Indian Stock Market: 6 Key Things That Changed for the Market Overnight – Gift Nifty, Nasdaq and S&P Hit Record Highs Amid Oil Prices

Indian Stock Market: The Indian stock market is expected to open on a cautious note on Wednesday, amid mixed signals from the global market.

Asian markets saw mixed trading, while the U.S. stock market ended higher overnight as investors weighed comments from U.S. Federal Reserve officials for further guidance on the path of interest rates.

On Tuesday, Indian stock indices ended the session cautiously flat, amid mixed global cues.

THE Sensex fell 52.63 points, or 0.07 percent, to close at 73,953.31, while the Nifty 50 settled 27.05 points, or 0.12 percent, higher at 22,529.05 .

“Despite FIIs and India Vix selling at high levels, markets have stabilized and we expect a gradual rise in the future. Key events to watch this week: UK inflation data, US existing home sales figures and FOMC meeting minutes, said Siddhartha Khemka, head of trade research Retail at Motilal Oswal Financial Services Ltd.

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Here are the major global market indices for Sensex today:

Asian markets

Asian markets were mixed on Wednesday as investors assessed economic data from Japan.

Japan’s Nikkei 225 fell 0.5%, while South Korea’s Kospi fell 0.35%. Hong Kong’s Hang Seng Index settled at 19,212, indicating a slightly weaker start compared to the HSI’s close of 19,220.62.

Awesome gift today

Gift Nifty was trading around the 22,620 level, a premium of almost 20 points to the previous close of Nifty futures, indicating a stable to positive start for Indian stock indices.

Read also: SEBI issues concept of ‘unaffected pricing’ and other guidelines to help mitigate impact of market rumors on stock prices

Wall Street

The US stock market ended higher on Tuesday, with the S&P 500 and Nasdaq closing at record highs.

The Dow Jones Industrial Average gained 66.22 points, or 0.17%, to 39,872.99, while the S&P 500 rose 13.28 points, or 0.25%, to 5,321.41. The Nasdaq Composite finished up 37.75 points, or 0.22%, at 16,832.62.

Among stocks, Nvidia’s stock price rose 0.64%, AutoZone’s stock price rose 3.53%, and Macy’s stock price rose 5.13%. JPMorgan Chase’s stock price rose 2.01%, while that of International Business Machines gained 2.09%.

US Federal Reserve

U.S. Federal Reserve policymakers said the central bank would have to wait several more months to ensure inflation is actually back on track to its 2% target before cutting interest rates, Reuters reported . Policymakers spoke as the Fed downplayed talk of further rate hikes but also noted they believe the economy needs to continue to cool.

Japan’s trade deficit

Japanese exports rose 8.3% in April from a year earlier, while imports also rose 8.3% in the year to April, compared with a forecast 9.0% increase by economists. As a result, the country’s trade balance ended with a deficit of 462.5 billion yen ($2.96 billion).

Read also: Oil Prices Fall More Than $1 on US Inflation, Fed Outlook Hurts Consumer Demand; Brent at $82/barrel

Oil price

Crude oil prices extended their decline due to rising US crude inventories. Brent crude oil fell 0.57% to $82.41 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 0.68% to $79.26.

(With inputs from Reuters)

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