Indian Stock Market: 7 Major Things That Changed Overnight For The Market – Gift Nifty, Dow Jones’ Record Closes With Oil Prices

Indian Stock Market: Domestic equity market indices Sensex and Nifty 50 are expected to open muted on Tuesday due to weak global market cues.

Asian markets declined, while the US equity market closed mixed overnight, weighed by technology stocks.

Indian stock market indices closed with strong gains on Monday, with the Nifty 50 reclaiming the 25,000-mark.

The Sensex gained 611.90 points or 0.75% to close at 81,698.11, while the Nifty 50 was 187.45 points or 0.76% higher at 25,010.60.

“Indian equities celebrated the holiday by reclaiming the 25,000-mark after the US Federal Reserve indicated that rate cuts are most likely to begin at its September meeting. We expect the ongoing momentum to continue towards new highs with broader market participation. This week, the market will focus on GDP data from India and the US, monthly derivatives expiries and other global signals,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.

Here are the key global market signals for Sensex today:

Asian markets

Asian markets declined as investors eagerly awaited Chinese industrial earnings figures in July.

Japan’s Nikkei 225 fell 0.35%, while the Topix was unchanged. South Korea’s Kospi lost 0.42%, while the Kosdaq slipped 1.14%. Futures on Hong Kong’s Hang Seng index pointed to a lower opening.

Give Nifty as a gift today

Gift Nifty was trading at around 25,025, a discount of nearly 20 points from the previous close of Nifty futures, indicating a subdued start for Indian stock market indices.

WallStreet

US stock markets closed mixed on Monday, with the Dow Jones recording a record closing price.

The Dow Jones Industrial Average rose 0.16% to close at 41,240.52, while the S&P 500 declined 0.32% to end the session at 5,616.84. The Nasdaq closed 0.85% lower at 17,725.77.

Nvidia’s stock price fell 2.25%, Tesla’s shares fell 3.2% and Boeing’s fell 0.85%. Caterpillar and American Express shares each closed about 1% higher. U.S.-listed shares of PDD Holdings plunged nearly 29%.

Gold prices

Amid geopolitical tensions in the Middle East and growing speculation about a US Federal Reserve rate cut in September, gold prices remained stable near record highs on demand for safe-haven assets.

Spot gold was unchanged at $2,515.83 an ounce, while US gold futures fell 0.2% to $2,551.20.

Oil prices

Crude oil prices traded lower after rising more than 3% in the previous trading session as the government in eastern Libya announced an export ban.

Brent crude oil fell 0.22% to $81.25 a barrel, while U.S. West Texas Intermediate (WTI) crude oil futures fell 0.32% to $77.17.

Yields on US Treasury bonds

US Treasury yields moved slightly on Monday after economic data signaled a slowdown in corporate spending.

The yield on the 10-year U.S. Treasury note rose 0.9 basis points to 3.816 percent. The yield on the 10-year note is on track for its fourth consecutive monthly decline. It fell nearly 30 basis points in August, the sharpest drop since December, Reuters reported. The yield on the 30-year note rose 0.3 basis points to 4.105 percent, while the yield on the two-year Treasury note rose 1.8 basis points to 3.932 percent.

dollar

The US dollar recovered from an eight-month low. The US dollar index, an indicator of the dollar’s value against six other major currencies, rose 0.07 percent to 100.92, above its lowest level since late December (100.53).

(With contributions from Reuters)

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