Indian Stock Market: 8 Key Things That Changed Overnight For The Market – Nifty and Nvidia Results Give Oil Prices a Gift

Indian Stock Market: Domestic equity market indices Sensex and Nifty 50 are expected to open lower on Thursday due to weakness in global markets.

Asian markets declined, while the US stock market closed lower overnight as investors eagerly awaited Nvidia’s second-quarter results.

Indian stock market indices closed marginally higher on Wednesday after the benchmark Nifty 50 hit a record high during the session.

The Sensex gained 73.80 points or 0.09% to close at 81,785.56, while the Nifty 50 closed 34.60 points or 0.14% higher at 25,052.35.

“We expect the gradual upturn in the market to continue, supported by FII inflows and healthy domestic macros. Markets are likely to remain volatile on Thursday due to the monthly derivatives expiry,” 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 traded lower following losses on Wall Street overnight.

Japan’s Nikkei 225 fell 0.56%, while the Topix slipped 0.14%. South Korea’s Kospi lost 1.3% and the Kosdaq lost 0.55%. 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 25,002, a discount of nearly 55 points from the previous close of Nifty futures, indicating a negative start for Indian stock market indices.

WallStreet

The US stock market closed lower on Wednesday ahead of the release of Nvidia’s quarterly report.

The Dow Jones Industrial Average fell 0.39% to 41,091.42, while the S&P 500 fell 0.60% to 5,592.18. The Nasdaq closed 1.12% lower at 17,556.03.

Nvidia’s stock price closed 2.1% lower, while the stock was down more than 6% in after-hours trading. Broadcom and Advanced Micro Devices shares each fell more than 2%. Alphabet, Microsoft and Amazon shares each lost 1%.

Super Micro Computer’s share price plunged 19 percent, while Warren Buffett’s Berkshire Hathaway’s Class B shares rose about 0.9 percent, with the company’s market value surpassing the $1 trillion mark for the first time.

Nvidia results

Nvidia shares fell 6.9% in after-hours trading after the chipmaker’s quarterly forecast fell short of high expectations.

Nvidia reported second-quarter revenue of $30.04 billion, beating estimates of $28.70 billion. Excluding special items, Nvidia earned 68 cents per share in the second quarter, beating estimates of 64 cents, Reuters reported. The chipmaker reported second-quarter gross margin of 75.7%, versus an average estimate of 75.8%. Nvidia also announced a $50 billion share buyback.

Nvidia forecast third-quarter revenue of $32.5 billion, up 2 percent, compared with analysts’ average estimate of $31.77 billion, according to LSEG data. The company expects third-quarter adjusted gross margin of 75 percent, up 50 basis points. Analysts on average forecast gross margin of 75.5 percent.

US Federal Reserve

Atlanta Federal Reserve Bank President Raphael Bostic said it may be “time for interest rate cuts” as inflation continues to fall and unemployment rises more than expected, but he wants to be sure before pulling the trigger, Reuters reported.

dollar

The U.S. dollar gained on month-end buying and technical factors. The dollar index, which measures the U.S. dollar against a basket of six major currencies, rose 0.5 percent to 101.11, its biggest daily percentage gain since mid-June.

Oil prices

Crude oil prices rose after falling more than 1% overnight on concerns about Chinese demand.

The price of Brent crude oil rose 0.09 percent to $78.72 a barrel, while futures for U.S. West Texas Intermediate (WTI) crude oil rose 0.15 percent to $74.63.

Gold prices

Gold prices fell on the back of a stronger US dollar. Spot gold lost 0.68 percent to $2,507.50 an ounce and US gold futures closed 0.6 percent lower at $2,537.80.

(With contributions from Reuters)

Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms and not of Mint. We advise investors to seek advice from certified professionals before making any investment decision.