Indian stock market: The Indian stock market indices, Sensex and Nifty 50, are expected to open on a cautious note on Friday tracking losses in global markets. However, trends in Gift Nifty indicate a gap-up start for the Indian market.
Asian markets traded lower, while the US stock market ended in the red overnight after the release of inflation data. Softer-than-expected inflation data increased bets the US Federal Reserve will cut interest rates in September.
Interest rates futures suggest traders see an over 90% chance the Fed will cut rates by its September meeting, up from about 74% on Wednesday, according to CME Group’s Fedwatch.
On Thursday, the domestic benchmark equity indices ended flat with a negative bias, with the Nifty 50 holding above 24,300 level.
The Sensex eased 27.43 points, or 0.03%, to close at 79,897.34, while the Nifty 50 settled 8.50 points, or 0.03%, lower at 24,315.95.
“After early volatility and a sharp fall thereafter, markets recouped most of its losses to end marginally lower at close on selective profit-taking despite optimism in global equities. We have already seen most of the rally part before the budget, hence investors would be cautiously optimistic and may take selective bets over the next few weeks,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded lower on Friday tracking overnight losses on Wall Street, with Nikkei leading the decline.
Japan’s Nikkei 225 plunged 2.29% and the Topix declined 1.24%. South Korea’s Kospi dropped 0.94%, while the Kosdaq fell 0.19%. Hong Kong Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,462 level, a premium of nearly 50 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market indices ended mostly lower on Thursday dragged by losses in heavyweights amid the release of US inflation data.
The Dow Jones Industrial Average rose 0.08% to 39,753.75, while the S&P 500 dropped 0.88% to end at 5,584.54. The Nasdaq ended 1.95% lower at 18,283.41.
Tesla share price tanked 8.4%, its biggest one-day percentage drop since January. Microsoft and Amazon shares each lost more than 2%, while Meta Platforms stock price plunged about 4%. Apple stock price declined 2.3%.
Delta Air Lines shares slumped 4% and Citigroup share price fell 1.9%.
US Inflation
US consumer prices unexpectedly fell and the annual increase was the smallest in a year.
The US consumer price index dipped 0.1% last month after being unchanged in May, recording the second straight month of tame CPI readings. In the 12 months through June, the CPI climbed 3.0% and followed a 3.3% advance in May. Economists polled by Reuters had forecast the CPI rising 0.1% and gaining 3.1% year-on-year.
TCS Q1 Results
Tata Consultancy Services (TCS) reported a net profit of ₹12,040 crore in the first quarter of FY25, registering a fall of 3.2% from ₹12,434 crore in the previous quarter. The company’s revenue in Q1FY24 increased 2.2% to ₹62,613 crore from ₹61,237 crore, QoQ. Revenue in dollar terms saw a 2.7% sequential growth at $7.5 billion. EBIT in the June quarter rose 3% to ₹15,442 crore from ₹15,918 crore in the March quarter, while EBIT margin contracted by 130 bps to 24.7% from 26%, QoQ.
US Jobless Claims
The number of Americans filing new applications for unemployment benefits dropped more than expected last week. Initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 222,000 for the week ended July 6, the lowest level since late May.. Economists polled by Reuters had forecast 236,000 claims in the latest week.
Dollar
The dollar dropped on Thursday after data showed headline consumer prices unexpectedly fell in June. The dollar index, which measures the US currency against six rivals, fell 0.48% to 104.47, not far from the one-month low of 104.07 it touched in the previous session.
US Treasury Yields
The US two-year to 10-year Treasury yields fell to their lowest since mid-March, while those on 20-year and 30-year bonds sagged to two-week troughs, Reuters reported. The yield on benchmark US 10-year notes fell 7.4 basis points to 4.206%. The 30-year bond yield fell 5.6 bps to 4.4144% and the 2-year note yield dropped 12 bps to 4.513%.
Gold Rate Today
Gold prices steadied on Friday, but headed for a third consecutive weekly rise after US inflation data. Spot gold was nearly flat at $2,411.87 per ounce, and was up 0.9% for the week. US gold futures fell 0.2% at $2,417.00.
Oil Prices
Crude oil prices rose amid signs of strong summer demand and easing inflation in the US.
Brent crude futures rose 0.4% to $85.77 a barrel, while US West Texas Intermediate crude futures gained 0.6% to $83.12 a barrel.
(With inputs from Reuters)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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First Published:
12 Jul 2024, 07:13 AM IST
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