Indian Equity Market: Domestic equity benchmark indices Sensex and Nifty 50 are expected to open at record highs on Wednesday following strength in global markets.
Asian markets rose and U.S. stocks ended higher, helped by rising Nvidia shares and gains in other semiconductor stocks, while the Nasdaq and S&P 500 closed at record highs.
Indian stock markets continued their record rally on Tuesday, with major indexes closing at fresh record highs.
The Sensex index rose 308.37 points or 0.40 percent to close at 77,301.14, while the Nifty 50 index rose 92.30 points or 0.39 percent to close at 23,557.90.
“Major benchmark indices are continuing to surge to record highs due to rising buying interest from foreign investment institutions (FIIs) coupled with easing domestic inflation raising expectations of interest rate cuts by the end of the year. While the monsoon has started well, investors are hopeful that rains will pick up in the coming weeks, which will boost consumption, especially in rural areas, and support overall growth in the remaining quarters of the current fiscal,” said Prashant Tapse, senior vice president (research), Mehta Equities.
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Key global market indications on Sensex today include:
Asian Market
Asian markets continued to rise on Wednesday, following an overnight rally on Wall Street.
Japan’s Nikkei rose 0.61% and the Topix added 0.56%. South Korea’s KOSPI rose more than 1% and the Kosdaq added 0.27%. Hong Kong’s Hang Seng Index futures opened higher.
Give the gift of Nifty today
GIFT Nifty is trading around 23,660 levels, at a premium of over 90 points from the previous day’s closing price of Nifty futures, indicating a strong start for the Indian stock market indices.
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Wall Street
U.S. stock markets rose on Tuesday, with the S&P 500 and Nasdaq closing at record highs, buoyed by gains in semiconductor stocks.
The Dow Jones Industrial Average rose 56.76 points, or 0.15%, to 38,834.86, the S&P 500 added 13.80 points, or 0.25%, to 5,487.03 and the Nasdaq Composite Index added 5.21 points, or 0.03%, to close at 17,862.23.
Nvidia overtook Microsoft as the world’s most valuable company with a market capitalization of $3.22 trillion. Qualcomm, Arm Holdings and Micron shares rose between 2.1% and 8.7%, with Micron hitting an all-time high. Chegg shares rose 3.45%, while Lennar shares fell 4.98%.
Nvidia stock
Nvidia has overtaken tech giant Microsoft as the world’s most valuable company. Nvidia’s shares rose 3.5% to $135.58, giving it a market capitalization of $3.335 trillion. Microsoft’s shares fell 0.45% to a market capitalization of $3.317 trillion. Meanwhile, Apple’s shares fell more than 1% to a market capitalization of $3.286 trillion.
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US Retail Sales
U.S. retail sales barely grew in May, with the previous month’s data revised down sharply, according to Reuters. Retail sales rose 0.1% last month after a downwardly revised 0.2% decline in April. Economists surveyed by Reuters had expected retail sales, which are mostly merchandise and not adjusted for inflation, to rise 0.3% in May.
US Industrial Production
U.S. factory production rose more than expected in May, recouping all of the losses from the previous two months. The Federal Reserve said manufacturing output rose 0.9% last month, revised down from a 0.4% decline in April. Economists surveyed by Reuters had expected it to bounce back 0.3% from a 0.3% decline in April. It rose 0.1% year-on-year in May.
Net direct tax collections
The Indian government’s net direct tax collections increased by 20.99% year-on-year, ₹4.63 lakh crore from April 1 to June 17. This includes corporate tax. ₹1.8 Lakh Crores and Personal Income Tax ₹Citing provisional figures, the Central Board of Direct Taxes (CBDT) put the figure at Rs 2.81 lakh crore.
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Oil prices
Oil prices edged higher amid fears of escalating conflict in Europe and the Middle East. Brent crude futures for August delivery rose 0.14% to $85.45 a barrel, while U.S. West Texas Intermediate crude for July delivery rose 0.25% to $81.77 a barrel.
(Quoted from Reuters)
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