Indian stock market: 10 key things that changed for market overnight - Gift Nifty, Infosys Q4 results to bond yields

Asian markets traded little portion the US banal marketplace ended mixed overnight aft a slew of hawkish comments from US Federal Reserve officials and beardown economical information suggested the cardinal slope was improbable to chopped involvement rates successful the adjacent future.

Market expectations for a complaint chopped of astatine slightest 25 bps successful June person shrunk to 15.2%, according to CME's FedWatch Tool, with July lasting astatine 41.5% down from 48.4% a week ago, Reuters reported.

On Thursday, the Indian banal marketplace indices continued to reel nether selling unit and closed little for the 4th consecutive league amid mixed planetary cues. Nifty recorded the worst losing streak since October 26, 2023.

The Sensex dropped 454.69 points, oregon 0.62%, to extremity astatine 72,488.99, portion the Nifty 50 scale settled 152.05 points, oregon 0.69%, little astatine 21,995.85.

“Markets witnessed frenzied selling towards the closing stages successful a highly volatile trading session, arsenic concerns implicit fading complaint chopped hopes and persisting FII money exodus from section stocks dampened investors' sentiment. Even arsenic the Indian system has been resilient and managed to dodge planetary worries, worries of stubborn inflation, rising instances of geo-political tensions and hold successful involvement complaint chopped has fuelled profit-taking implicit the past fewer weeks," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — April 19

Here are cardinal home and planetary marketplace cues for Sensex today:

Asian Markets

Asian markets traded little connected Friday tracking overnight losses connected Wall Street and ostentation information from Japan.

Japan’s Nikkei 225 fell 1.88%, portion the Topix declined 1.3%. South Korea’s Kospi dropped 1.8% and the Kosdaq dipped 1.34%. Hong Kong’s Hang Seng scale futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading astir the 21,765 level, a discount of astir 300 points from the Nifty futures’ erstwhile close, indicating a gap-down commencement for the Indian banal marketplace indices.

Wall Street

The US banal marketplace ended mixed connected Thursday arsenic investors shifted absorption connected the latest firm earnings. The S&P 500 saw its 5th consecutive league of declines, marking the longest for the benchmark S&P scale since October.

The S&P 500 fell 12.02 points, oregon 0.24%, to extremity astatine 5,010.19 points, portion the Nasdaq Composite declined 82.35 points, oregon 0.52%, to 15,601.02. The Dow Jones Industrial Average ended 23.87 points, oregon 0.06%, higher astatine 37,777.18.

Among stocks, Netflix shares fell astir 4% successful extended commercialized aft posting its quarterly results. Meta Platforms stock terms roseate 1.54%, portion Genuine Parts shares surged 11.22%.

Las Vegas Sands banal terms declined 8.66% and Equifax shares tumbled 8.49%.

Also Read: Tesla shares down 39% YTD, trades beneath $150 arsenic steep discounts to lure customers hurts wide sales

Netflix Earnings

Netflix blew past Wall Street expectations for the 2nd consecutive 4th with its net per stock for January done March increasing to $5.28 from $2.88 a twelvemonth earlier. Netflix gross roseate 14.8% to astir $9.4 cardinal during the period, Reuters reported. Its operating income totaled $2.6 billion, a year-over-year summation of 54%.

US Existing Home Sales 

US existing location income fell successful March amid higher involvement rates and location prices. Home income dropped 4.3% past period to a seasonally adjusted yearly complaint of 4.19 cardinal units. Economists polled by Reuters had forecast location resales slipping to a complaint of 4.20 cardinal units. Home resales declined 3.7% connected a year-on-year ground successful March.

Japan Inflation

Japan’s halfway ostentation slowed successful March portion staying supra the Bank of Japan’s 2% target, authorities information showed. Japan’s halfway user terms scale (CPI), which excludes caller nutrient items, roseate 2.6% successful March from a twelvemonth earlier aft rising 2.8% successful February. 

Also Read: Buy the dip! JPMorgan bullish connected Indian stocks, suggests making usage of swings amid predetermination volatility

US Federal Reserve

Atlanta Federal Reserve Bank President Raphael Bostic said that if ostentation does not proceed to determination toward the US cardinal bank’'s 2% goal, arsenic helium expects it will, cardinal bankers would request to see an interest-rate hike, Reuters reported.

“If ostentation stalls retired oregon adjacent starts moving successful the other direction, distant from our target, I don't deliberation we'll person immoderate different enactment but to respond to that," Bostic said astatine the University of Miami.

Dollar, Treasury Yields

The US dollar and Treasury yields roseate aft beardown economical information and hawkish comments from US Federal Reserve officials raised speculation that involvement rates volition beryllium higher for longer. 

The dollar index, which measures the US currency against six of its peers, roseate 0.2% astatine 106.15. The scale has been up 4.5% truthful acold this year. The two-year treasury yields approached the 5% mark, portion the Treasury 10-year yields roseate six ground points to 4.64%.

Infosys Q4 Results

Infosys reported a nett net of ₹7,975 crore for Q4FY24, a 30% year-on-year (YoY) emergence from ₹6,134 crore successful the aforesaid 4th past year. Its gross for the March 2024 4th grew 1.3% YoY to ₹37,923 crore. Its revenues successful changeless currency (CC) presumption remained level YoY and declined by 2.2% QoQ. The IT large sees its gross maturation of 1-3% successful changeless currency presumption successful FY25 portion it expects an operating borderline of 20-22%.

Read here: Infosys Q4 result: Net nett jumps, attrition complaint declined; apical 5 highlights of Infosys Q4 earnings

US Initial Jobless Claims

US archetypal jobless claims were unchanged astatine a seasonally adjusted 212,000 for the week ended April 13, information showed, inactive higher than the forecast of 215,000.

(With inputs from Reuters)

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 19 Apr 2024, 07:14 AM IST