Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to extend gains and open higher on Thursday amid positive global cues.
The Asian markets traded mostly higher, while the US stocks closed in the green overnight as investor sentiment remained upbeat.
Strong domestic macro data, easing oil prices and supportive global market cues helped Indian stock market indices scale record high in the previous session.
On Wednesday, the Indian equity market ended higher for the fourth consecutive session led by across-the-board buying, reflecting investors’ high-risk appetite.
The Sensex ended 701.63 points, or 0.98%, higher at 72,038.43, while the Nifty 50 gained 213.40 points, or 1%, to settle at 21,654.75.
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“Healthy macro data and rally in global markets helped the Nifty to make new highs even in the holiday season. While the derivatives monthly expiry on Thursday may infuse some volatility, the undertone remains bullish with the market making steady gains in the last few weeks,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed as Japan’s Nikkei 225 declined 0.69% and the Topix index fell 0.45%. South Korea’s Kospi gained 0.18%, while Kosdaq eased 0.19%. Hong Kong’s Hang Seng index futures pointed to a higher open.
Gift Nifty
Gift Nifty was trading around 21,751 level as compared to Nifty futures’ previous close of 21,690, indicating a positive start for the Indian benchmark equity indices.
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US Stock Market
US stock market indices ended slightly higher on Wednesday, with the Dow Jones notching a new record closing high.
The Dow Jones Industrial Average gained 111.19 points, or 0.3%, to 37,656.52, while the S&P 500 rose 6.83 points, or 0.14%, to 4,781.58. The Nasdaq Composite ended 24.60 points, or 0.16%, higher at 15,099.18.
Among stocks, Bit Digital shares rallied 18.6%, Coherus BioSciences share price jumped 23.6% after, First Wave BioPharma shares surged 49.6%, while Cytokinetics soared 82.6%.
Oil prices fall
Crude oil prices dropped nearly 2% on Wednesday as investors monitored developments in the Red Sea where shippers are returning despite further attacks, Reuters reported.
Brent crude futures settled down $1.42, or 1.8%, at $79.65 a barrel, while US West Texas Intermediate crude fell $1.46, or 1.9%, to $74.11.
Japan factory output, retail sales data
Japan’s factory output fell 0.9% in November from the previous month, compared with the median market forecast for a 1.6% drop, Reuters reported. Other data showed Japanese retail sales expanded 5.3% in November from a year earlier. Compared with the previous month, retail sales grew 1.0% in November, following a 1.7% decline in October.
Gold price
Gold prices scaled a three-week high on Wednesday as traders bought zero-yield bullion in anticipation of US interest-rate cuts next year, while a dip in the dollar and bond yields also supported prices, Reuters reported.
Spot gold was up 0.5%, at $2,076.45 per ounce – its highest since December 4. US gold futures settled 1.1% higher, at $2,093.10.
(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.
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