Indian stock market: 7 key things that changed for market overnight - Gift Nifty, BoE policy to US jobless claims

Asian markets traded higher, portion the US banal marketplace closed successful the greenish overnight amid renewed hopes of involvement complaint cuts by the US Federal Reserve aft anemic employment data.

On Thursday, the Indian banal marketplace header indices witnessed 5th consecutive time of sell-off and closed sharply lower, with the Nifty 50 slipping beneath the 22,000 level.

The Sensex tanked 1,062.22 points, oregon 1.45%, to extremity astatine 72,404.17, portion the Nifty 50 settled 345.00 points, oregon 1.55%, little astatine 21,957.50.

“Continued FIIs selling and fearfulness of not truthful favorable predetermination result person dented marketplace sentiments. With elector turnout ratio (65.68%) somewhat little than 2019 for the aforesaid seats (except Assam), investors person turned tense astir BJP’s expected spot count. We expect this volatility to proceed successful the adjacent word successful the lack of immoderate large affirmative trigger. Now till Nifty holds beneath 22,000 zones, weakness could beryllium seen towards 21,700," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are cardinal planetary marketplace cues for Sensex today:

Asian Markets

Asian markets traded higher connected Friday tracking overnight gains connected Wall Street amid renewed complaint chopped hopes.

Japan’s Nikkei 225 rallied 1.52%, portion the Topix gained 1.22%. South Korea’s Kospi surged 1% and the Kosdaq roseate 0.97%. Hong Kong’s Hang Seng scale futures indicated a stronger opening.

Gift Nifty Today

Gift Nifty was trading astir 22,155 level, a premium of astir 80 points from the Nifty futures’ erstwhile close, indicating a gap-up commencement for the Indian banal marketplace indices.

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — May 10

Wall Street

The US banal marketplace ended higher connected Thursday with the Dow Jones Industrial Average extending gains for the seventh consecutive daily, aft play jobless claims information raised hopes for interest-rate cuts by the US Federal Reserve.

The Dow Jones Industrial Average rallied 331.37 points, oregon 0.85%, to 39,387.76, portion the S&P 500 gained 26.41 points, oregon 0.51%, to 5,214.08 points. The Nasdaq Composite ended 43.51 points, oregon 0.27%, higher astatine 16,346.27. 

Tech megacap stocks, Apple, Amazon.com and Meta Platforms roseate betwixt 0.6% and 1% amid autumn successful Treasury yields.

Equinix shares surged 11.5%, portion Arm Holdings shares declined 2.3% and Nvidia stock terms fell 1.8%. Roblox slumped 22.1% and Robinhood Markets shares dropped 3.1%. Spirit Airlines banal terms jumped 12.9%.

Bank of England Policy

The Bank of England’s Monetary Policy Committee voted 7-2 to support rates astatine a 16-year precocious of 5.25% aft Deputy Governor Dave Ramsden joined Swati Dhingra successful voting for a chopped to 5%. Economists polled by Reuters had mostly expected different 8-1 divided to support rates connected hold.

Read here: BoE holds cardinal involvement rates astatine 16-year high-mark of 5.25%, moves person to archetypal chopped since 2020

US Jobless Claims

The fig of Americans filing caller claims for unemployment benefits accrued much than expected past week. Initial claims for authorities unemployment benefits accrued 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said. Economists polled by Reuters had forecast 215,000 claims successful the latest week

Oil Prices

Crude lipid prices traded higher connected the signs of an improving Chinese economy.

Brent futures roseate 0.38% to $84.20 a barrel, portion US West Texas Intermediate crude grew 0.47% to $79.63.

Read here: Stocks, Bonds Gain After $25 Billion Treasury Sale: Markets Wrap

Dollar

The dollar weakened against astir currencies aft economical information showed much signs of softening successful the US labour market, Reuters reported. The dollar index, which measures the greenback against a handbasket of currencies, fell 0.22% astatine 105.28.

(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: 10 May 2024, 07:04 AM IST