Indian Stock Market: 8 Key Things That Changed Overnight For The Market – Present Nifty, US Consumer Confidence For Oil Prices

Indian Stock Market: Domestic benchmark equity indices Sensex and Nifty 50 are expected to open subdued on Wednesday following mixed signals from their international counterparts.

Asian markets were weaker, while the US stock market closed higher overnight on caution ahead of the release of Nvidia results later in the day.

On Tuesday, the leading indices for the Indian stock market ended the choppy session unchanged, with global signals mostly mixed.

The Sensex rose 13.65 points or 0.02% to close at 81,711.76, while the Nifty 50 closed 7.15 points or 0.03% higher at 25,017.75.

“Markets are optimistic about the US Federal Reserve’s rate cut after Jerome Powell made supportive comments and the US Federal Reserve is confident of achieving its 2% inflation target. Further buying by FIIs in the last three days has added to the sentiment. We expect this uptrend to continue and Nifty is likely to hit new highs in the near term, supported by broader market and equity activities,” 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 were down on Wednesday. Japan’s Nikkei 225 was unchanged, while the Topix fell 0.3 percent. South Korea’s Kospi lost 0.4 percent and the Kosdaq lost 0.40 percent. Futures on Hong Kong’s Hang Seng index also pointed to a decline at the open.

Give Nifty as a gift today

Gift Nifty was trading at around 25,005, up nearly 4 points from the previous close of Nifty futures, indicating a weak start for Indian stock market indices.

WallStreet

The U.S. stock market closed higher on Tuesday, with the Dow Jones hitting a record close for the second day in a row.

The Dow Jones Industrial Average rose 0.02% to 41,250.50, while the S&P 500 gained 0.16% to close at 5,625.80. The Nasdaq closed 0.16% higher at 17,754.82.

Nvidia’s share price rose 1.5%, Apple’s share price gained 0.4%, while Amazon’s share price fell 1.4%. Paramount Global’s share price fell more than 7%, while Tesla’s share price fell 1.9%. Super Micro Computer’s share price fell 2.6%.

Consumer confidence in the USA

Consumer confidence in the United States rose in August. The Conference Board said its consumer confidence index rose to 103.3 this month from 101.9 in July. Economists polled by Reuters had forecast the index would be little changed from the previously reported 100.3.

Real estate prices in the USA

Single-family home prices in the U.S. fell in June, posting their smallest annual increase in nearly a year. Reuters reported that home prices fell 0.1% month-on-month after remaining unchanged in May. In the 12 months through June, they rose 5.1%, the smallest year-on-year increase since July 2023, after rising an upwardly revised 5.9% in May.

Gold price today

Gold prices were little changed but held close to their record highs reached last week on the prospect of imminent interest rate cuts by the US Federal Reserve and demand for safe havens.

Spot gold prices were unchanged at $2,524.88 an ounce, while U.S. gold futures rose 0.3% to $2,560.20.

dollar

The dollar index fell 0.3% to 100.53, having previously fallen to its lowest level since July last year. In August, the dollar fell 3.2% and is on track for its biggest monthly decline since November 2022.

Oil prices

Crude oil prices rose after falling more than 2% on Tuesday as an industry report showed a further decline in U.S. crude inventories.

The price of Brent crude oil rose 0.57 percent to $80.00 per barrel, while futures for US West Texas Intermediate (WTI) crude oil rose 0.53 percent to $75.93.

(With contributions from Reuters)

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