Indian stock market: 10 key things that changed for market overnight - Gift Nifty, inflation data to Nvidia shares rally

Mint

2 days ago

Indian stock market: The equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following upbeat global market cues.
Asian markets traded higher, while the US stock market rallied overnight, with the S&P 500 and the Nasdaq hitting record highs.
On Tuesday, the Indian stock market ended lower, resuming its downward trajectory, weighed down by losses in heavyweights.
The Sensex dropped 368.49 points, or 0.46%, to close at 80,235.59, while the Nifty 50 settled 97.65 points, or 0.40%, lower at 24,487.40.
'We expect markets to remain in consolidation mode, supported by domestic buying interest, while tracking global cues from US tariff developments and the outcome of the US–Russia talks later this week,' said Siddhartha Khemka - Head Of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian markets traded higher on Wednesday, following overnight gains on Wall Street on rising expectations of a Fed rate cut next month.
Japan's Nikkei 225 rallied 1.35%, while the broader Topix gained 0.72%. South Korea's Kospi rose 0.24% and the Kosdaq gained by 0.88%. Hong Kong's Hang Seng index futures indicated a higher opening.
Gift Nifty was trading around 24,616 level, a premium of nearly 61 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices.
US stock market ended higher on Tuesday, with the S&P 500 and the Nasdaq closing at record highs after inflation data bolstered bets on a Federal Reserve interest rate cut next month.
The Dow Jones Industrial Average rallied 483.52 points, or 1.10%, to 44,458.61, while the S&P 500 rose 72.31 points, or 1.13%, to 6,445.76. The Nasdaq Composite closed 296.50 points, or 1.39%, higher at 21,681.90.
Nvidia share price gained 0.52%, Alphabet shares rose 1.25%, Intel Corp stock price jumped 5.6%, while Apple shares rallied 1.09%.
Nvidia Corp. ended with a market capitalisation of $4.47 trillion and accounted for more than 8% of the S&P 500's total market value — the highest weighting ever recorded for a single stock in the index's history. Nvidia share price closed 0.52% higher at $183.10 apiece, lifting its market share in the S&P 500 to a record high level.
US consumer prices increased moderately in July. The consumer price index rose 0.2% last month after gaining 0.3% in June. In the 12 months through July, the CPI advanced 2.7% after rising 2.7% in June. Economists polled by Reuters had forecast the CPI rising 0.2% and increasing 2.8% year-on-year.
India's retail inflation, as measured by the Consumer Price Index (CPI), dropped to 1.55% in July, slipping below the central bank's comfort zone for the first time in eight years. Annual retail inflation slowed to 1.55% in July as compared to 2.10% in June. The figure was the lowest since June 2017.
Japan's annual wholesale inflation slowed for the fourth straight month in July. The corporate goods price index (CGPI) rose 2.6% in July from a year earlier, slowing from the previous month's 2.9% increase. It compared with a median market forecast for a 2.5% rise.
Gold prices rose, supported by a weaker dollar after tame US inflation data. Spot gold price was up 0.1% at $3,347.09 per ounce, while US gold futures for December delivery were steady at $3,397.50.
Crude oil prices were little changed after falling in the previous session. Brent crude futures were flat at $66.12 a barrel after dropping 0.8% in the previous session, while US West Texas Intermediate crude futures fell 0.09% to $63.11 after declining 1.2%.
The dollar weakened after a tame reading on US inflation bolstered expectations of a Federal Reserve rate cut next month. The dollar index last stood at 98.08, after falling roughly 0.5% on Tuesday. Against the yen, the dollar was last 0.05% lower at 147.76, while the euro was steady at $1.1676, having risen 0.5% in the previous session. Sterling gained 0.03% to $1.3504.
(With inputs from Reuters)
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