Indian stock market: 7 key things that changed for market overnight – Gift Nifty, Nvidia share rally to Treasury yields
Asian markets traded mixed, while the US markets also ended mixed overnight with the Nasdaq hitting another new record high to surpass 17,000 for the first time.
A rise in US Treasury yields, hawkish comments from US Federal Reserve officials and cautiousness amid the release of key economic data weighed on the markets.
On Tuesday, the Indian stock market benchmark equity indices ended lower, extending the losing streak for the third consecutive session.
The Sensex declined 220.05 points, or 0.29%, to close at 75,170.45, while the Nifty 50 settled 44.30 points, or 0.19%, lower at 22,888.15.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 29
“We expect the Nifty to remain sideways to marginally positive on the back of reduced FII selling, prediction of above normal monsoon and last leg of Q4 results,” 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 Wednesday tracking a similar trend overnight on Wall Street.
Japan’s Nikkei 225 gained 0.18%, while the Topix was flat. South Korea’s Kospi declined 0.26% and the Kosdaq dropped 0.44%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
Also Read: Australian shares hit 3-week low as financials drag, inflation data in focus
Gift Nifty Today
Gift Nifty was trading around 22,835 level, a discount of nearly 90 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Wall Street
The US stock market ended mixed on Tuesday with the Nasdaq crossing 17,000 for the first time ever.
The Dow Jones Industrial Average declined 216.73 points, or 0.55%, to 38,852.86, while the S&P 500 rose 1.32 points, or 0.02%, to 5,306.04. The Nasdaq Composite closed 99.09 points, or 0.59%, higher at 17,019.88.
Nvidia share price jumped 7%, GameStop shares rallied 25.2%, while Hess shares gained 0.4%. Exxon Mobil stock price ended 1.3% higher.
Also Read: Wall Street today: US stocks mixed, Nasdaq crosses 17,000 level as Nvidia climbs to record high
US Consumer Confidence
US consumer confidence unexpectedly improved in May after deteriorating for three straight months. The Conference Board said that its consumer confidence index increased to 102.0 this month from an upwardly revised 97.5 in April. Economists polled by Reuters had forecast the index slipping to 95.9 from the previously reported 97.0.
US Federal Reserve
Federal Reserve Bank of Minneapolis President Neel Kashkari said the US central bank’s policymakers haven’t entirely ruled out additional interest-rate increases. Earlier, in an interview on CNBC, he said officials should wait for more evidence that inflation is cooling before cutting interest rates, especially given the strong labor market and resilient economy.
Also Read: Nvidia stock riding a wave created by blowout earnings, jumps over 5% in mixed stock market
Treasury Yields, Dollar
US Treasury yields rose to multi-week highs after two lackluster debt auctions. The 10-year yield rose 6.5 basis points (bps) to 4.538% after earlier advancing to 4.546%, the highest since May 3rd, Reuters reported. The US two-year yield was up 1.9 bps at 4.972%. The yield climbed to a roughly four-week peak of 4.981%.
The dollar gained as the benchmark US Treasury yields hit a four-week high following some weak auctions. The dollar index was up 0.03% at 104.59, after earlier dropping to 104.3.
Oil Prices
Crude oil prices extended gains amid heightened geopolitical tensions in the Middle East ahead of an OPEC meeting.
Brent crude oil rose 0.38% to $84.54 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.49% to $80.22.
(With inputs from Reuters)
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Published: 29 May 2024, 07:06 AM IST
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