The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, following a rally in global markets amid improved investors’ risk appetite.
Asian markets traded higher, while the US stock market rallied overnight, led by gains in technology stocks.
The domestic stock market was closed on Wednesday, November 5, on account of Guru Nanak Jayanti holiday.
On Tuesday, the Indian stock market ended lower on profit booking, with the benchmark Nifty 50 slipping below 25,600 level.
The Sensex declined 519.34 points, or 0.62%, to close at 83,459.15, while the Nifty 50 settled 165.70 points, or 0.64%, lower at 25,597.65.
“Near-term market direction will hinge on the ongoing Q2 earnings season and evolving global macro signals. Any positive momentum in US–India trade negotiations could help revive sentiment and lend support to export-linked sectors,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Thursday, tracking overnight gains on Wall Street. Japan’s Nikkei 225 rallied 1.13%, while the Topix index gained 0.98%. South Korea’s Kospi index rose 1.15%, and the Kosdaq jumped 2.01%. Hong Kong’s Hang Seng Index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 25,740 level, a premium of nearly 32 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended higher on Wednesday as upbeat earnings and better-than-expected economic data fueled investors’ risk appetite.
The Dow Jones Industrial Average gained 225.76 points, or 0.48%, to 47,311.00, while the S&P 500 rose 24.74 points, or 0.37%, to 6,796.29. The Nasdaq Composite closed 151.16 points, or 0.65%, higher at 23,499.80.
McDonald’s gained 2.2% after the fast-food chain beat same-store sales estimates as affordable meal offers boosted demand.
Nvidia share price fell 1.75%, AMD stock price gained 2.51%, Tesla stock price rallied 4.05%, while Match Group shares jumped 5.2%. Amgen share price surged 7.8%, Bank of America shares declined 2.0%, Humana stock price dropped 6.0%, Johnson Controls shares jumped 8.8%, while Super Micro Computer stock price tumbled 11.3%.
US Private Payrolls
US private payrolls rebounded sharply in October, the ADP employment report. Private employment increased by 42,000 jobs last month after an upwardly revised 29,000 decline in September. Economists polled by Reuters had forecast private employment rebounding by 28,000 jobs after a previously reported 32,000 drop in September.
MSCI Rejig
Fortis Healthcare, One 97 Communications (Paytm), GE Vernova T&D India and Siemens Energy India shares have been included in the MSCI India Index, which is a part of the MSCI Global Standard Index. On the other hand, Container Corporation of India and Tata Elxsi have been deleted from the MSCI India Index in the November rejig.
Japan Services PMI
Japan’s services sector extended its robust growth in October. The S&P Global final Japan Services Purchasing Managers’ Index (PMI) slipped slightly to 53.1 in October from 53.3 in September, maintaining a seventh consecutive month above the 50.0 mark. The October reading overshot the flash figure of 52.4, Reuters reported.
Dollar
The dollar held just below multi-month highs on Thursday. The dollar gained marginally on the yen overnight and was steady at 153.93 yen. Euro was at $1.1495, while Sterling was steady at $1.3054, having scraped from a seven-month low of $1.3011 overnight.
Gold Prices
Gold prices steadied after the biggest gain in about a week. Gold prices eased 0.2% to $3,973.15 an ounce, after rising 1.2% on Wednesday.
(With inputs from Reuters)
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