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Business News/ Markets / Stock Markets/  Indian stock market: 8 key things that changed for market overnight - Gift Nifty to Nvidia share price rally
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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: 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. (Photo: Reuters)Premium
Indian stock market: 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. (Photo: Reuters)

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.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 24

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%.

Also Read: Dividend stocks: These shares to trade ex-dividend on May 24

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.

Also Read: Dollar set for weekly gain as rate cut bets ebb

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)

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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Published: 24 May 2024, 07:05 AM IST
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