Saturday, July 13, 2024

Important Changes in the Indian Stock Market Over the Weekend: Factors Affecting Nifty, US Nonfarm Payrolls and Oil Prices

Market Updates and Cues for Sensex and Nifty 50

Indian Stock Market Set to Open on Tepid Note, Global Cues Mixed

The Indian equity benchmark indices, Sensex and Nifty 50, are expected to open on a tepid note Monday, tracking mixed cues from global peers. Asian markets traded mixed, while the US stock market ended at record levels last week, led by a rally in megacap tech stocks.

Data showed US jobs growth slowed marginally in June, with the unemployment rate rising to an over 2-1/2-year high. Wage gains also slowed, sparking debate on potential rate cuts at the upcoming US Federal Reserve meeting later this month.

On Friday, the Indian stock market benchmark indices ended mixed amid selling in heavyweights. The Sensex dropped 53.07 points, or 0.07%, to close at 79,996.60, while the Nifty 50 settled 21.70 points, or 0.09%, higher at 24,323.85.

Analysts expect a consolidation at a higher zone after a recent run-up in the market. This week, market participants will focus on Q1FY25 earnings, inflation data releases, and key global cues.

Key global market cues for Sensex today include Asian markets trading mixed, with Japan’s Nikkei 225 and Topix falling while South Korea’s Kospi and Kosdaq gaining. Wall Street closed higher last week, with the tech-heavy Nasdaq and S&P 500 hitting record highs.

US nonfarm payrolls increased solidly in June, but the unemployment rate rose to 4.1%. Oil prices traded mixed, with Brent crude futures falling to $86.42 a barrel and WTI crude futures declining to $82.91 a barrel.

Japan’s real wages fell for a record 26th straight month, while China’s central bank aims to maintain liquidity in the banking system. The dollar index rose to 105.00, and US Treasury 10-year yields fell to 4.28%.

Stay tuned for further updates on the Indian stock market as it reacts to these global cues.

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