Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to extend gains on Thursday following the positive trend in the global markets.
Asian markets traded higher while the US stocks rallied overnight after strong quarterly earnings reports and easing Treasury yields.
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Investors also assessed gross domestic product (GDP) data from Japan and Singapore that missed expectations.
On Wednesday, the Indian stock market indices recovered from early losses and ended on a positive note amid high volatility aided by renewed buying in bank stocks.
The Sensex gained 267.64 points, or 0.37%, to close at 71,822.83, while the Nifty 50 ended 96.80 points, or 0.45%, higher at 21,840.05.
“With the result season almost over, the focus will shift to global cues and economic data points. Overall, we expect the market to see a gradual up move on the back of strong fundamentals,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
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Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Thursday following overnight gains on Wall Street, and as investors assess economic data in the region.
Japan’s Nikkei 225 gained 0.84% and briefly surpassed the 38,000 mark, while Topix rose 0.55%. South Korea’s Kospi added 0.67% and the Kosdaq gained 0.6%. Hong Kong’s Hang Seng index futures indicated a stronger open.
Gift Nifty
Gift Nifty was trading around 21,998 level, as compared with Nifty futures’ previous close of 21,925, indicating a positive start for the Indian stock market indices.
Wall Street
The US stock market ended sharply higher on Wednesday led by robust earnings that helped overcome worries over persistent inflation.
The Dow Jones Industrial Average gained 0.40% to 38,424.27, while the S&P 500 rallied 0.96% to end at 5,000.62. The Nasdaq closed 1.30% higher at 15,859.15.
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Among top movers, Uber share price surged almost 15% to a record high, Lyft shares jumped 35%, while Meta Platforms and Tesla shares gained over 2% each.
Super Micro Computer share jumped over 11% and Robinhood Markets share price rallied 13%. Coinbase, Marathon Digital and Riot gained over 13% each as bitcoin’s market value crossed $1 trillion for the first time since November 21, Reuters reported.
Japan slips into recession
Japan’s economy slipped into a recession as it shrank for two straight quarters. Japan’s gross domestic product (GDP) fell an annualised 0.4% in the October-December period after a 3.3% slump in the previous quarter. On a quarterly basis, GDP slid 0.1% against median forecasts of a 0.3% gain. The surprisingly weak performance saw Japan lose its title as the world’s third-largest economy, replaced by Germany.
Read here: Germany overtakes Japan as land of rising sun enters recession
Fed’s Goolsbee on inflation
Chicago Fed President Austan Goolsbee said the Fed’s path back to its 2% inflation target rate would still be on track even if price increases run a bit hotter than expected over the next few months, and the central bank should be wary of waiting too long before it cuts interest rates, Reuters reported.
US Treasury yields fall
The yield on US Treasury notes fell on Wednesday following comments from the US Federal Reserve official about the timing of possible interest rate cuts. The benchmark 10-year Treasury yield eased 5 basis points (bps) to 4.267% after touching 4.332% earlier in the session, its highest since December 1. The two-year US Treasury yield fell 8 bps to 4.578%, while the yield on the 30-year bond fell 2 bps to 4.449%.
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Nvidia now third most valuable US company
Nvidia overtook Google-parent Alphabet to become the third most valuable US company on Wednesday. Nvidia share price rose 2.46% with its market capitalization surging to $1.825 trillion, while Alphabet stock price rose 0.55%, leaving it with a value of $1.821 trillion. Amazon’s market capitalization was $1.776 trillion after its stock rose 1.39%. Nvidia share price has risen 47% this year after it more than tripled in 2023.
(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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