Indian stock market: The Indian equity market indices, Sensex and Nifty 50, are expected to open flat on Tuesday tracking a largely positive momentum in the global peers.
Asian markets traded mostly higher, while the US stock market ended mixed overnight with the S&P 500 and Nasdaq posting record-high closes.
Market participants will now monitor US Federal Reserve Jerome Powell’s semi annual testimony before US Senate and House committees on Tuesday and Wednesday. The US consumer price data due on Thursday and producer price data expected on Friday will also be gauged.
Traders now see a greater than 75% chance of a rate cut of at least 25 basis points by September, up from last week’s 60%, according to CME’s FedWatch.
On Monday, the Indian stock market benchmark indices ended choppy session flat amid absence of major triggers and continued profit booking at higher levels.
The Sensex eased 36.22 points, or 0.05%, to close at 79,960.38, while the Nifty 50 settled 3.30 points, or 0.01%, lower at 24,320.55.
“Due to lack of any fresh trigger, markets witnessed a range-bound session throughout the day and ended marginally weak owing to select profit-taking in banking, telecom and realty shares. Weak Asian cues also weighed on sentiment, while stretched valuations could see investors maintain caution for sometime,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Tuesday following overnight gains on Wall Street.
Japan’s Nikkei 225 gained 1%, while the Topix rose 0.27%. South Korea’s Kospi added 0.3%. Hong Kong’s Hang Seng index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 24,387 level, a premium of 7 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
Wall Street
US stock market ended mostly higher on Monday, with the S&P 500 and Nasdaq notching record-high closes, ahead of the fresh inflation data and commentary by the Fed Chair Powell.
The Dow Jones Industrial Average eased 0.08% to 39,344.79, while the S&P 500 rose 0.10% to 5,572.85. The Nasdaq ended 0.28% higher at 18,403.74, its fifth straight record-high close.
Nvidia share price rose nearly 2%, Intel shares jumped over 6% and Advanced Micro Devices stock price gained 4%. Citigroup shares rose 1.1%, while Wells Fargo declined 1%. Paramount Global stock fell 5.3% and Boeing shares gained 0.55%.
Treasury Yields, Dollar
US dollar gained, while Treasury yields were mixed as investors awaited guidance from the US central bank and June inflation data later this week.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.07% at 105.02.
The yield on benchmark US 10-year notes rose 0.5 basis points to 4.278%, while the 30-year bond yield fell 0.6 bps to 4.4628%. The 2-year note yield rose 3.4 bps to 4.6327%.
Oil Prices
Crude oil prices steadied after a two-day drop with the worst of storm Beryl over.
Brent crude eased 0.04% to $85.72 a barrel after falling almost 2% in the prior two sessions, while West Texas Intermediate was down 0.04% at $82.30 a barrel.
Gold Rate
Gold prices traded with minor gains on Tuesday. Spot gold rose 0.16% to $2,362.86 per ounce. US gold futures gained 0.26% to $2,369.65.
(With inputs from Reuters)
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HomeMarketsStock MarketsIndian stock market: 6 key things that changed for market overnight – Gift Nifty, US Treasury yields to gold rate
