Indian Stock Market: Indian stock market benchmark indices Sensex and Nifty 50 are expected to open higher on Wednesday on positive cues from global markets.
U.S. stocks ended higher while Asian markets rallied as investors focused on quarterly results for the Magnificent Seven and other large growth stocks.
On Tuesday, Indian stock market indexes continued their upward momentum, ending with gains for the third consecutive session.
The Sensex rose 89.83 points (0.12%) to close at 73,738.45 and the Nifty 50 rose 31.60 points (0.14%) to close at 22,368.00.
“Domestic markets performed within a range, tracking positive global news and continuing to outperform the broader market. Escalating tensions between Iran and Israel were seen as limited; Rising oil prices suggest investors are reassessing risks. Outflows from FIIs are expected to continue as the dollar index and US Treasury yields remain high, but not from DIIs. inflows are supporting the recovery,” said Vinod Nair, head of research at Geojit Financial Services.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — April 24
Here are the key clues for Sensex domestic and global markets today.
asian market
Asian markets rose on Wednesday, following gains on Wall Street overnight.
Japan’s Nikkei Stock Average rose 1.27% and TOPIX rose 0.71%. South Korea’s Kospi rose 1.85% and Kosdaq rose 1.25%. Hong Kong’s Hang Seng Index futures showed solid gains.
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Gift Nifty is trading around 22,450 levels, a premium of nearly 80 points from the previous closing price of Nifty futures, indicating a strong start for the Indian stock market index.
wall street
U.S. stock markets closed higher on Tuesday on strong earnings results from leading companies.
The Dow Jones Industrial Average rose 263.71 points, or 0.69%, to 38,503.69, and the S&P 500 rose 59.95 points, or 1.20%, to 5,070.55. The Nasdaq Composite Index rose 245.34 points (1.59%) to end at 15,696.64.
Among stocks, Tesla stock rose 11% in after-hours trading after the company announced its earnings, while General Motors stock closed 4.4% higher after better-than-expected quarterly results.
Spotify shares rose 11.4% after gross profit exceeded 1 billion euros ($1.1 billion) for the first time. GE Aerospace shares rose 8.3% on the company’s bullish full-year earnings forecast. Danaher stock rose 7.2%, while JetBlue stock fell nearly 19%.
Also read: Stock Market Today: Day trading guide from Nifty 50 to Sensex, 6 stocks to buy or sell today — April 24
Tesla 1st quarter results
Tesla reported first-quarter profits of $1.1 billion, down 55% from a year earlier, as the electric vehicle (EV) market becomes increasingly competitive. Elon Musk’s EV maker’s revenue for the quarter ending March 2024 fell 9% from a year earlier to $21.3 billion, as the company described EV sales as “under pressure.”
Tesla stock rose more than 11% in after-hours trading after the company promised to “accelerate” sales of new, more affordable cars.
US Composite PMI
According to Reuters, U.S. business activity fell to the lowest level in four months in April due to weak demand. S&P Global announced that the preliminary US Composite PMI Production Index, which tracks the manufacturing and service sectors, was 50.9 this month, down from 52.1 in March.
RBI news
To harness the full potential of the demographic dividend, India’s economy needs to grow at 8-10% annually over the next 10 years, according to the Reserve Bank of India’s (RBI) latest report released on Tuesday. be. The central bank also said that development strategies for the coming decades must focus on extracting the maximum contribution of a young and growing workforce to GVA growth.
Also read: India needs 8-10% growth over next 10 years to reap demographic benefits: RBI
NSE trading fees
The National Stock Exchange of India (NSE) said it is not considering imposing trading fees on futures and options contracts for the Nifty Next50 index, which was to be applicable since its launch on April 24, 2024.
(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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