Indian Stock Market: 7 Key Things That Changed for the Market Overnight – Gift Nifty, Tesla Stock Rally vs China PMI

Asian markets traded higher, while US stocks finished in the green, driven by a rally in Tesla and Apple shares.

Investors await the US Federal Reserve's decision on interest rates as the Federal Open Market Committee (FOMC) policy meeting begins today.

Traders expected the Fed to keep rates unchanged while adopting a hawkish tone. Money markets are pricing in about 35 basis points (bps) of interest rate cuts this year, down from about 150 bps seen at the start of the year, according to LSEG.

On Monday, Indian stock indices ended with significant gains, thanks to a strong recovery in banking and financial stocks after upbeat March quarter results.

The Sensex jumped 941.12 points, or 1.28 per cent, to close at 74,671.28, while the Nifty 50 settled 223.45 points, or 1 per cent, higher at 22,643.40. .

We expect the Nifty to continue its positive trend, driven by a healthy earnings season and macroeconomic data. This week, domestic stocks will take cues from the US Fed meeting and global economic data,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.

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Here are the major global market indices for Sensex today:

Asian markets

Asian markets traded higher on Tuesday, tracking overnight gains on Wall Street, as investors await key economic data from the region.

Japan's Nikkei 225 rose 0.98%, while the Topix rose 1.2%. South Korea's Kospi gained 0.23% and the Kosdaq rose 0.26%. Futures on Hong Kong's Hang Seng Index pointed to a weaker open.

Awesome gift today

Gift Nifty was trading around the 22,785 level, a premium of almost 45 points to the previous close of Nifty futures, indicating a positive start for Indian stock indices.

Wall Street

The US stock market ended higher on Monday ahead of the Federal Reserve's policy meeting which begins today.

The Dow Jones Industrial Average gained 146.43 points, or 0.38%, to 38,386.09, while the S&P 500 rose 16.21 points, or 0.32%, to 5,116.17. The Nasdaq Composite finished up 55.18 points, or 0.35%, at 15,983.08.

Tesla's stock price jumped 15.3%, Apple's stock price jumped 2.5%. Other mega-cap stocks, Alphabet, Meta Platforms and Microsoft, closed lower. Nvidia shares finished higher after paring early losses.

Dominos Pizza's share price jumped 5.6%, while Paramount Global's share price gained 2.9%.

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China PMI Index

Chinese manufacturing activity grew at a slower pace in April, according to an official survey of factories. The official Purchasing Managers' Index (PMI) fell to 50.4 in April from 50.8 in March, and slightly exceeded the median forecast of 50.3 according to a Reuters poll.

Factory production in Japan

Japanese industrial production rose 3.8% in March from the previous month, compared with the median market forecast for a 3.5% rise. Separate data showed Japanese retail sales rose 1.2% in March from a year earlier, marking the 25th consecutive month of expansion, Reuters reported. Compared to the previous month, retail sales fell 1.2% in March, following a 1.7% increase in February, the data showed.

Samsung first quarter results

Samsung Electronics increased its first-quarter operating profit almost tenfold, an increase of 931.8 percent year-on-year, amid a recovery in chip prices and growing demand. The world's largest maker of memory chips and TVs said its operating profit rose to 6.6 trillion won ($4.8 billion) between January and March, up from 640 billion won a year earlier.

Samsung's first-quarter revenue rose 12.8 percent year-on-year to 71.9 trillion won, while net profit stood at 6.75 trillion won. The chip division posted a profit of 1.91 trillion won in the March quarter, compared with a loss of 4.58 trillion won a year earlier, while its revenue rose 96 percent to 17.49 trillion won.

Read also: Oil Prices Fall Amid Israel-Hamas Peace Talks, Fed Cuts Rate Forecast

Oil price

Crude oil prices fell amid ceasefire talks between Israel and Hamas in Cairo. Brent crude futures fell 0.11% to $88.30 a barrel, and U.S. West Texas Intermediate crude futures fell 0.18% to $82.48 a barrel. The front-month contract for both benchmarks lost more than 1% on Monday.

(With inputs from Reuters)

Disclaimer: The opinions and recommendations expressed above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to consult certified experts before making any investment decisions.

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Published: April 30, 2024, 07:18 IST