Saturday, July 13, 2024

Key Changes in the Indian Stock Market Overnight: Nifty Gains, US Job Openings Impact Oil Prices

Stock Market Updates: Sensex and Nifty 50 Expected to Open Higher Amid Global Momentum

The Indian stock market is set to open higher on Wednesday, following positive momentum in global markets. Asian markets traded higher, while US stock indices ended with gains overnight, amidst hopes of interest rate cuts by the Federal Reserve.

Federal Reserve Chair Jerome Powell indicated a dovish tone, suggesting the central bank may start its easing cycle later this year. In India, benchmark indices ended with mild losses on Tuesday after hitting fresh record highs during the session.

Analysts are optimistic about the market, citing strong GST collections in June, a bounce back in the manufacturing PMI index, and expectations of healthy Q1 earnings.

Key global market cues for the Indian stock market today include Asian markets trading higher, with Japan’s Nikkei 225 and South Korea’s Kospi both making gains. The Gift Nifty was trading higher, indicating a positive start for the Indian indices.

In the US, stock market indexes ended higher, with gains in megacap growth stocks and Tesla shares. Federal Reserve Chair Powell emphasized the need for more data before cutting interest rates.

US job openings increased in May, and Japanese service activity contracted for the first time in nearly two years in June. The US dollar fell, and Treasury yields dropped amid prospects of interest rate cuts.

Oil prices steadied around a two-month high, with Brent crude oil and US West Texas Intermediate crude futures both making gains.

Investors are advised to consult with certified experts before making any investment decisions.

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