Global markets: SGX Nifty to US earnings — key triggers for stock market today
Global market today: US stock market registered sharp gains on Thursday as all three major indices finished in green territory and US treasury yield started to climb after strong earnings pushed investors to look beyond signs of weak economic outlook. In Asian markets, Japanese Consumer Price Index (CPI) data beat the market estimates in April 2023 by reporting 3.5 per cent core inflation leaving volatile items. Signaling positive opening on Dalal Street today, SGX Nifty today opened higher and regained the psychological 18,000 levels.
Here we list out important global market triggers that may dictate Indian stock market today:
US stock market
On strong earnings reported by Wall Street listed companies, all three major indices witnessed sharp upside rally on Thursday. Dow Jones finished 1.57 per cent higher, S&P 500 index clocked 1.96 per cent rise whereas tech heavy Nasdaq clocked its biggest intraday gain of 2.43 per cent since mid-March 2023. Dow Jones and S&P 500 also logged their biggest intraday gain since January 2023.
Speaking on reason for sharp rally on Wall Street, Jay Hatfield, Portfolio Manager at InfraCap said, “The (earnings) beat from Meta was strong. And on the heels of Microsoft and Alphabet (results), the fear that earnings were going to be terrible really isn’t playing out.”
US dollar
After coming close to 101 levels, Dollar Index has once again gained momentum on US Fed rate hike speculations. In early morning deals, US dollar has witnessed buying interest among bulls as the Dollar Index has gained 0.04 per cent and hit 101.267 levels.
Asian stock market
In early morning session, Japanese Nikkei is up 0.65 per cent, Shanghai Index gained 0.69 per cent, Hong Kong’s Hang Seng surged 0.92 per cent whereas South Korean KOSPI went up 0.68 per cent.
Signaling strong opening on Dalal Street, SGX Nifty today opened opened higher and regained the psychological 18,000 levels. SGX Nifty is currently trading in long 230 points range, which augurs well for key benchmark indices of Dalal Street.
Speaking on SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, “SGX Nifty is currently trading with over 75 points gain which signals strong opening of the Indian stock market today.”
Gold rate today
Due to rise in the US dollar rate against major global currencies, profit booking triggered in gold price on Thursday. It seems that investors are cautious on gold price movement as the yellow metal price is oscillating around its Thursday close price. In international market, gold rate today is around $1,989 per ounce, around 0.08 per cent higher from its Thursday close price in international spot market.
Crude oil price
Oil prices are heading for second weekly loss as the WTI crude oil price has slipped below $75 per barrel levels in early morning deals in Asian stock markets. Brent crude oil price is currently quoting $78.29 per barrel.
US bond yield
In early morning session, US 10 years bond yield is down 0.11 per cent to 3.524 whereas US 30 years bond yield is down 0.09 per cent to 3.753 levels.
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 taking any investment decisions.
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