Indian stock market: 7 key things that changed for market overnight

Asian markets traded mixed while the US stocks ended lower as sentiment remained weak ahead of the release of key economic data this week.

The release of January’s personal consumption expenditures price index (PCE) – the US Federal Reserve’s preferred inflation gauge – could dampen the recent enthusiasm should the data indicate price pressures are not cooling fast enough.

Markets have all but ruled out a cut at the Fed’s March meeting and have recently pushed back expectations for easing to June from May, CME’s FedWatch Tool showed, on the heels of surprisingly strong consumer and producer price data, Reuters reported.

On Monday, the Indian stock market indices ended lower amid weak global cues ahead of key macro data.

The Sensex dropped 352.67 points, or 0.48%, to close at 72,790.13, while the Nifty 50 declined 90.65 points, or 0.41%, to settle at 22,122.05.

“Globally investors would take cues from macro data releases lined up during the week. Overall, we expect the market to consolidate at higher zones while following global trends,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday following overnight drop on Wall Street amid subdued investor sentiment.

Japan’s Nikkei 225 gained 0.3%, while the Topix rose 0.1%. South Korea’s Kospi eased 0.1% and the Kosdaq dipped 0.3%. Hong Kong’s Hang Seng index futures indicated a slightly higher open.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — Feb 27

Gift Nifty Today

Gift Nifty was trading around 22,151 level, as compared with Nifty futures’ previous close of 22,138, indicating a slightly positive start for the Indian stock market indices.

Wall Street

The US stock market indices ended lower on Monday as investors’ focus shifted to upcoming economic data that could affect the timing of the Federal Reserve’s expected interest rate cut.

The Dow Jones Industrial Average dropped 62.30 points, or 0.16%, to 39,069.23, while the S&P 500 fell 19.27 points, or 0.38%, to 5,069.53. The Nasdaq Composite ended 20.57 points, or 0.13%, lower at 15,976.25.

Among stocks, Micron Technology shares gained 4.02%, Google-parent Alphabet share price plunged 4.44%, while Warren Buffett-led Berkshire Hathaway shares dropped 1.94%. Domino’s Pizza stock price rallied 5.85%, while Intuitive Machines plunged 34.62%.

Japan’s inflation

Japan’s consumer inflation slowed for the third straight month to 2.0% in January. The year-on-year rise in prices, excluding those for volatile fresh food, followed an increase of 2.3% in December, government data showed. The dip in the core consumer price index (CPI) was slightly less pronounced than expected, with economists polled by Bloomberg predicting 1.9%.

Bitcoin price

Bitcoin price surpassed $53,000 level, reaching its highest point in over two years, led by optimism about sustained investor demand through exchange-traded funds (ETFs). The world’s largest cryptocurrency rose up to 3.5% to $53,600.

Read here: Bitcoin nears $54,000 mark, the highest in two years on strong ETF inflows

US Dollar

The US dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key economic data for fresh signals on how soon the Fed may begin cutting interest rates.

The US dollar index, which measures the currency against a basket of peers including the yen and euro, traded flat at 103.78 early in Asian time, following a 0.17% slide on Monday.

Oil Prices

Crude oil prices steadied after a gain. Brent crude oil rose 0.06% to $82.58 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.08% to $77.64 after rising by 1.4% on Monday.

(With inputs from Agencies)

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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Published: 27 Feb 2024, 07:16 AM IST

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