Indian stock market: The equity market benchmark indices, Sensex and Nifty 50, are expected to open on a muted note on Thursday, following mixed cues from global markets.
Asian markets traded mostly higher, while the US stock market ended mixed overnight, with the S&P 500 and Nasdaq posting record-high close.
On Wednesday, the Indian stock market ended higher, buoyed by expectations of an India-US trade deal.
The Sensex rallied 323.83 points, or 0.40%, to close at 81,425.15, while the Nifty 50 settled 104.50 points, or 0.42%, higher at 24,973.10.
“We maintain a positive bias and suggest using intermediate dips or consolidation phases to accumulate fundamentally strong counters across the board,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Thursday, following similar overnight moves on Wall Street. Japan’s Nikkei 225 rallied 0.73%, while the Topix index rose 0.09%. South Korea’s Kospi rose 0.67%, and the Kosdaq gained 0.2%. Hong Kong’s Hang Seng Index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 25,088 level, a premium of nearly 16 points from the Nifty futures’ previous close, indicating a mildly positive start for the Indian stock market indices.
Wall Street
US stock market ended mixed on Wednesday, with the S&P 500 and Nasdaq notching record-high closes, after cooler-than-expected inflation data supported expectations the US Federal Reserve will cut interest rates next week.
The Dow Jones Industrial Average declined 0.48% to 45,490.92, while the S&P 500 rose 0.30% to end at 6,532.04. The Nasdaq closed 0.03% higher at 21,886.06.
Oracle shares jumped 36%, Nvidia share price gained 3.85%, Broadcom stock price rallied 10% and Advanced Micro Devices stock rose 2.4%. Constellation Energy, Vistra and GE Vernova shares surged more than 6% each. Apple share price declined 3.2%, while Tesla stock price rose 0.24%.
Oracle Share Price
Oracle share price surged 36% after the company projected huge revenue growth in the next few years. Oracle shares soared 35.95% to $328.33 apiece, its biggest one-day percentage gain since 1992. Oracle’s stock market value reached $922 billion, leapfrogging the values of Eli Lilly, JPMorgan Chase and Walmart.
US Inflation
US producer prices unexpectedly fell in August. The Producer Price Index (PPI) for final demand dipped 0.1% last month after a downwardly revised 0.7% jump in July. Economists polled by Reuters had forecast the PPI would advance 0.3% after a previously reported 0.9% surge in July.
India-US Trade Talks
India is in ‘active dialogue’ with the United States for a free trade agreement, Union Commerce and Industry Minister Piyush Goyal said. Speaking at FICCI event, Goyal said that India is also in talks with New Zealand for a trade deal. The minister said that negotiations are underway with the European Union as well in the national capital for concluding a trade agreement.
Japan Inflation
Japan’s wholesale prices rose 2.7% in the year to August. The rise in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, matched a median market forecast and followed a revised 2.5% increase in July.
Sebi Eases FPI Compliance Norms
Sebi said foreign portfolio investors who invest money only in government securities under the fully accessible route will not be required to furnish investor group details. Such investors will also be exempted from certain disclosure and reporting requirements applicable to regular foreign portfolio investors (FPIs), the regulator said in a circular.
Dollar
The US dollar index rose to 97.822, rising for a third consecutive day. Against the yen, the dollar was trading flat at 147.41 yen, while the offshore yuan traded at 7.1184 yuan per dollar, strengthening 0.03%. The euro edged upwards to $1.1698 and Sterling traded flat at $1.3527.
Gold Prices
Gold prices traded higher after softer-than-expected US producer price index (PPI) data. Spot gold price rose 0.1% to $3,645.04 per ounce. Bullion hit a record high of $3,673.95 on Tuesday. US gold futures for December delivery rose 0.1% to $3,682.90.
(With inputs from Reuters)
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