The Indian stock market: Gift Nifty was trading at a discount of more than 70 points from the previous closing of the Nifty futures, which suggests a gap-down opening for the Indian stock market indices. It was trading at roughly 22,060.
Indian stock market: Overnight, US stock indices closed higher, driven by mega cap growth stocks, while Asian markets saw lower trading. Ahead of the monetary policy announcements made by several global central banks, the domestic equities market is predicted to open on a poor note on Tuesday, mirroring mixed global market cues.
While US stock indices closed the night higher, driven by megacap growth stocks, Asian markets saw lower trading.The turbulent session on Monday saw the Indian stock market indices close higher, driven by heavyweights in the car industry and some commodities.The Nifty 50 closed 32.35 points, or 0.15%, higher at 22,055.70, while the Sensex gained 104.99 points, or 0.14%, to conclude at 72,748.42.
“We anticipate a consolidation of the markets in the coming days, with the overall market likely to stay calm,” stated Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
These are today’s major global market cues for the Sensex:
Markets in Asia
Ahead of the Bank of Japan’s projected monetary policy decision to discontinue its negative interest rate policy after 17 years, Asian markets saw a decline in trading on Tuesday.
The Topix was unchanged and Japan’s Nikkei 225 lost 0.5% at opening. The Kosdaq slipped 0.4% and the Kospi fell 0.8% in South Korea. Futures on Hong Kong’s Hang Seng index suggested a sluggish start.
Gift Nifty Today The Indian stock market indices were off to a gap-down start as Gift Nifty was trading at about 22,060, a discount of more than 70 points from the Nifty futures’ previous finish.While investors anticipated this week’s US Federal Reserve policy meeting, Wall Street US stock market indices closed higher on Monday, driven by megacap growth stocks. The S&P 500 increased 32.33 points, or 0.63%, to 5,149.42, while the Dow Jones Industrial Average gained 75.66 points, or 0.20%, to 38,790.43. At 16,103.45, the Nasdaq Composite closed 0.82%, or 130.27 points, higher.
Among stocks, Nvidia’s share price increased by 0.7% and Tesla’s share price surged 6.3%. Xpeng’s US-listed shares surged 1.9%, while the price of Boeing’s stock finished 1.5% down and Super Micro Computer’s shares fell 6.4%.
Tech equities Rally The Nasdaq 100 gained about 1% on Monday, while a measure of the ‘Magnificent Seven’ tech megacaps increased twice as much. This was a rally in technology megacap equities in the US.
As Bloomberg News revealed that Apple Inc. is in discussions to integrate Google’s Gemini artificial intelligence engine inside the iPhone, shares of Google’s parent company Alphabet surged 4.4%. Apple’s stock increased by 0.6%.
After Chief Executive Jensen Huang unveiled new chips designed to further his company’s leadership in AI computing, Nvidia’s stock price increased by 0.7%.
Following the electric carmaker’s announcement that it would shortly raise the price of its Model Y EVs in some regions of Europe, Tesla shares ended the day 6.3% higher.
Oil Costs
Amidst supply curbs by OPEC and drone strikes by Ukraine on Russian refineries, crude oil prices continued to rise. The benchmark global crude oil, Brent, was up 0.06% at $86.94 a barrel following a 1.8% increase on Monday that saw it close at its highest level since late October. At $82.77, West Texas Intermediate had a 0.06% increase in trading.
Japan Bank
On Tuesday, the Bank of Japan is anticipated to raise interest rates for the first time in 17 years, ending eight years of negative policy. The BOJ will set the overnight call rate as its new target and guide it in a range of 0-0.1% if the nine-member board feels the conditions are appropriate, according to Reuters. It will do this by paying 0.1% interest on excess reserves that financial institutions park with the central bank.The yield on Japan’s 10-year government bond increased by 1 basis point (bp) to 0.765%, while the yield on the country’s two-year bond increased by 1 bp to 0.19%.
US Treasury Interest Rates
Monday saw a three-week peak in the benchmark US 10-year Treasury yields ahead of this week’s Federal Reserve meeting. The 10-year note yield hit 4.348%, the highest level since February 23 and an increase of nearly 5 basis points for the day. According to Reuters, two-year rates reached 4.751%, the highest level since February 23. The yield curve inversion between two-year and 10-year notes shrunk to minus 40 basis points, a 2 basis point narrowing.