Indian stock market: The domestic equity market indices are expected to open flat with a positive bias on Friday, the last trading day of 2023, amid mixed global cues.
The Asian markets are trading mostly higher, while the US stocks ended mixed overnight.
On Thursday, the Indian stock market indices Sensex and Nifty 50 reached a new peak, while marking their fifth consecutive session of gains, propelled by widespread buying.
The Sensex ended 371.95 points, or 0.52%, higher at 72,410.38, while the Nifty 50 gained 123.95 points, or 0.57%, to close at 21,778.70, on December 28.
“Markets have been gaining for five consecutive trading sessions on the back of optimism over expected growth next year. Global markets too were supportive as investors hoped for an early rate cut in 2024. Also, FIIs have turned net buyers after being sellers for six consecutive days. Overall we expect positive momentum to continue and markets to end the year on a buoyant note,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Also Read: Stocks to Watch: Tata Coffee, J B Chemicals, Hindustan Petroleum, Azad Engineering
Here are key global market cues for Sensex today:
Asian Markets
Asian markets were mostly higher on the last trading day of 2023, led by gains in Chinese stocks. Asian shares are on track for their best year since 2020 amid dovish US Federal Reserve bets.
Japan’s Nikkei 225 fell 0.16%, while Topix gained 0.12%. South Korea’s Kospi rallied 1.60% and the Kosdaq gained 0.79%. Hong Kong’s Hang Seng index futures pointed to a higher open. Australia’s S&P/ASX 200 index eased 0.37%.
Gift Nifty
Gift Nifty was trading around 21,950 level as compared to Nifty futures’ previous close of 21,930, indicating a positive start for the Indian benchmark equity indices.
(Exciting news! Mint is now on WhatsApp Channels
US Stock Market
The US stock market indices ended mixed on Thursday with the blue-chip Dow notching its second record-high closing level in a row. All three indexes remained on track for monthly, quarterly, and annual gains.
The Dow Jones Industrial Average gained 53.58 points, or 0.14%, to 37,710.1, the S&P 500 rose 1.77 points, or 0.04%, to 4,783.35. The Nasdaq Composite ended 4.04 points, or 0.03%, lower at 15,095.14.
Among stocks, CytoSorbents share price plunged 33.4%, while Boeing shares eased 0.7%.
Crude oil cools off
Crude oil prices fell 3% on Thursday on easing concerns about supply disruptions amid Middle Eastern tensions.
Brent crude settled down $2.39, or 3%, at $77.15, while the US West Texas Intermediate crude futures fell by $2.34, or 3.2%, to $71.77 a barrel.
Oil prices are headed for the biggest annual drop since 2020 over concerns that global crude supplies may still eclipse demand in the quarters to come. WTI crude has declined by about 10% this year, while global benchmark Brent has retreated by about 9%.
Also Read: Innova Captab IPO listing date today. GMP, experts see up to 20% gain for allottees
US jobless claims
The number of Americans filing initial claims for unemployment benefits rose last week, indicating the labor market continues to cool in the year’s fourth quarter. New state unemployment benefit claims rose by 12,000 last week to 218,000, according to the Labor Department. A Reuters poll showed economists expected an increase to 210,000 initial claims for the week ended December 23.
Pending home sales data
Pending US home sales remained unchanged in November, data showed. An index gauging contracts to buy existing homes measured at 71.6 in November, level with October’s revised reading, the National Association of Realtors (NAR) said. Economists polled by Reuters expected an increase of 1%. On a yearly basis, pending home sales have declined 5.2%.
(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 taking any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!