Indian stock market: Domestic equity benchmark indices Sensex and Nifty 50 are expected to open higher on Monday following gains in their global peers.
Asian markets rose, and U.S. stock markets ended last week with strong gains, led by gains in tech stocks.
Investors will be looking at stock market trends this week, including fourth-quarter earnings, auto sales data, domestic and international macroeconomic data, US Federal Reserve interest rate decisions, the Israel-Iran conflict, oil prices, and other global market indicators. We will pay attention to several factors.
Read here: What’s coming this week: Q4 earnings, US Fed policy, auto sales, and global clues to this week’s key market triggers
Indian stock market indexes ended sharply lower on Friday, ending a five-day winning streak.
The Sensex fell by 609.28 points or 0.82% to close at 73,730.16, while the Nifty 50 fell by 150.40 points or 0.67% to close at 22,419.95.
“With earnings season currently underway and sector rotation taking place, we expect market momentum to resume with a focus on stock-specific moves.” PCE data and the financial results of several private banks,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
Here are the key clues for Sensex domestic and global markets today.
asian market
Asian markets rose on Monday ahead of the region’s key economic indicators and this week’s US Federal Reserve meeting.
South Korea’s Kospi rose 0.63% and Kosdaq rose 0.94%. Japanese markets are closed due to holidays. Hong Kong’s Hang Seng Index futures showed a weak start.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — April 29
Give a thoughtful gift today
Gift Nifty is trading around 22,650 levels, at a premium of nearly 95 points from the previous closing price of Nifty futures, indicating a gap upstart for the Indian stock market index.
wall street
U.S. stock markets ended higher on Friday, led by gains in mega-growth stocks on moderate inflation data and strong quarterly results from Alphabet and Microsoft.
The Dow Jones Industrial Average rose 153.86 points, or 0.40%, to 38,239.66, and the S&P 500 rose 51.54 points, or 1.02%, to 5,099.96. The Nasdaq Composite Index rose 316.14 points (2.03%) to end at 15,927.90.
Among stocks that rose, Alphabet stock soared 10%, Snap stock soared nearly 28%, and Pinterest stock rose 4%. Exxon Mobil stock fell 3% and Intel stock fell 9.1%.
Also read: The week ahead on Wall Street: Focus on Federal Reserve interest rate decisions and jobs data
Tech stocks rise
Alphabet’s stock rose 10% to a record high on the back of the company’s first dividend, $70 billion share buyback program and better-than-expected first-quarter results. Shares of Google’s parent company Alphabet rose 10% to $171.95, the biggest single-day gain since July 2015, and valued it at $2.15 trillion.
Alphabet’s stock added about $200 billion to the company’s market capitalization, making it one of the largest single-day value additions in stock market history. Alphabet stock has risen 23% since the beginning of the year, outpacing the Nasdaq 100 index’s 5.3% gain.
Microsoft shares rose 1.8% after third-quarter sales and profits beat Wall Street expectations, helped by gains from the adoption of artificial intelligence (AI) across its cloud services. Amazon stock rose 3.4%, Nvidia stock rose 5.8%, and Metaplatform stock rose 0.4%.
us inflation
U.S. monthly inflation rose modestly in March as the personal consumption expenditures (PCE) price index rose 0.3% last month, matching February’s pre-revised rise, according to Commerce Department data. Inflation rose 2.7% in the 12 months to March after rising 2.5% in February. Last month’s rise in inflation was roughly in line with economists’ expectations.
dollar
According to Reuters, the US dollar weakened on Monday due to the Japanese holiday, while the yen, euro and pound remained near the bottom of ranges hit during volatile trade on Friday. Japan’s yen rose nearly 0.2% to 158.05 yen to the dollar, after suffering its steepest decline in six months on Friday.
Read here: Dollar weakens slightly as market waits for Fed
oil price
Oil prices fell on Monday as U.S. inflation data dimmed the prospect of any near-term interest rate cuts boosting the dollar.
Brent crude oil futures fell 0.84% to $88.75 per barrel, and West Texas Intermediate (WTI) futures fell 0.78% to $83.20 per barrel.
(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.
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