Indian stock market: 7 key things that changed for market over weekend


Asian markets are mixed and the US market took a breather after a rally sparked by optimism over the US Federal Reserve’s interest rate cuts.

The Indian stock market was closed on Monday on account of the Holi festival. The markets will also remain shut on Friday, March 29, on account of Good Friday.

On Friday, the domestic equity benchmark indices ended with modest gains, extending the positive momentum for the third consecutive session.

The Sensex gained 190.75 points, or 0.26%, to close at 72,831.94, while the Nifty 50 settled 84.80 points, or 0.39%, higher at 22,096.75.

In the last week of March, investors will now keep an eye on several stock market triggers including domestic macroeconomic data, government announcements on fiscal closing, foreign capital inflow, and other global market cues.

“This week being a truncated week and the derivatives’ monthly expiry, we might see some volatility while Nifty is likely to consolidate at higher levels. Also, US GDP data and other key economic data would keep investors busy,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Week Ahead: Macro data, F&O expiry, T+0 settlement, global cues among key market triggers this week

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday tracking overnight losses on Wall Street.

Japan’s Nikkei 225 was flat, while the Topix fell 0.07%. South Korea’s Kospi rallied 1.14% to hit its highest level in two years, while the Kosdaq gained 0.18%. Hong Kong’s Hang Seng index futures indicated a slightly positive start.

Gift Nifty Today

Gift Nifty was trading around the 22,126 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 26

Wall Street

The US stock market indices ended lower on Monday as the market rally showed signs of fatigue after the biggest weekly percentage gains for the indexes this year.

The Dow Jones Industrial Average declined 162.13 points, or 0.41%, to 39,313.77, while the S&P 500 dropped 15.97 points, or 0.31%, to 5,218.21. The Nasdaq Composite ended 44.35 points, or 0.27%, lower at 16,384.47.

Among stocks, Nvidia stock price rose 0.76% and Micron Technology shares spiked 6.28% to a record closing of $117.04, Reuters reported. Boeing shares gained 1.36%, while Walt Disney jumped 3.01%.

The dollar index was last 0.02% lower at 104.20.

Geopolitical Tensions 

Geopolitical tensions escalated after Russia struck critical infrastructure in Ukraine’s western region of Lviv with missiles. The major airstrike also saw one Russian cruise missile briefly fly into Polish airspace, Reuters reported. Moscow launched 57 missiles and drones in the attack that also targeted the capital Kyiv.

Meanwhile, in the Middle East the Houthis renewed their threats against Saudi Arabia.

Also Read: IPO Review: 25 companies hit Dalal Street in March with two more set to list; a look at the top performers

Oil Prices Today

Crude oil prices rose amid escalating geopolitical tensions and expectations that OPEC will stick with current output cuts in the review session next week.

Brent crude oil, the global benchmark, gained 0.16% to $86.89 a barrel, while the US West Texas Intermediate (WTI) crude futures rose 0.21% to $82.12 after gaining 1.6% on Monday.

US New Home Sales

Sales of new US single-family homes unexpectedly fell in February as the report from the Commerce Department showed new home sales slipped 0.3% to a seasonally adjusted annual rate of 662,000 units last month. The sales pace for January was revised up to 664,000 units from the previously reported 661,000 units. Economists polled by Reuters had forecast new home sales would rise to a rate of 675,000 units. Sales advanced 5.9% on a year-on-year basis in February.

China Stimulus

Chinese regulators are pushing banks to speed up approvals of new loans to private property developers, Reuters reported quoting people with knowledge of the matter. The banking regulator wants faster loan approvals for residential projects under the “whitelist” mechanism, with effect from last week, the report said.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 26 Mar 2024, 07:03 AM IST


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