Indian stock market: 8 key things that changed for market over weekend- Gift Nifty, China lending rate cut to gold price

Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Monday amid mixed global market cues.

Asian markets traded mostly lower, while the US stock market ended higher last week, with the Dow Jones Industrial Average and S&P 500 posting record closing highs.

Market participants will closely monitor key market triggers such as the next set of Q2 results, geopolitical tensions in the Middle-East, flow of foreign funds, trends in crude oil prices, and other domestic and global macroeconomic data.

On Friday, the Indian stock market indices made a smart recovery and closed on a positive note, breaking a three-day losing streak.

The Sensex gained 218.14 points, or 0.27%, to close at 81,224.75, while the Nifty 50 settled 104.20 points, or 0.42%, higher at 24,854.05.

“We expect consolidation to continue in markets on account of mixed global cues and lack of domestic triggers. However, stock specific action will be seen driven by the quarterly earnings results,” said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed after China’s loan prime rate cut announcement.

Japan’s Nikkei 225 fell marginally, while the Topix declined 0.11%. South Korea’s Kospi rose 0.22% and the Kosdaq traded with minor losses. Hong Kong’s Hang Seng index indicated a weaker open.

Gift Nifty Today

Gift Nifty was trading around 24,925 level, a discount of nearly 25 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

Wall Street

US stock market ended higher on Friday, with the Dow Jones Industrial Average and S&P 500 chalking up record closing highs led by gains across technology stocks.

The Dow Jones Industrial Average rose 36.86 points, or 0.09%, to 43,275.91, while the S&P 500 gained 23.20 points, or 0.40%, to close at 5,864.67. The Nasdaq Composite ended 115.94 points, or 0.63%, higher at 18,489.55.

Netflix stock price jumped 11.1% to a record closing high, Apple shares rose 1.2%, while Nvidia stock gained 0.8%. CVS Health shares plunged 5.2%.

China Rate Cut

China cut benchmark lending rates at the monthly fixing on Monday. The one-year loan prime rate (LPR) was lowered by 25 basis points to 3.10% from 3.35%, while the five-year LPR was cut by the same margin to 3.60% from 3.85% previously.

RBI Governor

Reserve Bank of India governor Shaktikanta Das ruled out a rate cut in the immediate future, given that headline inflation is expected to rise in October as well before it starts moderating. Speaking at a fireside chat organised by Bloomberg News on Friday, Das cautioned that rate cuts at this stage would be “premature” and risky.

HDFC Bank Q2 Results

HDFC Bank reported a 5.3% rise in standalone net profit at ₹16,821 crore in Q2FY25, compared to ₹15,976 crore, YoY. Net interest income (NII) increased 10% to ₹30,110 crore from ₹27,390 crore, YoY. The core net interest margin (NIM) was 3.46% on total assets and 3.65% on interest-earning assets.

Gold Prices Today

Gold prices scaled another record high on Monday led by elevated Middle East tensions and US elections uncertainty, while silver hit a near 12-year peak.

Spot gold rose 0.2% to $2,724.88 per ounce, after hitting an all-time high of $2,725.81 earlier in the session, while US gold futures gained 0.4% to $2,740.00.

Bitcoin Prices

Cryptocurrency bitcoin hit a three-month high on Monday and the dollar looked set to extend its gains ahead of the US presidential elections. Bitcoin prices got a lift from Trump’s improving prospects since his administration is seen as taking a softer line on cryptocurrency regulation, Reuters reported. Bitcoin price today was last up 0.8% at $69,400, and has risen 18% since October 10.

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