Indian stock market: 8 key things that changed for market overnight - Gift Nifty to Nvidia share price rally
- Indian stock market: Gift Nifty was trading around the 22,950 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Indian stock market: The domestic equity indices, Sensex and Nifty 50, are expected to open lower on Friday following weak global market cues.
Asian markets traded lower, while the US stock market ended in the red after data showed inflation was still a concern that could delay any Federal Reserve rate cuts.
On Thursday, the Indian stock market benchmark indices closed at record high amid buying across the board.
The Sensex jumped 1,196.98 points, or 1.61%, to close at 22,967.65, while the Nifty 50 settled 369.85 points, or 1.64%, higher at 75,418.04.
“We expect this positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus,” 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 lower on Friday tracking overnight losses on Wall Street.
The Nikkei 225 declined 1.83%, while the Topix plunged 1.22%. South Korea’s Kospi fell 1.34%, and the Kosdaq lost 0.95%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
Gift Nifty Today
Gift Nifty was trading around the 22,950 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Wall Street
The US stock market ended lower on Thursday with the Dow Jones registering the largest daily percentage drop since March 22, 2023.
The Dow Jones Industrial Average plunged 605.78 points, or 1.53%, to 39,065.26, while the S&P 500 declined 39.17 points, or 0.74%, to 5,267.84. The Nasdaq Composite ended 65.51 points, or 0.39%, lower at 16,736.03.
Among stocks, Nvidia share price jumped 9.32% to close above the $1,000 per share mark for the first time. DuPont shares gained 0.48% while Live Nation share price declined 7.81%.
Nvidia Stock Price
Nvidia share price surged over 9% Thursday on bumper revenue forecast and stock split announcement, adding around $218 billion in market value on the day, the second-largest single-day market cap gain in history on Wall Street.
Nvidia announced a 10-for-one stock split and lifted its quarterly dividend by 150%.
Nvidia shares closed at $1,037.99, ending above the $1,000 level. The stock is up nearly 110% so far in 2024 after more than tripling last year.
US Jobless Claims
The number of Americans filing new claims for unemployment benefits fell last week. Initial jobless claims dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18. Economists polled by Reuters had forecast 220,000 claims in the latest week.
US Home Sales
New US single-family homes sales fell more than expected in April by 4.7% to a seasonally adjusted annual rate of 634,000 units last month. Economists polled by Reuters had forecast new home sales would fall to a rate of 679,000 units.
Dollar
The dollar was headed for its largest weekly rise in a month and a half on Friday.
The US dollar index, which measures the dollar against a basket of six major peers, was last up nearly 0.6% on the week to 105.07, on course for its largest one-week rise since mid-April.
Japan Inflation
Japan’s core inflation slowed for a second straight month in April, but stayed comfortably above the central bank’s 2% target. The nationwide core consumer price index (CPI), which excludes fresh food items, rose 2.2% from a year earlier after rising 2.6% in March. It matched the median market forecast.
(With inputs from Reuters)
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