Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US jobs openings to crude oil prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following upbeat global market cues.

Asian markets rallied, while the US stock market ended higher overnight led by gains in tech stocks.

On Tuesday, the Indian stock market ended sharply lower amid growing concerns over stretched valuations and foreign capital outflows.

The Sensex dropped 636.24 points, or 0.78%, to close at 80,737.51, while the Nifty 50 settled 174.10 points, or 0.70%, lower at 24,542.50.

“There is no outcome yet on the global trade settlement involving major economies, which is creating a lot of uncertainty amongst the investors and prompting them to slash their equity bets at regular intervals. Also, with no solution yet to the conflict between Russia & Ukraine, the risk-off sentiment continues with the investors,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Wednesday following a tech stocks-driven rally on Wall Street.

Japan’s Nikkei 225 gained 0.83%, while the Topix index rose 0.47%. South Korea’s Kospi index rallied 1.57% to hit a 10-month high, while the Kosdaq surged 1.06%. Hong Kong’s Hang Seng index indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around 24,730 level, a premium of nearly 55 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher on Tuesday, led by gains in technology stocks and optimism over trade talks between the United States and its trading partners.

The Dow Jones Industrial Average gained 214.16 points, or 0.51%, to 42,519.64, while the S&P 500 rose 34.43 points, or 0.58%, to 5,970.37. The Nasdaq Composite closed 156.34 points, or 0.81%, higher at 19,398.96.

Nvidia share price rallied 2.9%, Broadcom stock price gained 3.2% to hit a fresh record high, Tesla share price rose 0.46%, Wells Fargo shares rose 1.2% and Dollar General stock surged 15.8%. Kenvue stock price dropped 6%, Reddit share price fell 1.1%, while Pinterest shares rose 3.8%.

US Jobs Openings

US job openings increased in April, but layoffs picked up. Job openings, a measure of labor demand, rose 191,000 to 7.391 million by the last day of April, the Job Openings and Labor Turnover Survey, or JOLTS report, showed. Data for March was revised higher to 7.200 million open positions instead of the previously reported 7.192 million. Economists polled by Reuters had forecast 7.10 million vacancies.

US Factory Orders

New orders for US-manufactured goods dropped sharply in April. Factory orders fell 3.7% after an unrevised 3.4% jump in March. Economists polled by Reuters had forecast factory orders declining 3.1%. They rose 2.0% on a year-on-year basis in April.

Japan Services PMI

Japan’s service-sector activity growth slowed in May on weaker demand. The final au Jibun Bank Japan Services purchasing managers’ index (PMI) fell to 51.0 in May from 52.4 in April, although it was higher than flash 50.8.

Dollar

The US dollar drifted lower on Wednesday. The dollar index, which measures the currency against six other counterparts, was flat at 99.159. The dollar was down 0.09% at 143.82 yen and the euro was up 0.13% at $1.1385.

Crude Oil Prices

Crude oil prices fell after two days of gains. Brent crude oil prices fell 0.17% to $65.52 a barrel after closing at a three-week high, while the US West Texas Intermediate (WTI) crude futures declined 0.20% to $63.28.

(With inputs from Reuters)

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