Indian stock market: 7 key things that changed for market overnight – Gift Nifty, Asian markets to oil prices

Indian stock market: The domestic equity market is expected to open flat Thursday tracking mixed cues from Asian peers.

Asian markets traded mixed while the US stock market was closed for the Juneteenth holiday.

Market participants watch out for China’s one- and five-year loan prime rate fixing today. It is expected to remain unchanged after the People’s Bank of China earlier this week decided to keep the 1-year medium-term lending facility rate steady at 2.5%.

On Wednesday, the Indian stock market benchmark indices ended mixed amid profit booking at record high levels.

The Sensex gained 36.45 points, or 0.05%, to close at 77,337.59, while the Nifty 50 settled 41.90 points, or 0.18%, lower at 23,516.00.

“Strong buying in banking stocks helped Sensex sail through in a highly volatile trading session while Nifty ended weak as investors booked profit in auto, metals, oil & gas, telecom and realty shares after the recent upsurge. Ahead of the Budget, markets may see stock & sector-specific activities on hopes the government may increase outlay for sectors to push growth,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Also Read: Stocks to buy: ICICI Direct suggests 5 shares with up to 8% upside

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded mixed as investors awaited China’s one- and five-year loan prime rates.

Japan’s Nikkei 225 fell 0.28%, while the Topix eased 0.12%. South Korea’s Kospi rose 0.06%, while the Kosdaq inched up 0.04%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 23,522 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.

Also Read: India beats China (in stock performance)

Wall Street

US stock futures traded little changed. Futures tied to the S&P 500 rose 0.05%, while Nasdaq 100 futures gained 0.2%. Dow Jones Industrial Average futures added 0.2%.

European Markets

European markets ended lower on Wednesday, while UK stocks rose. The pan-European STOXX 600 closed down almost 0.2%. Britain’s FTSE 100 gained 0.2%, while French benchmark CAC 40 closed nearly 0.8% lower.

RBI Bulletin

The Indian economy is likely to sustain the growth momentum of the January-March quarter in the three months through June as private consumption grows and manufacturing and services pick up pace, Reserve Bank of India (RBI) officials said.

Read here: GDP growth maintaining pace seen in Q4, says RBI bulletin

MSP Hike

The Union Cabinet approved an increase in the minimum support prices (MSP) for all 14 kharif crops for the 2024-25 crop season that runs from July to June. The increase means farmers will get around ₹2 lakh crore as MSP – ₹35,000 crore more than what they got in the previous season

Read here: Cabinet approves increase in MSP of 14 kharif crops for 2024-25 season

Oil Prices

Brent crude futures rose as Israeli tanks advanced into Gaza, while US crude futures fell on the prospect of swelling oil inventories, Reuters reported. Brent crude futures for August delivery rose 0.11% to $85.16 a barrel, while US West Texas Intermediate crude for July fell 0.21%, to $81.40 per barrel.

(With inputs from Reuters)

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