Financial Market

Indian stock market: 10 key things that changed for market overnight – Gift Nifty, S&P 500’s record close to oil prices

Asian markets traded lower, while the US stock indices ended higher overnight with the S&P 500 hitting a record closing high ahead of key economic data.

Investors will watch out for the US Personal Consumption Expenditures Price Index (PCE), the US Federal Reserve’s preferred inflation gauge, due on Good Friday, when the stock markets will remain closed.

On Wednesday, the Indian stock market indices ended with decent gains led by a rally in index heavyweights, with the benchmark Nifty 50 closing above the 22,100 level.

The Sensex rallied 526.01 points, or 0.73%, to end at 72,996.31, while the Nifty 50 settled 118.95 points, or 0.54%, higher at 22,123.65.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 28

“Stock-specific actions and positive undercurrents due to a healthy economic growth forecast led the market towards a positive closure. However, due to the holiday-led truncated week, investors are now focusing on US GDP data and next week’s RBI policy announcement to gauge market direction,” said Vinod Nair, Head of Research, Geojit Financial Services.

The mid- and small-cap space are outperforming as investors got bargaining opportunities, but volumes are low, Nair noted.

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Thursday, while the Australian stocks hit a record high. Japan’s Nikkei 225 declined 0.98%, while the Topix plunged 1.08%. South Korea’s Kospi fell 0.19%, while Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around the 22,173 level, a premium of nearly 6 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Also Read: Day trading guide for today: Seven stocks to buy or sell on Thursday — March 28

Wall Street

US stock market indices ended higher on Wednesday, with the S&P 500 setting a closing record, ahead of the inflation data and US Federal Reserve commentary that would signal its interest rate path.

The Dow Jones Industrial Average rallied 477.75 points, or 1.22%, to 39,760.08, while the S&P 500 jumped 44.91 points, or 0.86%, to 5,248.49. The Nasdaq Composite ended 83.82 points, or 0.51%, higher at 16,399.52.

Among stocks, Merck & Co shares rose 4.96%, while Trump Media & Technology Group shares jumped 14.19%. Nvidia shares declined 2.5% and GameStop shares plunged 15.03%.

Fed Governor Waller

The US Federal Reserve Governor Christopher Waller said there is no rush to cut interest rates, emphasizing that recent economic data warrants delaying or reducing the number of cuts seen this year, Bloomberg News reported. Calling the recent inflation figures “disappointing”, Waller said he wants to see “at least a couple months of better inflation data” before cutting rates.

Also Read: Dividend stocks: SBI Cards, REC, CRISIL among 9 stocks to trade ex-dividend today

US Dollar

The US dollar jumped against major currency peers on Thursday. The dollar index, a measure of the greenback against major peer currencies, ticked up and last held at 104.41. The Japanese Yen fell to its 34 years-low against the greenback and reached 151.975 on Wednesday, its strongest against the yen since mid-1990, last traded at 151.37.

Bank of Japan Meeting Minutes

The Bank of Japan’s board was divided on whether the economy was strong enough to weather the end of its negative interest rates policy as many policymakers saw the need to go slow in phasing out ultra-loose monetary policy with one board member saying the economy’s health did not warrant rapid interest rate hikes, a summary of opinions at the bank’s March meeting showed.

Oil Prices

Crude oil prices rose to head for a strong quarterly gain led by expectations of OPEC supply cuts. West Texas Intermediate rose 0.49% to $81.75 a barrel after a modest two-day drop, with Brent crude rising 0.31% to $86.36.

Govt’s Borrowing Plan

The central government will borrow 7.50 lakh crore in the first half of the upcoming financial year, 53% of its overall FY25 target. The borrowing for FY25 would be done by issuing dated government securities along with 12,000 crore of sovereign green bonds. The borrowing from the market was pegged at 14.13 lakh crore in the interim budget for FY25.

Read here: Centre to borrow 7.5 trillion in April-September FY25

T+0 Settlement Cycle

Stock exchanges BSE and NSE have released the list of 25 stocks that will be eligible for the shortened T+0 settlement cycle from today, March 28. The T+0 settlement will be optional for these 25 stocks and applicable only for trades executed between 9:15 am and 1:30 pm. Check full list here

Nifty Indices Rejig

The semi-annual rebalance of Nifty indices will come into effect today, with adjustments being done on March 27. The Nifty indices rejig is estimated to lead to inflows worth $652 million in stocks such as Shriram Finance, HDFC Bank, Jio Financial Services, NTPC, Adani Power, and some others.

(With inputs from Agencies)

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: 28 Mar 2024, 07:23 AM IST

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