Indian Stock Market: 8 Key Things That Changed for Market Overnight
The Indian stock market is expected to remain volatile today amid weekly F&O expiry and ahead of the stock market holiday tomorrow. Asian markets traded mixed, while the US stock market ended higher overnight, with the S&P 500 and Nasdaq hitting new closing highs, amid increased expectations of an interest rate cut by the US Federal Reserve.
Global Market Cues
Traders see a Fed rate cut on September 17 as a near certainty, according to LSEG data, and even lay around 7% odds on a super-sized half-point reduction. The US stock market ended higher on Wednesday, with the benchmark S&P 500 and Nasdaq indexes hitting new closing highs for the second straight day, on hopes of a Fed rate cut.
Asian Markets
Asian markets traded mixed on Thursday, despite an overnight rally on Wall Street. Japan’s Nikkei 225 declined 0.94%, while the Topix index dropped 0.64%. South Korea’s Kospi index lost 0.17%, and the Kosdaq was flat. Hong Kong’s Hang Seng index futures indicated a stronger opening.
Wall Street
The Dow Jones Industrial Average rallied 463.66 points, or 1.04%, to 44,922.27, while the S&P 500 rose 20.82 points, or 0.32%, to 6,466.58. The Nasdaq Composite closed 31.24 points, or 0.14%, higher at 21,713.14.
Gift Nifty
Gift Nifty was trading around 24,689 level, a discount of nearly 23 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
Indian Stock Market Performance
The Sensex gained 304.32 points, or 0.38%, to close at 80,539.91, while the Nifty 50 settled 131.95 points, or 0.54%, higher at 24,619.35.
“We expect the market to remain range bound and domestic-facing themes likely to be in favour amidst caution over US tariffs and outcome of the US-Russia peace talks scheduled for Friday,” said Siddhartha Khemka – Head Of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Bitcoin Prices
Bitcoin prices hit a record high on Fed rate cut bets. The world’s largest crypto-asset by market capitalisation, Bitcoin, climbed as much as 0.9% to $124,457.12, surpassing its previous peak hit in July.
Gold Prices
Gold prices rose for a third day as bets on Federal Reserve interest-rate cuts increased. Spot gold price was 0.5% higher at $3,372.03 per ounce, after rising 0.2% in the previous session.
Crude Oil Prices
Crude oil prices steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent crude oil price rose 0.34% to $65.85 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.30% to $62.84.
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