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Business News/ Markets / Stock Markets/  Indian stock market: 8 things that changed for the market overnight - Gift Nifty, US GDP to Japan’s inflation
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Indian stock market: 8 things that changed for the market overnight - Gift Nifty, US GDP to Japan’s inflation

Indian stock market: The Asian markets traded higher, while the US stocks jumped overnight after economic data raised hopes of easing monetary policy and interest rate cuts by the US Federal Reserve.

Indian stock market: Gift Nifty was trading around 21,388 level as compared to Nifty futures’ previous close of 21,376, indicating a positive start for the Indian markets. (Photo: Reuters)Premium
Indian stock market: Gift Nifty was trading around 21,388 level as compared to Nifty futures’ previous close of 21,376, indicating a positive start for the Indian markets. (Photo: Reuters)

Indian stock market: The Indian stock market indices, Sensex and Nifty are expected to open on a positive note Friday following gains in global peers.

The Asian markets traded higher, while the US stocks jumped overnight after economic data raised hopes of easing monetary policy and interest rate cuts by the US Federal Reserve.

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The domestic equity market ended higher on Thursday amid across-the-board buying as investors remained upbeat on India’s growth prospects.

The Sensex ended 358.79 points, or 0.51%, higher at 70,865.10, while the Nifty 50 gained 104.90 points, or 0.50%, to settle at 21,255.05.

“Market is likely to move in a range as investor participation is expected to gradually decline globally ahead of the Christmas and New Year holiday," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 22

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Friday tracking overnight gains on Wall Street, while data showed Japan’s inflation growth at slowest pace since July 2022.

Japan’s Nikkei 225 gained 0.36% and the Topix rose 0.51%. South Korea’s Kospi was up 0.43%, while Kosdaq added 0.33%. Hong Kong’s Hang Seng index futures pointed to a weaker open.

Also Read: F&O ban list: Ashok Leyland, RBL Bank, SAIL, 5 other shares placed under future & option ban list for today

Gift Nifty

Gift Nifty was trading around 21,388 level as compared to Nifty futures’ previous close of 21,376, indicating a positive start for the Indian markets.

US Stock Market

US stocks ended higher on Thursday as investor risk appetite revived after economic data fueled optimism that the US Federal Reserve would ease monetary policy.

The Dow Jones Industrial Average rallied 322.35 points, or 0.87%, to 37,404.35, while the S&P 500 jumped 48.4 points, or 1.03%, to 4,746.75. The Nasdaq Composite ended 185.92 points, or 1.26%, higher at 14,963.87.

Among stocks, Micron Technology shares surged 8.6%, Triumph Group rallied 32.9%, while Blackberry shares tanked 12.7%. US electric vehicle makers Tesla, Lucid Group and Rivian Automotive rose between 1.6% and 3.0%.

US GDP

The US economy expanded at a revised 4.9% annual pace in the third quarter, government data showed. The gross domestic product (GDP) growth reduced from a previously reported 5.2% in the government’s third estimate. 

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US jobless claims rise

The number of Americans filing new claims for unemployment benefits rose just marginally last week. Initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 205,000 for the week ended December 16, the Labor Department said on Thursday. Economists polled by Reuters had forecast 215,000 claims for the latest week.

Nike cuts annual sales view

Nike shares declined 11% after it cut its annual sales forecast on cautious consumer spending, softer online business trends and higher promotions. The company also said it plans to cut supply of key product franchises to manage costs.

The company said it was seeking $2 billion in savings over the next three years through steps including tightening product supply, reducing management layers, increasing the use of automation and improving its supply chain, Reuters reported.

Japan inflation slows 

Japan’s headline inflation rate slowed to 2.8% YoY in November from 3.3% in the previous month, government data showed. It was the slowest pace of inflation since July 2022.

Also Read: Oil down more than $1 as Angola exits OPEC cartel over production quotas; Brent drops to $78/bbl

Oil prices dip

Crude oil prices ended lower on Thursday after Angola said it would exit the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures settled down 31 cents at $79.39 a barrel, while US West Texas Intermediate crude futures fell 33 cents to $73.89 a barrel.

(With inputs from Reuters)

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Published: 22 Dec 2023, 07:17 AM IST
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