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Business News/ Markets / Stock Markets/  Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Tesla sales drop to rising oil prices

Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Tesla sales drop to rising oil prices

  • Indian stock market: Gift Nifty was trading around the 22,465 level, a discount of nearly 110 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Indian stock market: Asian markets traded lower, while the US stocks ended sharply lower overnight as investors weighed the chances that the US Federal Reserve could delay cutting interest rates.

Indian stock market: The Indian equity market is expected to open lower on Wednesday tracking weak cues from global markets amid rising crude oil prices.

Asian markets traded lower, while the US stocks ended sharply lower overnight as investors weighed the chances that the US Federal Reserve could delay cutting interest rates.

A rise in US treasury yields and a jump in crude oil prices may also dent investor sentiment.

On Tuesday, the Indian stock market indices snapped the three-day gaining run dragged by profit-taking in select private banks and auto shares amid weak global cues.

The Sensex fell 110.64 points, or 0.15%, to close at 73,903.91, while the Nifty 50 settled 8.70 points, or 0.04%, lower at 22,453.30.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 3

“We are seeing renewed optimism in the broader market in the mid & small cap stocks after the sharp correction over the past few months. There is a lot of money waiting on the sidelines to be invested in medium enterprises amid easing valuations and hopes of strong economic growth going ahead," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Wednesday following overnight losses on Wall Street. Japan’s Nikkei 225 fell 1.3% and Topix dropped 0.82%. South Korea’s Kospi declined 0.8%, while the Kosdaq slipped 1.24%. Hong Kong’s Hang Seng index futures indicated a marginally lower opening.

Read here: Asian Stocks Slip as Rate Cut Hopes Begin to Fade: Markets Wrap

Gift Nifty Today

Gift Nifty was trading around the 22,465 level, a discount of nearly 110 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market indices ended sharply lower on Tuesday, while the 10-year Treasury yields rose to their highest since late November as investors pared back expectations for interest rate cuts this year.

The Dow Jones Industrial Average declined 396.61 points, or 1%, to 39,170.24, while the S&P 500 fell 37.96 points, or 0.72%, to 5,205.81. The Nasdaq Composite ended 156.38 points, or 0.95%, lower at 16,240.45.

Among stocks, Tesla shares dropped 4.9% and Calvin Klein-parent PVH Corp shares plunged 22.2%.

US Federal Reserve Officials

The US Fed officials reiterated that the central bank is in no rush to cut interest rates. San Francisco Fed President Mary Daly cited a “real risk" of cutting rates too soon and locking in too-high inflation, Reuters reported. Fed Bank of Cleveland President Loretta Mester said she still expected the central bank to be able to cut rates this year, noting that the easing might kick off at its June policy meeting if economic data allows it.

Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell on April 3

Oil Prices

Crude oil prices extended a rally after a larger-than-expected fall in US crude inventories and escalating geopolitical tensions. Brent futures for June delivery rose 0.22% to $89.12 per barrel, while US West Texas Intermediate (WTI) crude futures for May gained 0.2% to $85.32 a barrel. Both Brent and WTI had risen to its highest since October on the previous day.

US Job Openings

US job openings rose 8,000 to 8.756 million on the last day of February. Data for January was revised lower to show 8.748 million unfilled positions instead of the previously reported 8.863 million. Economists polled by Reuters had forecast 8.750 million job openings in February. Vacancies peaked at a record 12.0 million in March 2022.

The Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department, showed there were 1.36 vacancies for every unemployed person in February, down from 1.43 in January.

Also Read: Stock market today: Hindustan Copper under F&O ban list today

Tesla Sales

Tesla share price plunged 4.9% after the Elon Musk-led electric vehicle (EV) maker reported a fall in quarterly deliveries for the first time in nearly four years, missing Wall Street estimates. Tesla’s deliveries declined by 8.5% in the first quarter to 386,810 vehicles from a year ago and the company produced 433,371 vehicles during the period. Wall Street had expected Tesla to deliver 454,200 vehicles.

Read here: Tesla stock declines over 5% on sharp fall in Q1 sales, rival EV makers tumble

Gold Price Today

Gold prices extended their record rally on Wednesday led by a weaker dollar and safe-haven demand. Spot gold price gained 0.2% to $2,283.47 per ounce after hitting an all-time high of $2,288.09 earlier in the session. US gold futures rose 1% to $2,303.80 per 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.

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