Indian stock market: 7 key things that changed for market overnight – Gift Nifty, oil prices to trade deficit

Asian markets traded lower while the European stock and bond markets declined. The US stock market was shut on Monday.

The domestic equity indices hit a record high on Monday led by a sharp rally in IT stocks on better than expected Q3 results.

The Sensex surged 759.49 points, or 1.05%, to end at 73,327.94, while the Nifty 50 ended 202.90 points, or 0.93%, higher at 22,097.45.

“Q3 earning season had a positive start and is further expected to be propelled by the BFSI segment, where many heavyweights are likely to post their results this week. This will support the overall ongoing market momentum and stock-specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd. 

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

Asian Markets

Asian markets traded lower on Tuesday with the Japanese stocks halting its record-breaking rally.

Japan’s Nikkei fell 0.45%, while Topix declined 0.44%. South Korea’s Kospi dropped 0.8% and the Kosdaq dipped 0.4%. Hong Kong’s Hang Seng index futures indicated a weaker open.

Australia’s S&P/ASX 200 fell 1%.

Gift Nifty

Gift Nifty was traded at around 22,086 level as compared to Nifty futures’ previous close of 22,140, signaling a weak start for the Indian stock market indices.

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US Stock Market

US stock markets were closed Monday on account of the Martin Luther King holiday. Meanwhile, US stock futures traded lower on Tuesday.

Dow Jones Industrial Average futures fell 0.13%, while S&P 500 and Nasdaq Composite futures traded 0.15% lower each.

Oil prices

Crude oil prices edged higher amid escalating geopolitical tensions in the Middle East, with the US telling commercial ships to avoid the Red Sea following missile strikes by Houthi militants.

Brent crude oil eased 0.18% to $78.15 a barrel, while the US West Texas Intermediate (WTI) crude futures rose 0.07% to $72.73.

Japan’s wholesale inflation flat

Japan’s wholesale inflation remained flat in December from a year ago, data showed. The reading for the corporate goods price index (CGPI) compared with a median market forecast for a 0.3% decrease and followed a 0.3% increase in November.

RBI reviews regulatory structure for HFCs

The Reserve Bank of India (RBI) on Monday issued a draft circular on reviewing the regulatory framework for housing finance companies (HFCs) to harmonize regulations applicable to mortgage financiers and other non-bank lenders. The central bank has proposed higher liquid assets to back deposits at HFCs, smaller aggregate deposits as a proportion of their own capital, and allowing them to issue co-branded credit cards.

Trade deficit falls to three-month low

India’s trade deficit narrowed to a three-month low of $19.8 billion in December 2023. Merchandise exports during the month grew 0.97% YoY to $38.45 billion, while imports rose 8.45% to $58.25 billion.

(With inputs from Agencies)

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Published: 16 Jan 2024, 06:57 AM IST