlier. It accelerated from a 2.0% gain in January.
Oil prices
Crude oil prices fell on Friday amid the possibility of a nearing Gaza ceasefire. Brent crude futures declined 0.29% to $85.53 a barrel, while US crude futures dipped 0.28% to $80.84 per barrel.
(With inputs from Reuters)
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