Indian stock market: 6 key things that changed for market overnight
Asian markets traded higher, while the US stock market ended flat overnight in a choppy session.
Investors now await the US Federal Reserve’s policy meeting minutes and key US inflation data for further cues on the timing and depth of interest rate cuts.
On Monday, the Indian stock market benchmark indices closed at their fresh closing highs led by sectorial tailwinds and Q4 earnings growth expectations.
The Sensex surged 494.28 points, or 0.67%, to end at 74,742.50, while the Nifty 50 settled 152.60 points, or 0.68%, higher at 22,666.30.
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“After a stellar FY24, Indian equity markets continue to march higher into new territory. Hopes of a favourable outcome from the ensuing general elections and the subsequent policy thrust are keeping sentiments upbeat. The announcements of encouraging monthly/yearly data and some operational / order announcements by companies are attracting stock-specific buying. The broader market is slow in catching up and investors will do well to be cautious in entering small/midcaps without adequate due diligence,” said Dhiraj Relli, MD & CEO at HDFC Securities.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Tuesday. Japan’s Nikkei 225 rose 0.67%, while the Topix gained 0.63%. South Korea’s Kospi added 0.61% and the Kosdaq rose 0.59%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
Also Read: Stocks in Asia to Rise; Bond Yields Hit 2024 High: Markets Wrap
Gift Nifty Today
Gift Nifty was trading around the 22,845 level, a premium of around 95 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market indices ended Monday’s choppy session flat ahead of the crucial inflation data later this week.
The Dow Jones Industrial Average eased 11.24 points, or 0.03%, to 38,892.80, while the S&P 500 fell 1.95 points, or 0.04%, to 5,202.39. The Nasdaq Composite ended 5.44 points, or 0.03%, higher at 16,253.96.
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Among stocks, Tesla shares jumped 4.9% after CEO Elon Musk said the company would unveil its self-driving Robotaxi on August 8.
Cryptocurrency exchange operator Coinbase Global shares rallied 6.7% and software firm MicroStrategy share price surged 5.1%.
US Treasury Yields
The yield on benchmark US 10-year notes rose 4.6 basis points (bps) to 4.424%, while the 30-year bond yield rose 2.3 bps to 4.5548%. The 2-year note yield rose 6.3 bps to 4.7949%.
Also Read: Japan’s Bond Market Liquidity Improves as BOJ Loosens Its Grip
Oil Prices
Crude oil prices rose after hopes of a ceasefire in the Middle East diminished.
Brent crude futures rose 0.44% to $90.78 a barrel, while US West Texas Intermediate (WTI) crude gained 0.39% to $86.77.
Gold Price Today
Gold prices rose near a record high on Tuesday. Spot gold gained 0.1% to $2,340.09 per ounce, after hitting a record high of $2,353.79 on Monday. US gold futures rose 0.3% to $2,358.80 per ounce.
(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: 09 Apr 2024, 07:11 AM IST
