Indian stock market: 10 key things that changed for market overnight

Asian markets traded mostly lower, while the US stock market ended mixed overnight as investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year.

On Thursday, the Indian stock market ended higher amid volatility.

The Sensex gained 141.34 points, or 0.18%, to close at 77,478.93, while the Nifty 50 settled 51.00 points, or 0.22%, higher at 23,567.00.

“The market is consolidating with a positive bias amid strong FII flows and healthy macros. Also, an expectation of a growth-focused budget is aiding sentiments and is likely to lead to sector-specific action. On the global front, all eyes will be on the BOE rate decision,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 21

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed after Japan’s May core inflation data was cooler than expected.

Japan’s Nikkei 225 was flat, while the Topix rose 0.52%. South Korea’s Kospi fell 0.44%, and the Kosdaq declined 0.5%. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 23,595 level, a premium of nearly 10 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Also Read: Chandan Taparia’s recommendations: How to trade IDFC Bank, Vedanta, Exide shares on June 21?

Wall Street

US stock market ended mixed on Thursday with the Nasdaq ending a seven-session streak of record closing highs.

The Dow Jones Industrial Average rallied 299.90 points, or 0.77%, to 39,134.76, while the S&P 500 declined 13.86 points, or 0.25%, to 5,473.17. The Nasdaq Composite closed 140.64 points, or 0.79%, lower at 17,721.59.

Nvidia share price dropped 3.54%, while Dell shares fell 0.42% and Super Micro Computer stock price declined 0.26%. Kroger share price fell 3.27% and Trump Media & Technology Group plunged 14.56%.

US Jobless Claims

The number of Americans filing new claims for unemployment benefits fell last week. Initial claims for state unemployment benefits declined 5,000 to a seasonally adjusted 238,000 for the week ended June 15, the Labor Department said. Economists polled by Reuters had forecast 235,000 claims in the latest week.

Also Read: European Stocks Climb With Swiss Rate Cut Before BOE Decision

Bank of England Policy

The Bank of England kept its main interest rate unchanged at a 16-year high of 5.25%, but the prospect of a future rate cut moved closer as some policymakers said their thinking was now “finely balanced”. The BoE’s Monetary Policy Committee voted 7-2 on Thursday to keep rates on hold, in line with expectations in a Reuters poll of economists.

Accenture Q3 Results

Accenture share price rose more than 6% after the company forecast annual revenue growth above expectations on Thursday. 

The company expects annual revenue to grow between 1.5% and 2.5%, compared with analysts’ expectations of 1.6%, according to LSEG data. It had earlier forecast growth of 1% to 3%, but on Thursday flagged a negative foreign-exchange impact of 0.7% for the fiscal year ending August.

Third-quarter revenue of $16.47 billion missed estimates of $16.53 billion, while adjusted profit per share of $3.13 also came in below estimates of $3.15, Reuters reported.

Also Read: Meituan’s Worst-to-First Stock Rally Has Street Looking for More

Japan Inflation

Japan’s core inflation accelerated in May partly due to higher energy bills, government data showed. The core Consumer Price Index (CPI), which excludes volatile fresh food prices, rose 2.5% year-on-year in May, compared with the 2.2% gain in April. It was roughly in line with a median market forecast for a 2.6% gain.

Japan PMI

Japan’s factory activity expanded for a second straight month in June but the pace of growth eased. The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) stood at 50.1 in June, down slightly from 50.4 in May.

Treasury Yields

US Treasury yields rose across the board on Thursday. The benchmark US 10-year yield rose 3.57 basis points (bps) to 4.254%. The US 30-year yield gained 3.7 bps to 4.390% and the two-year yield was up 2.7 bps at 4.7308%.

Oil Prices

Crude oil futures fell on the prospect of higher-for-longer interest rates in Asia and the United States.

Brent futures for August delivery fell 0.14% to $85.59 a barrel, while US West Texas Intermediate (WTI) crude dipped 9 cents to $81.20 per barrel.

(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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Published: 21 Jun 2024, 07:17 AM IST

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