Indian Stock Market: Domestic stock markets are expected to open higher on Monday on the back of gains in global peers amid positive sentiment.
US stocks rose on Friday after explosive jobs data, while Asian markets were mostly higher.
Some important corporate and macroeconomic data will guide market direction this week.
Stock market triggers include first corporate earnings for Q4 2024 (Q4 FY24), inflation data from India and the US, US Federal Reserve Board minutes, European Central Bank (ECB) policy meeting; Includes company announcements, oil prices, foreign exchange markets, and more. Capital flight and other global manifestations.
Read here: What’s coming this week: Inflation data, Q4 results, oil prices, and global clues to this week’s key market triggers
Domestic equity indexes ended flat on Friday after the Reserve Bank of India (RBI) announced monetary policy in line with expectations. The central bank kept the key policy repo rate unchanged at 6.5%, maintaining its policy stance of “withdrawing easing measures.”
The Sensex rose 20.59 points or 0.03% to close at 74,248.22, while the Nifty 50 closed flat at 22,513.70.
“The domestic market recorded gains over the past week, supported by continued strong macroeconomic data in the form of PMI numbers. At present, the earnings season is also expected to record satisfactory growth. Expectations for growth are , reflected in RBI policy through its strong forecast for FY25. Domestic news flow is quite supportive of market sentiment, with volatility largely driven by global trends, particularly the US Federal Reserve. “This could be driven by expectations regarding when interest rates will be triggered by banks,” said Joseph Thomas, head of research at MK Wealth Management.
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Here are today’s key global market cues for Sensex.
asian market
Asian markets traded mixed on Monday ahead of the region’s key economic indicators. Japan’s Nikkei Stock Average rose 1.01% and TOPIX rose 0.77%. South Korea’s Kospi fell 0.17%, and the Kosdaq fell 0.76%. Hong Kong’s Hang Seng Index futures showed solid gains.
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Gift Nifty is trading around 22,650 levels, more than 40 points premium from the previous closing price of Nifty futures, indicating a strong start for the Indian stock market index.
wall street
U.S. stock market indexes ended higher on Friday following strong jobs data.
The Dow Jones Industrial Average rose 307.06 points, or 0.80%, to 38,904.04, and the S&P 500 rose 57.13 points, or 1.11%, to 5,204.34. The Nasdaq Composite Index rose 199.44 points (1.24%) to end at 16,248.52.
For the week, the Dow fell 2.3%, the S&P 500 fell 1% and the Nasdaq fell 0.8%.
Also read: Next week on Wall Street: Investors focus on inflation numbers, Fed minutes after strong March jobs report
US non-farm payrolls
U.S. employers hired far more workers than expected in March while raising wages. U.S. nonfarm payrolls rose by 303,000 people last month, according to the Labor Department’s employment report. Economists polled by Reuters had predicted employment would rise to 200,000, with estimates ranging from 150,000 to 250,000.
US unemployment rate
The U.S. unemployment rate fell to 3.8% last month from 3.9% in February, marking the 26th consecutive month it has remained below 4% and the longest such period since the late 1960s. Average hourly wages rose 0.3% in March, following a 0.2% increase in the previous month, and the year-over-year wage increase was 4.1%, the smallest increase since June 2021, according to data from the Labor Department. February.
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oil price
Oil prices fell more than 1% in early Asian trading on Monday as tensions eased in the Middle East.
Brent crude oil futures fell 1.79% to $89.54 per barrel and US West Texas Intermediate crude oil fell 1.78% to $85.36 per barrel.
US Treasury yield
U.S. Treasury yields and the dollar rose on Friday after a strong U.S. jobs report, suggesting the Federal Reserve may delay cutting interest rates pending further inflation data, according to Reuters. The benchmark 10-year U.S. Treasury yield rose to 4.422%. The dollar index, which measures the U.S. currency against six major currencies, rose 0.11% to 104.41.
(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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