Indian stock market: 6 important things that changed the market overnight – Gift of Nifty and Disney shares to Wall Street ends mixed

Stock market today: Domestic market benchmark indices Sensex and Nifty 50 are expected to open in the green on Wednesday amid mixed global indicators.

Investors are divided on whether markets can sustain this month’s gains amid economic crossroads, leaving it unclear where Asian stocks will head after weaker U.S. trading.

Despite positive global signs, Indian stock market benchmarks Nifty 50 and Sensex closed lower on Tuesday due to across-the-board weakness. Major markets in Asia and Europe rose on Tuesday as recent data suggested a slowdown in the U.S. labor market and renewed optimism about a U.S. Federal Reserve interest rate cut.

The recent decline in the Indian stock market is mainly due to heavy selling by foreign portfolio investors (FPIs) ahead of the Lok Sabha election results on June 4.

Nifty 50 fell by 140 points or 0.62 per cent to end at 22,302.50 and Sensex fell by 384 points or 0.52 per cent to end at 73,511.85.

Also read: Nifty 50, Sensex today: What to expect in Indian stock market trading on May 8

According to Vinod Nair, head of research at Geojit Financial Services, the domestic market continued to strengthen despite encouraging signals from abroad. Many variables, including premium valuations and low voter turnout in this election, are contributing to profit-taking in the domestic market. Nevertheless, FMCG remained the biggest sectoral gainer through today’s trade, supported by expectations of higher volumes from rural areas on the back of a favorable monsoon forecast.

Here are today’s key global market cues for Sensex.

asian market

Asian stocks are struggling to find direction after weak US trading, with investors wondering if the market can sustain this month’s gains given the current economic situation, according to a Bloomberg news report. Opinions are divided.

Stock prices in Australia and South Korea rose, but stocks in Japan fell. Hong Kong futures opened flat.

According to a Bloomberg news report, the main focus in Asia will be on President Xi Jinping’s trip to Europe and the subsequent development of trade relations. The United States is revoking Huawei’s license to buy chips from Qualcomm and Intel, according to people familiar with the situation, in another example of geopolitical tensions between China and the West. There is.

Also read: Asian stocks set for mixed open as US rally stalls: Markets come full circle

Give a thoughtful gift today

Gift Nifty is trading around 22,410.50 levels, nearly 36 points premium from the previous closing price of Nifty futures, indicating a strong start for the Indian stock market index.

wall street

U.S. stocks stabilized on Tuesday as trading eased on Wall Street after recent big swings, the Associated Press reported.

The Nasdaq Composite Index fell 16.69 points (0.10%) to 16,332.56 points, and the S&P 500 Index rose 6.96 points (0.13%) to 5,187.70 points. The Dow Jones Industrial Average rose 31.99 points, or 0.08%, to 38,884.26.

Kenvue, the maker of Band-Aids and Tylenol, saw its stock rise 6.4% after its most recent quarter’s earnings and sales beat analysts’ expectations.

The Walt Disney Company fell 9.5% despite posting better-than-expected profits in its most recent quarter. Revenue was slightly lower than expected, with entertainment streaming business expected to slow this quarter.

Government bond yield

U.S. Treasury yields have fallen this month to provide some relief to stock markets, after spiking at the beginning of the year as expectations for Federal Reserve interest rate cuts faded.

The yield on the 10-year U.S. Treasury note fell to 4.45% from 4.49% late Monday, the Associated Press reported. The two-year Treasury yield fell to 4.82% from 4.83%, more closely in line with the Fed’s expectations.

Also read: U.S. stock market: Walt Disney stock falls more than 9% after quarterly results

dollar index

According to Reuters, the dollar is seen as having recovered from an early decline to be the last to strengthen against a basket of global currencies. The rebound against the yen came despite fresh warnings from Japanese officials that they were prepared to support their currency. The euro fell 0.14% to $1.0753, while the dollar index rose 0.3%.

oil price

Reuters reports: American Petroleum Institute data shows rising U.S. crude and fuel inventories, a sign of weak demand that market participants say is a sign of weak demand, leading to a sharp rise in Asian trading on Wednesday. It is said to have caused oil prices to fall in the first half.

By 12:20 a.m. Japan time, the price of a barrel of Brent crude oil futures had fallen 21 cents, or 0.3%. U.S. West Texas Intermediate crude oil futures fell 0.2%, or 13 cents, to $78.25 a barrel.

Also read: Wall Street Today: U.S. stocks advance on Fed rate cut optimism

(Information provided by agency)

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