Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US employment to gold prices

Mint

a day ago

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open flat on Thursday amid mixed global market cues.
Asian markets traded mixed, while the US stock market ended mostly higher on weak economic data.
On Wednesday, the Indian stock market ended higher and the benchmark indices snapped their three-day losing run.
The Sensex gained 260.74 points, or 0.32%, to close at 80,998.25, while the Nifty 50 settled 77.70 points, or 0.32%, higher at 24,620.20.
'The pause in the index can largely be attributed to the stability in banking stocks and a noticeable cool-off in the India VIX. However, participants are advised not to read too much into this move and should maintain a cautious stance ahead of the weekly expiry on Thursday. Additionally, focus should remain on a stock-specific trading approach, given the rotational buying observed across various themes,' said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian markets traded mixed on Thursday, following a similar move on Wall Street overnight. Japan's Nikkei 225 fell 0.39% while the Topix declined 0.63%. South Korea's Kospi rose 0.75%, and the Kosdaq gained by 0.28%. Hong Kong's Hang Seng index futures indicated a flat open.
Gift Nifty was trading around 24,731 level, a premium of nearly 2 points from the Nifty futures' previous close, indicating a flat start for the Indian stock market indices.
US stock market ended mixed, while Treasury yields dropped on Wednesday amid weak economic data.
The Dow Jones Industrial Average declined 91.90 points, or 0.22%, to 42,427.74, while the S&P 500 rose 0.44 points, or 0.01%, to 5,970.81. The Nasdaq Composite closed 61.53 points, or 0.32%, higher at 19,460.49.
Tesla share price fell 3.5%, Nvidia stock price rose 0.5%, Hewlett Packard Enterprise shares gained 0.8%, while GlobalFoundries stock added 2.3%. Wells Fargo share price declined 0.4%, CrowdStrike shares slumped 5.8% and Dollar Tree stock price dropped 8%.
US private employers added the fewest number of workers in more than two years in May. Private payrolls increased by only 37,000 jobs last month, the smallest gain since March 2023, after a downwardly revised rise of 60,000 in April, the ADP National Employment Report showed. Economists polled by Reuters had forecast private employment would advance by 110,000 following a previously reported increase of 62,000 in April.
The US services sector contracted for the first time in nearly a year in. The Institute for Supply Management (ISM) said its non-manufacturing purchasing managers index (PMI) dropped to 49.9 last month, the first decline below the 50 mark and lowest reading since June 2024, from 51.6 in April. Economists polled by Reuters had forecast the services PMI rising to 52.0.
Crude oil prices fell after a build in US gasoline and diesel inventories and Saudi Arabia's cut to its July prices for Asian crude buyers, Reuters reported. Brent crude futures fell 0.25% to $64.70 a barrel, while US West Texas Intermediate crude declined 0.41% to $62.59.
Gold prices traded higher as weaker-than-expected US economic data spurred demand for safe-haven assets. Spot gold price rose 0.1% to $3,377.79 an ounce, while US gold futures gained 0.1% to $3,401.20.
(With inputs from Reuters)
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