5 things that changed for the stock market overnight
The Asian markets traded mixed, while the US markets were shut for a Thanksgiving holiday.
Declining oil prices and ease in US bond yields are likely to support the domestic equities and remain key positives for a broader recovery for the market.
The domestic equity market ended flat on Thursday with the Nifty holding above 19,800 level. The Sensex eased 5.43 points, or 0.01%, to close at 66,017.81, while the Nifty 50 fell 9.85 points, or 0.05%, to settle at 19,802.00.
“While the secondary market saw a range bound move, the heightened action was seen in the primary market. Overall market is likely to trade sideways in the near term with stock specific action in the broader space,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Also Read: Nifty 50, Sensex today: What to expect from stock market indices in trade on November 24
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Friday as investors watched out for key economic data releases from Japan and also focused on China’s property market.
Japan’s Nikkei 225 rallied 0.94%, while the Topix gained 0.67%. South Korea’s Kospi eased 0.17% and the Kosdaq rose 0.10%.
The Hang Seng Index fell 0.78%. The Shanghai Composite Index dipped 0.05% and the Shenzhen Composite Index was flat.
Gift Nifty was trading around 19,868 level as against Nifty futures’ previous close of 19,875, indicating a tepid start for the Indian benchmark indices.
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Wall Street
The US stock market was closed on Thursday on account of Thanksgiving holiday. The bond markets also remained shut.
Additionally, there will be only half-day trading in the US markets on Friday, November 24. The stock exchanges New York Stock Exchange (NYSE) and Nasdaq will open at its regular time on Friday but will close at 1 pm EST.
The US bond market will close at 2 pm EST on Friday, according to the Securities Industry and Financial Markets Association.
On Wednesday, the Dow Jones Industrial Average rallied 184.74 points, or 0.53%, to 35,273.03, while the S&P 500 rose 18.43 points, or 0.41%, to 4,556.62. The Nasdaq Composite ended 65.88 points, or 0.46%, higher at 14,265.86.
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Oil prices extend losses
Crude oil prices extended decline on Thursday after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) unexpectedly delayed their policy meeting. Investors now speculate that the oil producer group might not deepen output cuts next year. The oil cartel will now hold a virtual meeting on November 30 to decide crude production strategy for next year.
Brent crude lost 0.7% to end near $81 a barrel, while US West Texas Intermediate crude fell 0.73% to settle at $76.54 a barrel before the Thanksgiving break.
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Japanese inflation rises
Japan’s core consumer price growth rose slightly in October, reinforcing views that the Bank of Japan (BOJ) may roll back monetary stimulus before long.
The nationwide core consumer price index (CPI) rose 2.9% year-on-year in October, government data showed, against 3.0% expected by economists in a Reuters poll. Core inflation had slowed to 2.8% in September from 3.1% in August, the first time it was below 3% since August 2022.
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Japan’s factory activity shrinks for 6th month
Japan’s factory activity shrank for a sixth straight month in November, while modest growth in the service sector was little changed, a business survey showed on Friday.
The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) slipped to 48.1 in November from 48.7 in October. The index has remained below the 50.0 threshold that separates contraction from expansion since June, Reuters reported.
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(With inputs from Reuters)
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Updated: 24 Nov 2023, 07:42 AM IST
