Indian Equity Market: The domestic equity market is expected to open flat on Thursday following mixed signals from other Asian stock markets.
Asian markets were mixed while US stocks were closed for Independence Day.
Market participants will be focusing their attention today on China’s decision on prime rates for one- and five-year loans. Rates are expected to remain unchanged after the People’s Bank of China decided earlier this week to keep one-year medium-term lending rates unchanged at 2.5%.
Indian equity market major indices ended mixed on Wednesday amid profit booking at record levels.
The Sensex index rose 36.45 points or 0.05 percent to close at 77,337.59, while the Nifty 50 index fell 41.90 points or 0.18 percent to close at 23,516.00.
“Strong buying in banking stocks helped the Sensex index weather a highly volatile trading session, while the Nifty index ended weakly as investors booked profits in auto, metals, oil & gas, telecom and realty stocks after the recent surge. The market may witness some stock and sectoral moves ahead of the Budget announcement on expectations that the government may increase spending in the sector to boost growth,” said Prashant Tapse, senior vice president (research), Mehta Equities.
Read also: Stocks to buy: ICICI Direct suggests 5 stocks that are likely to rise up to 8%
Here are some key indices of domestic and global markets on Sensex today:
Asian Market
Asian markets were mixed as investors awaited China’s one- and five-year prime mortgage rates.
Japan’s Nikkei fell 0.28% and the Topix lost 0.12%. South Korea’s KOSPI rose 0.06% and the Kosdaq rose 0.04%. Hong Kong’s Hang Seng Index futures opened lower.
Give the gift of Nifty today
GIFT Nifty was trading near the 23,522 level, up nearly 20 points from the previous day’s close of Nifty futures, signalling a flat to positive start for the Indian equity market index.
Read also: India outperforms China (Stock price performance)
Wall Street
U.S. stock futures were trading little changed. S&P 500 futures rose 0.05%, Nasdaq 100 futures added 0.2%, and Dow Jones Industrial Average futures added 0.2%.
European Market
European markets ended lower on Wednesday, but British shares rose. The pan-European STOXX 600 ended down nearly 0.2%. Britain’s FTSE 100 rose 0.2%, while the French benchmark CAC 40 ended down nearly 0.8%.
RBI News
Reserve Bank of India (RBI) officials said the Indian economy is likely to maintain its growth momentum from the first quarter in the three months to June as private consumption grows and manufacturing and services accelerate.
Please read this: RBI flash report: GDP growth maintains pace in Q4
MSP price increase
The Union Cabinet has approved an increase in minimum support prices (MSP) for all 14 kharf crops for the July-June harvest season of 2024-25. ₹200,000 crores as MSP – ₹35,000 crores more than the previous season
Please read this: Cabinet approves increase in MSP of 14 kharf crops for 2024-25 season
Oil prices
According to Reuters, Brent crude oil futures rose after Israeli tankers marched into the Gaza Strip, but U.S. crude oil futures fell on expectations of rising oil inventories. August Brent crude oil futures rose 0.11% to $85.16 per barrel, while U.S. July WTI crude oil futures fell 0.21% to $81.40 per barrel.
(Quoted from Reuters)
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