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7 key things Changed for Indian Stock market Overnight – Gift Nifty, tech stocks rally to oil prices

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Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US tech stocks rally to oil prices

(CTN News) – Indian stock market: The domestic equity market is projected to open lower on Tuesday, mirroring mixed global market cues ahead of global central banks’ monetary policy meetings.

Asian markets fell as US stock indices closed higher overnight, boosted by mega-cap growth stocks.

For additional interest rate clues, market investors will look to the Bank of Japan’s monetary policy choices later today and the US Federal Reserve’s policy this week. On Monday, the Indian stock market indices finished the turbulent day higher, powered by key metals and auto giants.

The Sensex rose 104.99 points, or 0.14%, to close at 72,748.42, while the Nifty 50 advanced 32.35 points, or 0.15%, to 22,055.70. “We expect the markets to consolidate in the coming days, while the broader market may remain subdued,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.

Here are significant worldwide market indications for the Sensex today:

Asian marketplaces

Asian markets fell on Tuesday ahead of the Bank of Japan’s monetary policy decision. After 17 years of negative interest rate policy, the Bank of Japan will likely cease it.

Japan’s Nikkei 225 lost 0.5% at the outset, while the Topix remained steady. South Korea’s Kospi fell 0.8%, while the Kosdaq dropped 0.4%. Hong Kong’s Hang Seng index futures showed a dismal start.

Gift Nifty Today

Today, the Gift Nifty was trading at 22,060, a markdown of nearly 70 points from the previous close of the Nifty futures. This indicates a gap-down start for Indian stock market indices.

US stock market indices closed higher on Monday, powered by mega cap growth stocks, as investors awaited the Federal Reserve’s policy meeting this week.

The Dow Jones Industrial Average rose 75.66 points, or 0.20%, to 38,790.43, while the S&P 500 increased 32.33 points, or 0.63%, to 5,149.42. The Nasdaq Composite closed 130.27 points, or 0.82% higher, at 16,103.45.

Tesla shares rose 6.3%, while Nvidia shares rose 0.7%. Xpeng’s US-listed shares rose 1.9%, Boeing’s stock price fell 1.5% and Super Micro Computer’s stock dropped 6.4%.

On Monday, technology megacap stocks in the US soared, with the Nasdaq 100 gaining about 1% and the ‘Magnificent Seven’ tech megacaps rising twice as much.

Google’s parent Alphabet shares rose 4.4% after Bloomberg News reported that Apple Inc. is discussing incorporating Google’s Gemini artificial intelligence engine inside the iPhone. Apple shares rose 0.6%.

Nvidia’s stock price jumped 0.7% after CEO Jensen Huang unveiled new chips to extend the company’s supremacy in AI computing. Tesla shares rose 6.3% after the electric carmaker announced that it would shortly raise the price of its Model Y EVs in areas of Europe.

Indian stock market Oil Prices:

Crude oil prices rose further following Ukrainian drone assaults on Russian refineries and OPEC supply cutbacks. Brent crude, the global standard, rose 0.06% to $86.94 per barrel after rallying 1.8% on Monday to its highest closing since late October. West Texas Intermediate was trading 0.06% higher at $82.77.

Bank of Japan

The Bank of Japan is anticipated to abandon its eight-year negative interest rate policy on Tuesday and raise interest rates for the first time in 17 years. If the nine-member board deems the conditions are right, the BOJ will set the overnight call rate as its new objective and guide it in a range of 0-0.1% by paying 0.1% interest on excess reserves held by financial institutions at the central bank, according to Reuters.

Japan’s 10-year government bond rate increased by one basis point (bp) to 0.765%, while the two-year yield increased by one bp to 0.19%.

US Treasury Yields

The benchmark US 10-year Treasury yields rose to three-week highs on Monday, ahead of the Federal Reserve’s meeting this week. The yield on 10-year notes reached 4.348%, up nearly 5 basis points on the day and the highest since February 23. According to Reuters, two-year yields rose to 4.751%, the highest level since February 23. The yield curve inversion between two-year and ten-year notes narrowed by 2 basis points to minus 40.

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Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

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