Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Dow Jones’ record close to gold prices

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open on a cautious note on Thursday following mixed cues from global markets.

Asian markets traded mixed, while the US stock market ended higher overnight, with the Dow Jones posting a record close.

Investors will await a slew of US economic data that could offer more clues on the Federal Reserve’s monetary easing path. Market participants will focus on US retail sales and industrial production data for September and weekly jobless claims data, due later in the day.

Traders see a 92.2% chance of a 25-basis-point (bp) rate cut by the US central bank next month, the CME FedWatch tool showed.

On the domestic front, Q2 results of major companies, including Infosys, Wipro, LTI Mindtree, Axis Bank and Nestle India are scheduled to be announced today.

On Wednesday, the Indian stock market indices ended lower for the second consecutive session dragged by weak global cues.

The Sensex declined 318.76 points, or 0.39%, to close at 81,501.36, while the Nifty 50 settled 86.05 points, or 0.34%, lower at 24,971.30.

“While weak global market cues also contributed to the overall weakness, persistent offloading of domestic shares by foreign investors this month have made local traders jittery and are mostly adopting a cautious approach,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed following overnight gains on Wall Street.

Japan’s Nikkei 225 was flat, while the Topix rose 0.34%. South Korea’s Kospi gained 0.1%, and the Kosdaq eased 0.25%. Hong Kong Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 25,020 level, a discount of nearly 10 points from the Nifty futures’ previous close, indicating a tepid start for the Indian stock market indices.

Wall Street

US stock market ended higher on Wednesday led by financial stocks, with the Dow Jones Industrial Average closing at a record high.

The Dow Jones rallied 337.28 points, or 0.79%, to 43,077.70, while the S&P 500 gained 27.21 points, or 0.47%, to 5,842.47. The Nasdaq Composite ended 51.49 points, or 0.28%, higher at 18,367.08.

Morgan Stanley shares jumped 6.5% to post a record close, while First Horizon stock price rose 4.1% and US Bancorp rallied 4.7%.

Apple stock price fell 0.9%, while Alphabet, Meta Platforms, and Microsoft all declined between 0.2% and 1.6%. Nvidia share price rose 3.1%. Dominion Energy shares surged 5.1%, United Airlines stock spiked 12.4%, while Delta Air Lines shares advanced 6.8% and American Airlines share price added 7.1%.

Japan Trade Deficit

Japan’s exports fell for the first time in 10 months in September. Total exports dropped 1.7% YoY in September, missing a median market forecast for a 0.5% increase and following a revised 5.5% rise in August, Reuters reported. Imports grew 2.1% in September from a year earlier, compared with market forecasts for a 3.2% increase.

As a result, Japan ran a trade deficit of 294.3 billion yen ($1.97 billion) for September, compared with the forecast of a deficit of 237.6 billion yen.

Oil Prices

Crude oil prices rose, paring sharp losses over the past two sessions.

Brent crude futures gained 0.6% to $74.67 a barrel, while US West Texas Intermediate crude futures rose 0.6% to $70.84 a barrel.

Gold Prices

Gold prices held below record levels ahead of the release of US economic data. Spot gold was little changed at $2,674.96 per ounce, while US gold futures were flat at $2,690.40. Spot silver rose 0.2% to $31.74 per ounce.

Hyundai Motor India IPO Update

Hyundai Motor India IPO, the biggest IPO in India, was subscribed 42% on Wednesday, the second day of the bidding process. The Retail investors’ portion has been subscribed 38%, while the Non-Institutional Investors (NII) portion is booked 26%. Qualified institutional buyers (QIBs) category is subscribed 0.58 times, and the employee portion received 1.31 times subscription so far.

(With inputs from Reuters)

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