Indian stock market: 7 key things that changed for market overnight – Gift Nifty, Apple shares to US Fed meet

Asian markets traded mixed, while the US stock market ended mostly higher with the S&P 500 and Nasdaq settling at record closing highs.

Markets have dialed back expectations for the Fed’s first rate cut happening in September, now pricing in about a 50% chance, according to the CME’s FedWatch tool, Reuters reported.

On Tuesday, the Indian stock market indices ended flat amid weak global cues.

The Sensex eased 33.49 points, or 0.04%, to close at 76,456.59, while the Nifty 50 settled up 5.65 points, or 0.02%, at 23,264.85.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 12

“Given the absence of any fresh trigger, the market seems to be in consolidation mode. Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome which will be released tomorrow. US Fed commentary could provide direction to the market. So far investors are baking in 1 rate cut towards the end of the year; so any deviation from that could drive the market on either side,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed tracking similar moves overnight on Wall Street and ahead of key economic data in the region.

Japan’s Nikkei 225 fell 0.65%, while the Topix declined 0.7%. South Korea’s Kospi gained 0.24% and the Kosdaq jumped 0.84%. Hong Kong Hang Seng index futures indicating a weak start.

Gift Nifty Today

Gift Nifty was trading around 23,310 level, indicating a flat start for the Indian stock market indices.

Also Read: Stock picks: Motilal Oswal suggests these shares to buy this week

Wall Street

US stock market ended mixed on Tuesday, with the S&P 500 and Nasdaq registering record closing highs for a second straight day, ahead of consumer prices data and a policy announcement from the Federal Reserve.

The Dow Jones Industrial Average declined 120.62 points, or 0.31%, to 38,747.42, while the S&P 500 rose 14.53 points, or 0.27%, to 5,375.32. The Nasdaq Composite ended 151.02 points, or 0.88%, higher at 17,343.55.

Among stocks, General Motors shares rose 1.35% after the automaker announced a $6 billion share buyback plan. GM also cut its annual EV production forecast.

After the closing bell, Oracle shares rose 8% following the release of quarterly results. The stock ended the regular session down 0.5%.

Apple Share Price

Apple share price jumped 7.3% to a record-high close after the company unveiled new artificial-intelligence features, including an improved Siri virtual assistant.

Read here: Apple stock hits record high on AI announcements

US Federal Reserve

The US Federal Reserve policy meeting began on June 11 and the central bank is widely expected to keep interest rates unchanged. Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) is likely to retain its guidance of keeping rates elevated and maintaining status quo in the policy meeting.

Read here: US Fed Policy: Powell-led FOMC to hold status quo on rates over diverging trends in labour market; core CPI eyed

India GDP Growth Projected at 6.7%

The Indian economy is projected to grow an average of 6.7% per fiscal year from 2024 through 2026, the World Bank said. In its latest Global Economic Prospects report, the World Bank said India will remain the fastest-growing large economy. According to the forecast, India is set to report 6.6%, 6.7% and 6.8% growth, respectively, in FY24, FY25 and FY26.

Read here: India to clock about 6.7% growth between 2024-2026: World Bank

Oil Prices

Crude oil prices traded higher, with the Brent oil scaling back above $82 a barrel level.

Brent crude oil rose 0.21% to $82.09 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.36% to $78.18.

(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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Published: 12 Jun 2024, 07:15 AM IST