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Business News/ Markets / Stock Markets/  Indian stock market: 8 key things that changed for market overnight - Gift Nifty to China’s lending rate cut
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Indian stock market: 8 key things that changed for market overnight - Gift Nifty to China’s lending rate cut

Indian stock market: Gift Nifty was trading around 22,173 level, as compared with Nifty futures’ previous close of 22,160, indicating a flat start for the Indian stock market indices.

Indian stock market: Asian markets traded mixed as China’s central bank cut the benchmark five-year loan prime rate for the first time since June. The US stock futures were muted amid lack of fresh triggers. (Photo: AP)Premium
Indian stock market: Asian markets traded mixed as China’s central bank cut the benchmark five-year loan prime rate for the first time since June. The US stock futures were muted amid lack of fresh triggers. (Photo: AP)

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open on a flat note on Tuesday tracking mixed global market cues.

Asian markets traded mixed as China’s central bank cut the benchmark five-year loan prime rate for the first time since June. The US stock futures were muted amid lack of fresh triggers.

Meanwhile, investors now eye the minutes from the US Federal Reserve’s January policy meeting due on Wednesday for more clues on its interest rate cut timing.

On Monday, the Indian stock market indices ended higher for the fifth consecutive session, with the benchmark Nifty 50 hitting record high intraday.

The Sensex gained 281.52 points, or 0.39%, to close at 72,708.16, while the Nifty 50 settled 81.55 points, or 0.37%, higher at 22,122.25.

“Despite an unattractive risk reward, the broader market continued its outperformance in expectation of improvements in private capex and optimism about political stability. Benign input costs and expectations of a pickup in rural demand will aid corporate earnings growth. However, the higher US 10-year Treasury yield and domestic outflows of FIIs are pointing to cautiousness of foreign investors," said Vinod Nair, Head of Research, Geojit Financial Services.

On the global front, the US Federal Reserve will unveil its latest minutes this week, which may hint at the direction of rates.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 20

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday. Japan’s Nikkei 225 gained 0.21%, hovering near record highs, while South Korea’s Kospi declined 0.36%. Hong Kong’s Hang Seng index futures indicated a stronger opening.

Gift Nifty Today

Gift Nifty was trading around 22,173 level, as compared with Nifty futures’ previous close of 22,160, indicating a flat start for the Indian stock market indices.

Wall Street

US equity futures were steady in muted trading as investors awaited fresh triggers. S&P 500 futures gained 0.2% and Nasdaq 100 contracts rose 0.3%. US cash markets were shut on Monday for the President’s Day holiday. 

China cuts lending rate

China’s central bank on Tuesday decreased the benchmark five-year loan prime rate for the first time since June, while the rate on one-year tenure was kept unchanged.

The People’s Bank of China cut the benchmark five-year loan rate by 25 basis points to 3.95% and kept its one-year loan prime rate unchanged at 3.45%.

Read here: China central bank cuts benchmark lending rate for the first time since June

European Markets

In Europe, the Stoxx Europe 600 gained 0.16% to 492.39. Britain’s FTSE 100 edged up 0.22% to 7,728.50. France’s CAC 40 was flat at 7,768.55, while Germany’s DAX lost 0.15% at 17,092.26.

Oil prices

Crude oil prices held gains near the highest level in over three months as tensions escalated in the Red Sea after another Houthi strike on a commercial ship.

Brent was up 0.11% at $83.56, while the US West Texas Intermediate futures were little changed at $79.13 a barrel.

US dollar gains

The US dollar index, a measure of the greenback against major peers, rose 0.03% to 104.33. The Japanese yen was near a three-month low at 150.25 against the dollar.

In the bond market, US Treasury yields ticked higher in response to last week’s inflation data and the repricing of US Federal Reserve expectations, Reuters reported. The benchmark 10-year yield rose about 2 bps to 4.3166%, while the two-year yield steadied at 4.6565%.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 20

Gold price today

Gold prices fell in early Asian hours on Tuesday amid a stronger dollar and elevated US treasury yields. 

Spot gold declined 0.1% to $2,015.59 per ounce, while US gold futures gained 0.2% to $2,026.90 per ounce.

(With inputs from Agencies)

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 taking any investment decisions.

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Published: 20 Feb 2024, 07:11 AM IST
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