Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Jerome Powell to US Treasury yields

Indian stock market today: The domestic equity market will open flat on Wednesday following mixed signals from the international peers.

Asia markets stayed mostly in the red, the US stock market finished mixed overnight, with the S&P 500 and Nasdaq both posting new highs.

Here are the global market signals for Sensex today:

Gift Nifty Today

Gift Nifty closed at 24,485 area with a premium of nearly 7 points to the Nifty futures’ last close, signaling an even start for the Indian bourse indexes.

Jerome Powell

"We also know that there are two-sided risks now," and can no longer focus on inflation only if it still "is higher than" the central bank’s 2% benchmark, Powell told the Senate Banking committee.

Oil Prices

Crude oil prices climbed Wednesday following three days of losses as US crude and fuel inventories fell last week, according to data from the Energy Information Administration.

Brent futures gained 0.25% to $84.87 per barrel after down 1.3% last session. US West Texas Intermediate (WTI) crude was up 0.32% at $81.67 per barrel from $1.1% last session.

US Treasury Yields

TLT Yields went up on Tuesday after Fed Chair Powell sounded not so dovish during his speech before Congress.

The US 10-year Treasury yields climbed 2.5 bps to 4.293% and 30-year Treasury yields 3.1 bps to 4.489%. The yields of the US three-year fixed moved higher to 4.402% and the two-year US Treasury yield settled flat or slightly higher at 4.622%.

Dollar

The dollar index – the index of the US currency against six major counterparts, including the euro and yen – rose 0.3% to 105.15 from about 0.1% on Tuesday. It fell to 104.80 Monday, the lowest level since June 13.

Wall Street

The Dow Jones Industrial Average lost 0.13% to 39,291.97 and the S&P 500 gained 0.07% to 5,576.98. The Nasdaq closed 0.14% higher at 18,429.29 – sixth straight record high close.

Asian Markets

Japan’s Nikkei 225 fell a bit, the Topix stayed at zero. The Kospi of South Korea was down 0.25% and the Kosdaq by 0.2%.

Treasury Yields

Tenant yields dropped on US Treasurys after weaker economic reports rebuffed Federal Reserve officials’ remarks. The key US 10-year Treasury yield slumped 3.7 basis points to 4.184%, Reuters reported.