Indian stock market: 7 key things that changed for market overnight – Gift Nifty, US retail sales to Wall Street rally
Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open flat with a positive bias on Friday, following upbeat global market cues.
Asian markets gained, while the US stock market ended higher overnight, with the S&P 500 and the Nasdaq Composite closing at record highs.
On Thursday, the Indian stock market ended lower amid profit booking in select heavyweights, with the benchmark Nifty 50 slipping below 25,200 level.
The Sensex declined 375.24 points, or 0.45%, to close at 82,259.24, while the Nifty 50 settled 100.60 points, or 0.40%, lower at 25,111.45.
“Global uncertainty and a muted start to the earnings season are weighing on investor sentiment. However, sustained liquidity inflows are helping to cushion the downside. The resilience in the broader market further adds to this positive undertone. We recommend aligning positions accordingly, with a focus on stock selection and risk management, as the current market tone is likely to persist,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asia markets traded mixed, following overnight gains on Wall Street. Japan’s Nikkei 225 rose 0.03%, while the Topix was flat. South Korea’s Kospi fell 0.14% and the Kosdaq gained 0.17%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
Gift Nifty Today
Gift Nifty was trading around 25,186 level, a premium of nearly 12 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
Wall Street
US stock market ended higher on Thursday, with the S&P 500 stock index and the Nasdaq Composite both finishing at record highs on strong economic data and earnings reports.
The Dow Jones Industrial Average rallied 229.71 points, or 0.52%, to 44,484.49, while the S&P 500 gained 33.66 points, or 0.54%, to 6,297.36. The Nasdaq Composite closed 153.78 points, or 0.74%, higher at 20,884.27.
Nvidia share price rose 0.95%, Microsoft shares gained 1.20%, while US-listed shares of TSMC rallied 3.4%. Netflix stock price added 1.9%. PepsiCo share price jumped 7.5%, United Airlines shares gained 3.1%, Delta and American Airlines also rose more than 1.4%.
US Retail Sales
US retail sales rebounded more than expected in June. Retail sales increased 0.6% last month after an unrevised 0.9% drop in May. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would gain 0.1%. Sales advanced 3.9% on a year-over-year basis.
US Jobless Claims
The number of Americans filing new applications for jobless benefits fell last week. Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 221,000 for the week ended July 12. Economists polled by Reuters had forecast 235,000 claims for the latest week.
Fed Rate Cut
Federal Reserve Governor Christopher Waller said he continues to believe that the US central bank should cut its interest rate target at the end of the month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures, Reuters reported.
Crude Oil Prices
Crude oil prices extended gains after rising 1% in the previous session as drones continue to strike Iraqi Kurdistan oil fields. Brent crude oil rose 0.12% to $69.60 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.12% to $67.62.
(With inputs from Reuters)
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