Stock Market Today: All You Need To Know Going Into Trade On June 28

Most markets in Asia-Pacific rose Friday mirroring overnight gains on Wall Street after US GDP data came in line with estimates raising hopes for rate cuts.

The Nikkei 225 was 280.14 points or 0.71% higher at 39,621.68, and the S&P ASX 200 was 30.00 points or 0.39% higher at 7,789.60 as of 06:58 a.m.

US stocks rose after data showed America’s economic growth declined to 1.4% on year in January-March compared to 3.4% growth in the preceding quarter. This fuelled bets among traders that Federal Reserve may need to reduce rates this year to aid the economy.

The S&P 500 and Dow Jones Industrial Average settled 0.03% and 0.9% higher, respectively on Thursday. The Nasdaq Composite was up 0.30%.

In commodities, spot gold decline 0.27% to $2,321.36 an ounce, while the benchmark August contract of Brent crude on Intercontinental Exchange was 0.25% to $86.61 a barrel.

The GIFT Nifty was trading 1.5 points or 0.01% higher at 24,043.50 as of 07:01 a.m.

India’s benchmark equity indices saw a third day of record close on Thursday. The NSE Nifty 50 claimed its psychologically crucial 24,000 mark and rose the most in a futures and options series this year.

The Nifty closed up 175.70 points, or 0.74%, at 24,044.50, while the S&P BSE Sensex closed 568.93 points, or 0.72%, higher at 79,243.18. Both the Nifty and Sensex rose 0.92% during the day to 24,087.45 and 79,396.03, respectively.

Foreign portfolio investors recorded the second highest single-day buying of Indian equities so far in 2024 on Thursday. The investors mopped up stocks worth Rs 7,658.8 crore, while domestic investors turned net sellers after a day of buying and offloading equities worth Rs 3,605.9 crore, the NSE data showed.

The Indian rupee strengthened 11 paise to close at Rs 83.46 per US dollar.