Six major factors affected the Indian stock market overnight

Attention India
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The Indian stock market: The Gift Nifty was trading at a discount of around 40 points from the previous closing of the Nifty futures, which suggests a shaky beginning for the Indian stock market indices, at roughly 22,050.

Indian stock market: While US stock indices closed the night lower as investors awaited important economic data in a holiday-shortened week to assess the US Federal Reserve’s policy course, Asian markets saw slight gains.

Indian stock market: Following a mix of cues from their international counterparts, the local equities indices, Sensex and Nifty 50, are anticipated to open on a quiet tone on Wednesday.

While US stock indices closed the night lower as investors awaited important economic data over a holiday-shortened week to determine the US Federal Reserve’s policy direction, Asian markets saw minor gains throughout trading.

According to Reuters, the CME’s FedWatch Tool indicated that markets are currently pricing in a 70.4% possibility of the US central bank cutting interest rates by at least 25 basis points in June. This is a gradual increase from the 59.2% estimate last week.

Weak global cues caused the Indian stock market benchmark indices to close the day half a percent down on Tuesday, ending a three-day winning streak.

The Nifty 50 closed 92.05 points, or 0.42%, lower at 22,004.70, while the Sensex dropped 361.64 points, or 0.50%, to conclude at 72,470.30.

Due to the shortened trading week, monthly expiry of futures, and the release of global economic data this week, investors have remained cautious. Overall, we anticipate a wider range of market consolidation; yet, purchasing in a wider market before the conclusion of the fiscal year cannot be completely ruled out, according to 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

Wednesday’s trading was largely positive for Asian markets. The Topix increased by 0.4%, whereas Japan’s Nikkei 225 increased by 0.24%. The Kosdaq was flat and the Kospi in South Korea decreased by 0.1%. Futures on Hong Kong’s Hang Seng index suggested a less positive start.

Gift Nifty Today The Indian stock market indices were off to a poor start as Gift Nifty was trading near the 22,050 level, which represents a markdown of almost 40 points from the Nifty futures’ previous close.

Tuesday’s Wall Street US stock market indices finished lower; the Dow and S&P 500 saw declines for the third session in a row.

The S&P 500 dropped 14.61 points, or 0.28%, to 5,203.58, while the Dow Jones Industrial Average dipped 31.31 points, or 0.08%, to 39,282.33. At 16,315.70, the Nasdaq Composite closed 68.77 points, or 0.42%, lower.

Tesla’s stock price increased by 2.92%, Trump Media & Technology’s share price surged by 16.1%, and McCormick’s share price increased by 10.52%. Shares of Seagate Technology increased 7.38%, but those of United Parcel Service fell 8.16%.

US Consumer Trust

The Conference Board said that its consumer confidence index fell to 104.7 in March, practically unchanged from a downwardly revised 104.8 in February. This indicates that there was little change in US consumer confidence. According to Reuters polled economists, the index is expected to slightly increase to 107.0 from the previously reported 106.7.

Deficit in Current Account

The Reserve Bank of India (RBI) reported that India’s current account deficit (CAD) decreased to $10.5 billion, or 1.2% of GDP, in the October–December quarter from $11.4 billion in the preceding three months and $16.8 billion a year earlier.

Oil Costs

Crude oil continued to fall after data indicated that US inventories had significantly increased. After falling 0.6% on Tuesday, Brent crude sank 0.58% to $85.75 per barrel, while West Texas Intermediate fell 0.50% to $81.21.

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