Indian stock market: 8 things that changed for market overnight - Gift Nifty, US jobless claims to SEBI board decisions

Indian stock market: Asian markets traded higher, while US stock market indices ended overnight with minor gains as Treasury yields dropped.

Indian stock market: The Indian equity benchmark indices, Sensex and Nifty 50, are expected to extend rally and open higher on Friday tracking positive momentum in global peers.

Asian markets traded higher, while US stock market indices ended overnight with minor gains as Treasury yields dropped.

On Thursday, the Indian stock market indices extended the rally with the Sensex crossing above 79,000 level and the Nifty 50 surpassing 24,000-mark for the first time.

The Sensex jumped 568.93 points, or 0.72%, to close at 79,243.18, while the Nifty 50 settled 175.70 points, or 0.74%, higher at 24,044.50.

“The upmove in the markets has been gradual so far (except for the last 4 days) as participants are wary of the high valuations. They are also afraid of a sharp bout of profit taking which has not happened so far. Q1FY25 numbers are also not expected to be great due to election related disruption. Though the breadth of the markets is negative, we expect it to soon improve if the markets sustain at record high levels,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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

Asian Markets

Asian markets rose on Friday with Japan’s Topix index on course to regain its 34-year high.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.06% early in the Asian session, and was on track to gain some 3.2% for the month, its best performance since February.

Japan’s Nikkei 225 gained 0.6%, while the Topix rose 0.66%. South Korea’s Kospi was up marginally, and the Kosdaq was flat. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,175 level, a premium of nearly 80 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data.

The Dow Jones Industrial Average gained 36.53 points, or 0.09%, to 39,164.33, while the S&P 500 rose 5.16 points, or 0.09%, to 5,483.06. The Nasdaq Composite ended 53.53 points, or 0.30%, higher at 17,858.68.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.

Micron share price plunged 7.11%, Walgreens Boots Alliance shares slumped 22.16, while Levi Strauss shares cracked 15.4%.

US Jobless Claims

First-time applications for US unemployment benefits drifted lower last week, but the number of people on jobless rolls jumped to a 2-1/2 year high in mid-June, Reuters reported. Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday.

Sebi Board Decisions

Securities & Exchange Board of India (SEBI) at its board meeting approved a new criteria for a single stock F&O entry and exit, voluntary delisting norms and flexibility on the same, norms on finfluencers, measures to ease of doing business for REITs and InvITs and many other decisions.

Read here: SEBI approves delisting norms, single stock criteria for F&O entry or exit

Japan Factory Output, Tokyo Inflation

Japan's factory output rose 2.8% in May from the previous month, versus the median market forecast for a 2.0% rise. Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect seasonally adjusted output to decrease by 4.8% in June and expand by 3.6% in July.

Core inflation in Japan's capital accelerated in June. The core consumer price index (CPI) in Tokyo rose 2.1% in June from a year earlier, accelerating from the previous month’s 1.9% gain and exceeding market forecasts for a 2.0% gain.

Dollar

US dollar and Treasury yields drifted lower on Thursday, pressured by amid softening economic data ahead of crucial inflation data. The dollar index slipped 0.1% to 105.91, not far from a nearly two-month high of 106.13 on Wednesday.

The 10-year Treasury yields fell 4 basis points to 4.29%, while the Two-year yields dropped three points to 4.716%.

Oil Prices

Crude oil prices rose on supply concerns. Brent crude futures for August settlement rose 0.23% to $86.59 a barrel, while US West Texas Intermediate crude futures for August delivery gained 0.27% to $81.96 a barrel.

(With inputs from Reuters)

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