Indian stock market: 6 key things that changed for market overnight – Gift Nifty, US consumer confidence to oil prices

Indian stock market: The domestic equity indices, Sensex and Nifty 50, are expected to open on a muted note Wednesday tracking mixed cues from global peers.

Asian markets traded with modest gains, while the US stock indices ended lower overnight as investors await key economic data in a holiday-shortened week to gauge the US Federal Reserve’s policy path.

Markets have been slowly increasing expectations the US central bank will cut interest rates by at least 25 basis points in June, currently pricing in a 70.4% chance, the CME’s FedWatch Tool showed, up from 59.2% last week, Reuters reported.

On Tuesday, the Indian stock market benchmark indices ended half a percent lower, snapping their three-day winning run, amid weak global cues.

The Sensex declined 361.64 points, or 0.50%, to close at 72,470.30, while the Nifty 50 settled 92.05 points, or 0.42%, lower at 22,004.70.

“Shorten trading week, derivatives monthly expiry along with global economic data to be released this week has kept the investors on the sidelines. Overall, we expect the market to consolidate in a broader range, however, buying in a broader market before the financial year end cannot be ruled out,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 27

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher on Wednesday. Japan’s Nikkei 225 rose 0.24%, while the Topix gained 0.4%. South Korea’s Kospi eased 0.1%, while the Kosdaq was flat. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around the 22,050 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

Also Read: Stock market today: PSU stock SAIL under F&O ban list today

Wall Street

US stock market indices ended lower on Tuesday, with the Dow and S&P 500 falling for the third straight session.

The Dow Jones Industrial Average declined 31.31 points, or 0.08%, to 39,282.33, while the S&P 500 fell 14.61 points, or 0.28%, to 5,203.58. The Nasdaq Composite ended 68.77 points, or 0.42%, lower at 16,315.70.

Among stocks, Tesla shares rose 2.92%, while Trump Media & Technology share price jumped 16.1% and McCormick shares rallied 10.52%. Seagate Technology shares surged 7.38%, while United Parcel Service shares plunged 8.16%.

US Consumer Confidence

US consumer confidence was little changed in March as the Conference Board said that its consumer confidence index dipped to 104.7 this month, essentially unchanged from a downwardly revised 104.8 in February. Economists polled by Reuters had forecast the index nudging up to 107.0 from the previously reported 106.7.

Current Account Deficit

India’s current account deficit (CAD) declined to $10.5 billion or 1.2% of the GDP in the October-December quarter from $11.4 billion in the previous three months and $16.8 billion a year ago, the Reserve Bank of India (RBI) said.

Read here: India’s current account deficit declines to $10.5 billion in October-December

Oil Prices

Crude oil extended decline after data pointed to a sizable build in US inventories. Brent crude fell 0.58% to $85.75 a barrel after a 0.6% decline on Tuesday, while West Texas Intermediate declined 0.50% to $81.21.

(With inputs from Reuters)

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