Indian stock market: 8 key things that changed for market overnight – Gift Nifty, US Fed meeting minutes to jobs data

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Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday following weak cues from global markets.

Asian markets traded lower, while the US stock market ended mixed overnight with rising treasury yields and dollar.

On Wednesday, the Indian stock market staged a sharp recovery from day’s low to end flat with negative bias.

The Sensex eased 50.62 points, or 0.06%, to close at 78,148.49, while the Nifty 50 settled 18.95 points, or 0.08%, lower at 23,688.95.

“IT stocks to be in focus as Tata Consultancy Services (TCS) is set to kick-start the Q3 earning season with its results today. While revenue for the IT giant is expected to remain impacted by furloughs, client-specific challenges are likely to normalize in 3Q. Its EBIT margin may improve, driven by talent development, training, and operational efficiency. We expect Indian markets to remain range-bound with stock/sector specific action on the back of upcoming Q3 results,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

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Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Thursday following an overnight choppy session on Wall Street and as investors await China inflation data.

Japan’s benchmark Nikkei 225 fell 0.14% and the Topix declined 0.29%. South Korea’s Kospi index eased 0.1%, while the Kosdaq dropped 0.38%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 23,715 level, a discount of nearly 66 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

Wall Street Today

US stock market ended mixed on Wednesday as investors reacted to the key jobs data.

The Dow Jones Industrial Average rose 106.84 points, or 0.25%, to 42,635.20, while the S&P 500 gained 9.20 points, or 0.16%, to 5,918.23. The Nasdaq Composite ended 10.80 points, or 0.06%, lower at 19,478.88.

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Microsoft shares rose 0.52%, while Alphabet and Meta stock prices fell 0.79% and 1.16%, respectively. EBay share price rallied 9.86%, while Edison International stock dropped 10.18%. Rigetti Computing share price plunged 45%, IonQ shares tanked 40% and Quantum Computing shares clipped 43%.

US Private Payrolls

US private payrolls growth slowed sharply in December, the ADP National Employment Report showed. Private payrolls rose by 122,000 jobs last month after increasing by an unrevised 146,000 in November. Economists polled by Reuters had forecast private employment rising by 140,000.

US Jobless Claims

The number of Americans filing new applications for unemployment benefits fell to an 11-month low last week. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 201,000 for the week ended January 4, the lowest level since February 2024. Economists polled by Reuters had forecast 218,000 claims for the latest week.

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FOMC Meeting Minutes

US Federal Reserve officials saw a rising risk that price pressures may remain sticky as policymakers began wrestling with the impact of policies expected from the incoming Trump administration, the minutes of the FOMC’s December 17-18 meeting showed.

Fed Governor Christopher Waller

Inflation should continue falling in 2025 and allow the US Fed to further reduce interest rates, though at an uncertain pace, Federal Reserve Governor Christopher Waller said. “The pace of those cuts,” he said, “will depend on how much progress we make on inflation, while keeping the labor market from weakening.”

US Treasury Yields, Dollar

The US dollar rose for a second straight session on Wednesday as US bond yields continued their recent advance. The yield on the benchmark 10-year US Treasury note hit 4.73%, its highest level since April 25.

The dollar index, which measures the greenback against a basket of currencies, rose 0.28% to 109.00, after hitting a more than 2-year high of 109.54 last week, with the euro down 0.2% at $1.0318.

(With inputs from Reuters)

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