Indian Equity Market: The domestic equity market is expected to open with a modest decline as GIFT Nifty opened early trade at 22,659, down 35 points or 0.15 per cent, on global weakness in US and Asian markets following the revelation of hawkish comments in the Federal Reserve minutes.
Indian stock market indices ended higher on Wednesday, led by gains in leading stocks.
The Sensex rose 267.75 points or 0.36 percent to close at 74,221.06 and the Nifty 50 rose 68.75 points or 0.31 percent to close at 22,597.80.
“Despite weakness in global indicators, the market remained range bound and remained positive for most of the trading session supported by selective buying in IT, FMCG and realty stocks. With the poll results just a few weeks away, investors are currently on utmost caution as they do not want to risk large exposure to equity assets,” said Prashanth Tapse, senior vice president (research), Mehta Equities.
Here are today’s key global market cues for Sensex.
Give the gift of Nifty today
As of this morning, the Gift Nifty was down more than 10 points from Wednesday’s closing price. Indian stock market is expected to open with some losses.
NVIDIA’s revenue
Chipmaker Nvidia released its first-quarter earnings outside U.S. market hours on May 22. Nvidia’s net income soared to $14.88 billion in the first quarter ended April 28, more than sevenfold from $2.04 billion in the same period last year. Revenue tripled to $26.04 billion from $7.19 billion in the same period last year.
The company also announced a 1-for-10 stock split, splitting each share into 10 shares. NVIDIA also plans to pay a quarterly dividend of 10 cents, representing a 150% increase.
Also read: Nvidia’s Profits Soar More than 600%, Stock Prices Above $1,000: From 10:1 Stock Split to Dividends – Key Performance Highlights
US Federal Bank Meeting Minutes
The minutes of the Fed’s last meeting, released today, showed some officials were open to raising interest rates, a hawkish stance that was not well received by markets.
“Participants noted that first-quarter inflation readings were disappointing,” according to the minutes released from the May 1 FOMC meeting. “It will take participants longer than previously expected to gain confidence that inflation is moving sustainably toward 2 percent.”
Wall Street
The US stock market did not take kindly to the hawkish comments in the minutes of the US Federal Reserve Board’s (FRB) meeting from April 30 to May 1. Benchmark indexes ended in the slight red, with the S&P 500 down 0.27% to 5,307 and the Nasdaq down 0.18% to 16,801.
The Dow Jones Industrial Average fell 0.5% to end at 39,671.04, according to Bloomberg.
The yield on the 10-year U.S. Treasury rose 1 basis point to 4.42%, and the dollar index hit an all-time high of 105.
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