Indian stock market: 7 key things that changed for market overnight - Gift Nifty, CPI inflation to Donald Trump Shooting

Indian stock market: The domestic equity market is expected to open in green amid mixed global cues.

US stocks ended higher on bets that the US Federal Reserve will cut interest rates in September.

Traders are betting on a 94% chance of a rate cut by September, up from 78% a week ago, according to CME Group’s FedWatch.

On Friday, the Indian stock market benchmark indices ended higher after hitting fresh all-time highs during the session led by gains in select IT and banking heavyweights.

The Sensex rallied 622.00 points, or 0.78%, to close at 80,519.34, while the Nifty 50 settled 186.20 points, or 0.77%, higher at 24,502.15.

“Nifty after seeing profit booking during the week made a comeback on the back of a positive start to Q1 earnings from IT major TCS lifting sentiments across the street. We expect this momentum to continue supported by the expectation of healthy quarterly results, hope of a rate cut, and a pre-budget rally,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

This week, investors will keenly watch out for any Union Budget-related or government policy announcements, the next set of Q1 results, domestic and global macroeconomic data, corporate announcements, flow of foreign funds, trends in crude oil prices, and other key global cues that will influence the market movement.

Here are key global market cues for Sensex today:

Asian Markets

As the US dollar strengthened following the attempted assassination of Donald Trump, which bolstered expectations that he has a better chance of winning the presidency, Asian stockswere mixed, according to a Bloomberg news report.

While Hong Kong futures suggested an early loss when markets opened, Australian and South Korean equities increased. Bond rates in Australia decreased somewhat. Following the incident, the value of Bitcoin exceeded $60,000.

Gift Nifty Today

Gift Nifty was trading around 24,616.50 level, a premium of nearly 87 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs.

The Dow Jones Industrial Average gained 0.62% to 40,000.90 points, while the S&P 500 rose 0.55% to end at 5,615.35 points. The Nasdaq closed 0.63% higher at 18,398.45.

For the week, the S&P 500 rose 0.9%, the Nasdaq added 0.2% and the Dow rose 1.6%.

Apple shares and Nvidia stock price closed over 1% each, while Tesha shares jumped 3%. JPMorgan Chase share price dropped 1.2%, while Wells Fargo stock price tumbled 6% and Citigroup shares declined 1.8%.

Donald Trump Shooting

Former US President Donald Trump was wounded in an assassination attempt on Saturday after a gunman opened fire at him at a rally in Butler, Pennsylvania. Trump was immediately pulled down from the stage with his ear covered with blood. The shooter was shot dead and the Secret Service was investigating the shooting as an assassination attempt.

India Inflation

India’s retail inflation spiked to a four-month high in June, data from the statistics ministry showed. Retail inflation based on the consumer price index (CPI) rose to 5.08% year-on-year last month after having dropped to a 12-month low of 4.75% in May.

India IIP

India’s factory output growth measured in terms of the Index of Industrial Production (IIP) rose 5.9% in May on an annual basis as against 5% in April. India’s IIP growth in May 2023 was 5.7%.

HCL Tech Q1 Results

HCL Technologies reported a 6.8% rise in net profit for the first quarter of FY25 at ₹4,257 crore when compared to ₹3,985 crore in the March quarter. The company’s revenue from operations in Q1FY25 fell 1.6% to ₹28,057 crore from ₹28,499 crore, QoQ. Revenue in dollar terms declined 1.9% sequentially to $3,364 million. EBIT in June 2024 quarter decreased 4.3% to ₹4,795 crore from ₹5,012 crore, while EBIT margin contracted by 50 bps to 17.1% from 17.6%, QoQ.

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