Indian stock market: 8 key things that changed for market overnight - Gift Nifty, TCS Q3 results to US dollar
Indian stock market set for a cautious start amid mixed global cues, weak Asian markets, and investor concerns over US inflation and interest rates.
Indian stock market: 8 key things that changed for market overnight - Gift Nifty, TCS Q3 results to US dollar
Domestic and global patterns can weigh on the Indian stock market, which is probably going to initiate on a wary note today. The Gift Nifty was trading around the 23,590 level, a discount of nearly 58 points compared to the previous close of Nifty futures, indicating a soft start for the day. The Sensex lost 528.28 points on Thursday to end at 77,620.21, and the Nifty 50 lost 162.45 points to close at 23,526.50.
Asian markets continued to see bleak sentiment. Japan's Nikkei 225 fell 0.64 %, while South Korea's Kospi dipped 0.59 % as investors reacted to important economic statistics. A report showed Japanese household spending fell 0.4% in November as the economy continued to grapple with challenges.
Overnight, the US stock market was closed due to President Jimmy Carter's National Day of Mourning for some time, thereby limiting investor cues from the global market scene. On the other hand, the index of the US dollar climbed higher, recording a sixth consecutive weekly rise. A solid US Treasury yield that popped above an eight-month high throughout the day also contributed to investor caution.
The Sensex today and the Nifty outlook are shaped by mixed global cues, which refer to the Federal Reserve's guarded approach to interest rates and inflation fears. At another, Kansas City Federal Reserve president Jeff Schmid made gradual, data-driven adjustments to a rate at threshold.
Crude oil prices and a strong US dollar in the global market have also added to the pressure on emerging markets, including India. Economic data figures set at the beginning of the week from Europe and the US are also an item of interest for investors as they could influence subsequent trends in indices such as the Dow Jones Industrial Average and the Nasdaq Composite Index on Wall Street.
The Indian stock market is expected to have a volatile session as traders eye updates in corporate earnings time, as well as global developments and economic indicators.
