Indian stock market: 8 key things that changed for market overnight - Gift Nifty to US Election Results 2024
- Indian stock market: Gift Nifty was trading around 24,255 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to remain volatile on Wednesday tracking mixed global market cues ahead of US election results 2024.
Asian markets traded higher, while the US stock market rallied overnight as voting was underway in an extremely tight US presidential election.
On Tuesday, the Indian stock market benchmark indices staged a solid recovery and ended sharply higher led by metals and banking stocks.
The Sensex rallied 694.39 points, or 0.88%, to close at 79,476.63, while the Nifty 50 settled 217.95 points, or 0.91%, higher at 24,213.30.
“Optimism across Asian and European indices ahead of the US election outcome boosted local traders’ confidence, although medium term outlook still looks hazy due to skepticism over further rate cut by the US Federal Reserve and subdued corporate earnings,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher Wednesday following overnight rally on Wall Street ahead of the US presidential election results.
Japan’s Nikkei 225 gained 0.7%, while the Topix rose 0.4%. South Korea’s Kospi added 0.2%, while the Kosdaq gained 0.7%. Hong Kong’s Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,255 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Wall Street
US stock market ended sharply higher on Tuesday as investors braced for volatile trading as voting was underway in an extremely tight US presidential election.
The Dow Jones Industrial Average rallied 427.28 points, or 1.02%, to 42,221.88, while the S&P 500 rose 70.07 points, or 1.23%, to 5,782.76. The Nasdaq Composite ended 259.19 points, or 1.43%, higher at 18,439.17.
Nvidia stock price rose 2.9% to $139.93, swelling its market capitalization to $3.43 trillion ahead of Apple at $3.38 trillion, and surpassed Apple to become the highest valued company in the world. Tesla shares gained 3.5%.
Trump Media & Technology Group shares closed down 1.16%, and surged 20% after the bell. Palantir stock price jumped 23.47%.
US Election Results 2024
The United States headed to the polls on Tuesday to elect its 47th President, with voters choosing between Democratic candidate Kamala Harris and Republican nominee Donald Trump. As of the latest update, Kamala Harris has secured 45.8% of the popular vote, while Donald Trump is currently leading with 53.1% of the vote.
US Services PMI
US services sector activity unexpectedly accelerated in October to a more-than two-year high, and employment strengthened. The Institute for Supply Management (ISM) said that its non-manufacturing purchasing managers (PMI) index accelerated to 56.0 last month from 54.9 the prior month. It was the highest level since August 2022. Economists polled by Reuters had forecast the services PMI declining to 53.8.
Gold Prices
Gold prices were muted as investors held back from taking big positions until the US election's outcome was known and shifted focus to the Federal Reserve’s upcoming meeting, Reuters reported.
Spot gold fell 0.2% to $2,738.89 per ounce, while US gold futures edged 0.1% lower to $2,747.80.
Dollar Rises
US dollar index added 0.6% to 103.98. The euro slipped 0.6% to $1.0867, having hit a one-month top of $1.0937 overnight. The dollar firmed 0.5% to 152.61 yen, and further off a low of 151.34, Reuters reported. The dollar gained 0.3% on the offshore yuan to 7.1227 yuan.
Treasury Yields
US Treasury yields rose ahead of the US election results. The benchmark 10-year US Treasury yields rose to 4.34%, from 4.28%, and nearer a four-month high of 4.388% touched last week. Two-year yields climbed to 4.245%, from 4.189%.
(With inputs from Reuters)
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