Indian Equity Market: Domestic equity indexes Sensex and Nifty 50 are expected to open on a cautious note on Wednesday following mixed performance from their global peers.
Asian markets were mostly lower, while U.S. stocks ended mixed overnight, led by gains in tech stocks.
Indian stock indexes closed sharply higher on Tuesday after hitting fresh record highs during trade.
The Sensex index rose 712.44 points or 0.92 percent to close at 78,053.52, while the Nifty 50 index rose 183.45 points or 0.78 percent to close at 23,721.30.
“After the last few bouts of range trading, investors made bullish bets on banking stocks and some frontline IT stocks, helping the benchmark indices scale fresh highs even as most sectors fell. There was activity in the financials space ahead of the monthly close on Thursday as most private banking stocks missed out on the gains seen in recent weeks,” said Prashant Tapse, senior VP (research), Mehta Equities Limited.
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Here are some key indices of domestic and global markets on Sensex today:
Asian Market
Asian markets were mostly lower on Wednesday, following fluctuations in U.S. stocks.
Japan’s Nikkei rose 0.26%, while the TOPIX fell 0.17%. South Korea’s KOSPI fell 0.38%, while the KOSDAQ rose 0.38%. Hong Kong’s Hang Seng Index futures opened lower.
Give the gift of Nifty today
The GIFT Nifty was trading near the 23,700 level, down about 30 points from the previous day’s closing price of Nifty futures, indicating a weak start for Indian equity market indices.
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Wall Street
U.S. stocks ended mixed on Tuesday with the Nasdaq rising on strength in tech stocks while retail shares weighed on the Dow Jones Industrial Average.
The Dow Jones Industrial Average fell 299.05 points, or 0.76%, to 39,112.16, while the S&P 500 rose 21.43 points, or 0.39%, to 5,469.30. The Nasdaq Composite Index added 220.84 points, or 1.26%, to close at 17,717.65.
Nvidia shares rose 6.8%, Alphabet shares rose 2.7% and Meta Platforms shares rose 2.3%. Walmart shares fell 2.2%, while FedEx shares rose 15% in after-hours trading.
Spirit AeroSystems shares fell 3.96%, Boeing shares fell 2.2%, and Carnival Corp. shares rose 8.7%.
Nvidia stock
Nvidia shares rose about 7% to close at $126.09 a share on Tuesday, ending a three-day sell-off that wiped about $430 billion from the artificial intelligence chipmaker’s market capitalization. Nvidia shares are up 154% this year and account for about 30% of the S&P 500’s year-to-date return.
Please read this: Nvidia shares rebound more than 5%, Nasdaq rises
US Consumer Confidence
U.S. consumer confidence fell in June amid concerns about the economic outlook. The Conference Board’s consumer confidence index fell to 100.4 this month from a downwardly revised 101.3 in May. Economists surveyed by Reuters had expected the index to fall to 100.0 from the previous reading of 102.0.
RBI Governor
Reserve Bank of India (RBI) Governor Shaktikanta Das said India is on the brink of a major structural shift in its growth trajectory and is confident of GDP growth reaching 7.2 per cent in the current fiscal year. On inflation, Das said at the event that an inflation rate of 4 per cent would significantly strengthen the economy, financial system and growth engines.
Please read this: Reserve Bank of India Governor Shaktikanta Das: Positive on GDP growth, efforts to contain inflation
Oil prices
Oil prices fell after an industry report showed an unexpected rise in U.S. crude inventories.
Brent crude oil fell 0.13% to $84.90 a barrel, while US West Texas Intermediate (WTI) crude futures fell 0.09% to $80.76.
Dollar
The US dollar held firm on Wednesday as investors turned cautious ahead of the release of US price data over the weekend.
The Japanese yen was trading at 159.71 to the dollar, while the Chinese yuan was trading at 7.2884 to the dollar in offshore trading. The euro was stable at 1.0708 to the dollar, and the pound was stable at 1.268 to the dollar.
(Quoted from Reuters)
Disclaimer: The views and recommendations expressed above are those of the individual analysts or brokerage firms and not that of Mint. We recommend checking with a certified professional before making any investment decisions.
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