Gift Nifty trades flat, Asian markets mixed; Check out key global cues for Indian stock market

Markets in Japan resumed trading after a holiday, with focus on key economic data later this week, while investors await the release of Reserve Bank of Australia’s July policy meeting minutes.

In the US, investors remain watchful of the June quarter results of a slew of companies slated to be released this week. According to Refinitiv data, earnings for the quarter are expected to decline 8.1%.

Moreover, optimism that the Federal Reserve is nearing the end of its monetary-tightening cycle supported the rally with the majority of the market pricing in a 25-basis-point rate hike at the policy meeting next week.

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Asian Markets

Japan’s Nikkei 225 rose 0.81% and the Topix gained 0.76%. South Korea’s Kospi eased marginally, while the Kosdaq rose 0.76%.

Hong Kong’s Hang Seng index futures were around 35 points higher at 19,450.

Australia’s S&P/ASX 200 was down 0.25%.

Meanwhile, Gift Nifty was trading flat at 19,789.50, as compared to Nifty’s Monday close of 19,711.45, indicating a positive start for the Indian benchmark equity index.

Wall Street

US stock indices ended higher led by gains in financial and technology shares ahead of earnings from big companies.

The Dow Jones Industrial Average rose 76.32 points, or 0.22%, to 34,585.35, while the S&P 500 gained 17.37 points, or 0.39%, to 4,522.79. The Nasdaq Composite ended 131.25 points, or 0.93%, higher at 14,244.95.

Among stocks, Tesla rallied 3.20% after the company built its first Cybertruck, while Ford Motor declined 5.94% after the automaker cut the price of its F-150 Lightning trucks. General Motors fell 3.13%, while Rivian dropped 3.34%.

Read here: Ford cuts prices for F-150 Lightning EVs by thousands of dollars

Apple shares gained 1.73% after Morgan Stanley raised its target price on the iPhone maker to $220 from $190.

Activision Blizzard rose 3.49%, AT&T cracked 6.69% to a 30-year low and Verizon shares dropped 7.50% to their lowest intraday level in nearly 13 years.

Europe

European shares declined, with the pan-European STOXX 600 index closing 0.6% lower.

Britain’s FTSE 100 fell 0.4% to 7,406.42, while Germany’s DAX declined 0.2% to 16,068.65.  France’s CAC 40 dropped 1.1% to 7,291.66.

Richemont , the world’s second-biggest luxury firm, tanked 10.4% on weaker organic sales growth.

Energy

Crude oil prices rebounded after the previous session’s fall.

Brent crude gained 0.19% to $78.65 a barrel, while US West Texas Intermediate crude rose 0.26% to $74.34 a barrel.

Gold price today

Gold prices traded flat as traders awaited a US Federal Reserve meeting due next week for clues about its monetary tightening path.

Spot gold was little changed at $1,955.24 per ounce, while US gold futures gained 0.1% to $1,958.80.

(With inputs from Reuters)

Updated: 18 Jul 2023, 07:01 AM IST