Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US GDP, gold prices to weak dollar
Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Friday, following a rally in global markets as the Israel-Iran ceasefire continued to hold.
Asian markets traded mostly higher, while the US stock market rallied overnight, with the S&P 500 and the Nasdaq now within striking distance of all-time highs.
On Thursday, the Indian stock market ended higher for the third straight session, with the Nifty 50 jumping to a 9-month high of above 25,500.
The Sensex surged 1,000.36 points, or 1.21%, to close at 83,755.87, while the Nifty 50 settled 304.25 points, or 1.21%, higher at 25,549.00.
'After consolidating for over five weeks, markets have finally resumed their uptrend, and we expect Nifty 50 to gradually move towards its record high, with a possible pause around the 25,700 – 25,800 zone. We continue to favor rate-sensitive sectors such as banking, financials, auto, and realty, while recommending a selective approach for other segments,' said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian markets traded mostly higher on Friday tracking overnight rally on Wall Street. Japan's Nikkei 225 rose 1.07%, while the Topix index gained 1.05%. South Korea's Kospi index and Kosdaq were flat. Hong Kong's Hang Seng index futures indicated a slightly higher opening.
Gift Nifty was trading around 25,715 level, a premium of nearly 100 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices.
US stock market ended higher on Thursday after a slew of economic indicators appeared to support the US Federal Reserve rate cut.
The Dow Jones Industrial Average rallied 404.41 points, or 0.94%, to 43,386.84, while the S&P 500 gained 48.86 points, or 0.80%, to 6,141.02. The Nasdaq Composite closed 194.36 points, or 0.97%, higher at 20,167.91.
Nvidia share price rose 0.51%, Amazon shares gained 2.42%, Microsoft stock price advanced 1.05%, while Micron shares dropped 1.0%. Nike share price ended 2.81% higher, and jumped 10.73% after market hours.
US economy contracted a bit faster than previously thought in the first quarter. Gross domestic product decreased at a downwardly revised 0.5% annualized rate last quarter, the third estimate of GDP showed. It was previously reported to have dropped at a 0.2% pace. The economy grew at a 2.4% rate in the fourth quarter.
The US trade deficit in goods increased in May amid a decline in exports. The goods trade gap widened 11.1% to $96.6 billion last month. Exports of goods dropped $9.7 billion to $179.2 billion. Goods imports were little changed at $275.8 billion.
The number of Americans filing new applications for jobless benefits fell last week. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 236,000 for the week ended June 21. Economists polled by Reuters had forecast 245,000 claims for the latest week.
Orders for long-lasting US manufactured goods rebounded sharply in May. Durable goods orders jumped 16.4% last month after a revised 6.6% decline in April. Economists polled by Reuters had forecast orders increasing 8.5% after a previously reported 6.3% decrease in April.
Gold prices fell and were poised for a second consecutive weekly loss. Spot gold price declined 0.4% to $3,314.27 per ounce. Bullion was down 1.6% so far this week. US gold futures fell 0.6% to $3,327.
US dollar sank to its lowest level in more than three years amid growing market concerns about the Federal Reserve's independence. The U.S. dollar index was down nearly 0.43% on the session and more than 10% for the year. The dollar fell 0.72% to 144.2 Japanese yen. The euro was up 0.51% at $1.1719, while Sterling rose 0.62% to $1.3748.
Crude oil prices traded higher, but were set to fall this week with the Iran-Israel ceasefire holding and easing concerns over Middle East supply risks. Brent crude futures rose 0.50% to $68.07 a barrel, while US West Texas Intermediate crude gained 0.51% to $65.57 a barrel. The benchmarks were set to fall about 12% for the week.
(With inputs from Reuters)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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