Indian Stock Market: Domestic stock markets are expected to open lower on Friday, extending the downward trend amid weak global market cues.
US stocks fell overnight while Asian markets fell after a number of hawkish comments from US Federal Reserve officials and strong economic data suggested the central bank was unlikely to cut interest rates in the near future. The market ended mixed.
Market expectations for a rate cut of at least 25 basis points in June fell to 15.2%, from 41.5% in July and 48.4% the previous week, according to CME’s FedWatch tool. Reuters reported.
On Thursday, Indian stock market indexes remained reeling under selling pressure, closing lower for the fourth straight session amid mixed global developments. Nifty recorded its worst losing streak since October 26, 2023.
The Sensex index fell by 454.69 points or 0.62% to end at 72,488.99, while the Nifty 50 index fell by 152.05 points or 0.69% to end at 21,995.85.
“Markets witnessed frenzied selling towards the end of a highly volatile trading session as concerns over waning interest rate cut expectations and continued FII fund outflows from domestic equities dampened investor sentiment.Indian Economy Despite the economy being resilient and managing to avoid global concerns, stubborn inflation, rising geopolitical tensions and concerns about a slow rate cut have spurred profit-taking over the past few weeks. ,” said senior Prashant Tapse. Mehta Equities Ltd. Vice President (Research)
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — April 19
Here are the key clues for Sensex domestic and global markets today.
asian market
Asian markets fell on Friday following overnight losses on Wall Street and Japan’s inflation data.
Japan’s Nikkei Stock Average fell 1.88%, and the TOPIX fell 1.3%. South Korea’s Kospi fell 1.8% and Kosdaq fell 1.34%. Hong Kong’s Hang Seng Index futures showed a weak start.
Give a thoughtful gift today
Gift Nifty is trading around 21,765 levels, at a discount of nearly 300 points from the previous closing price of Nifty futures, indicating a gap downstart for the Indian stock market index.
wall street
U.S. stock markets ended mixed on Thursday as investors’ attention shifted to the latest corporate earnings. The S&P 500 index fell for the fifth straight session, the longest period for the benchmark S&P index since October.
The S&P 500 Index fell 12.02 points (0.24%) to end at 5,010.19 points, and the Nasdaq Composite Index fell 82.35 points (0.52%) to 15,601.02 points. The Dow Jones Industrial Average rose 23.87 points, or 0.06%, to end at 37,777.18.
Among stocks, Netflix shares fell about 4% in after-hours trading after the quarterly results were announced. Metaplatforms stock rose 1.54%, while Genuine Parts stock rose 11.22%.
Las Vegas Sands stock fell 8.66%, and Equifax stock fell 8.49%.
Also read: Tesla stock has fallen 39% since the beginning of the year, hovering below $150 as deep discounts to attract customers hurt overall sales.
Netflix revenue
Netflix beat Wall Street expectations for the second consecutive quarter, with earnings per share of $5.28 from January to March, up from $2.88 a year earlier. Netflix’s revenue in the same period rose 14.8% to nearly $9.4 billion, according to Reuters. Operating income totaled $2.6 billion, an increase of 54% year over year.
Israel attacks Iran
ABC News reported that an Israeli missile landed on an Iranian compound. According to Iran’s Fars news agency, an explosion was heard at the airport in the Iranian city of Isafahan, but the cause was not immediately known. CNN reported that multiple flights were diverted due to conditions in Iranian airspace. Isfahan is home to the Iranian military’s main air base and sites linked to its nuclear program.
Read here: Israeli retaliatory strikes hit Iran.Explosion near airport causes plane to be diverted, reports say
Used homes for sale in the US
U.S. existing home sales fell in March as interest rates and home prices rose. Home sales fell 4.3% last month to a seasonally adjusted annual rate of 4.19 million units. Economists polled by Reuters had expected the home resale rate to fall to 4.2 million units. Home resales in March decreased by 3.7% compared to the same month last year.
japanese inflation
Japan’s core inflation rate slowed in March, although it remained above the Bank of Japan’s 2% target, government data showed. Japan’s core consumer price index (CPI), which excludes fresh food, rose 2.6% in March, following a 2.8% year-on-year rise in February.
Also read: Buy some dip! JP Morgan bullish on Indian stocks, suggests taking advantage of swings amid election uncertainty
us federal reserve system
Atlanta Fed President Rafael Bostic said central bank officials would need to consider raising interest rates if inflation doesn’t move towards the central bank’s 2% target as he expected, Reuters reported. Stated.
“If inflation stalls or starts moving in the opposite direction away from the target, I don’t think we have a choice but to react to it,” Bostic said at the University of Miami.
dollar, government bond yield
Strong economic data and hawkish comments from Federal Reserve officials increased expectations that interest rates would rise for an extended period of time, pushing the dollar and Treasury yields higher.
The dollar index against the country’s six currencies rose 0.2% to 106.15. The index is up 4.5% since the beginning of the year. Two-year Treasury yields approached the 5% mark, and 10-year Treasury yields rose 6 basis points to 4.64%.
Infosys Q4 Results
Infosys reported net income as follows: INRQ4 2024 was $797.5 billion, an increase of 30% year over year (YoY). INRIn the same period last year, it was $6.134 billion. March 2024 quarter revenue grew 1.3% year-on-year; INR37,923 billion. Constant currency (CC) revenue was flat year-over-year, down 2.2% sequentially. The IT giant is forecasting revenue growth rate of 1% to 3% and operating profit margin of 20% to 22% in fiscal 2025, excluding the impact of currency fluctuations.
Read here: Infosys Q4 results: Net income increased and turnover decreased. Infosys Q4 Earnings Top 5 Highlights
Number of new unemployment insurance claims in the US
U.S. new jobless claims for the week ending April 13 were unchanged at a seasonally adjusted 212,000, still higher than expected of 215,000, the data showed.
(Information provided by Reuters)
Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
Unlock a world of benefits! From insightful newsletters to real-time inventory tracking, breaking news and personalized newsfeeds, it’s all here, just a click away. Log in here!
