Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Nvidia results to oil prices

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday following weakness in global markets.

Asian markets traded lower, while the US stock market ended in the red overnight as investors watched out for Nvidia results for the second quarter.

On Wednesday, the Indian stock market indices ended marginally higher after the benchmark Nifty 50 hitting record high during the session.

The Sensex gained 73.80 points, or 0.09%, to close at 81,785.56, while the Nifty 50 settled 34.60 points, or 0.14%, higher at 25,052.35.

“We expect the gradual uptick in the market to continue, supported by FII inflows and healthy domestic macros. Markets are likely to remain volatile on Thursday on account of monthly derivatives expiry,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower tracking overnight losses on Wall Street.

Japan’s Nikkei 225 fell 0.56%, while the Topix declined 0.14%. South Korea’s Kospi dropped 1.3% and the Kosdaq fell 0.55%. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 25,002 level, a discount of nearly 55 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended lower on Wednesday ahead of a quarterly earnings report from Nvidia.

The Dow Jones Industrial Average declined 0.39% to 41,091.42, while the S&P 500 dropped 0.60% to end at 5,592.18 points. The Nasdaq closed 1.12% lower at 17,556.03.

Nvidia stock price ended 2.1% lower, while the stock declined over 6% in after-hours trading. Broadcom and Advanced Micro Devices shares each fell more than 2%. Alphabet, Microsoft and Amazon shares dropped 1% each.

Super Micro Computer share price tumbled 19%, while Warren Buffett's Berkshire Hathaway’s class B stock rose about 0.9%, with the company surpassing $1 trillion market value for the first time.

Nvidia Results

Nvidia shares declined 6.9% in after-hours trading after the chipmaker’s quarterly forecast failed to meet lofty expectations .

Nvidia reported a revenue of $30.04 billion in the second quarter, beating estimates of $28.70 billion. Excluding items, Nvidia earned 68 cents per share in the second quarter, beating estimates of 64 cents, Reuters reported. The chipmaker reported a 75.7% gross margin in Q2 versus an average estimate of 75.8%. Nvidia also announced a $50 billion share buyback.

Nvidia forecast revenue of $32.5 billion, plus or minus 2%, for the third quarter, compared with analysts' average estimate of $31.77 billion, according to LSEG data. It expects an adjusted gross margin of 75%, plus or minus 50 bps in Q3. Analysts on average forecast gross margin to be 75.5%.

US Fed

US Federal Reserve Bank of Atlanta President Raphael Bostic said that it may be “time to move” on rate cuts with inflation down farther and the unemployment rate up more than he anticipated, but he wants to be sure before pulling that trigger, Reuters reported.

Dollar

The US dollar gained due to month-end buying and technical factors. The dollar index, which measures the US unit against a basket of six major currencies, rose 0.5% to 101.11, on pace for its largest daily percentage gain since mid-June.

Oil Prices

Crude oil prices traded higher after falling over 1% overnight on concerns over Chinese demand.

Brent crude oil gained 0.09% to $78.72 a barrel, while the US West Texas Intermediate (WTI) crude futures rose 0.15% to $74.63.

Gold Prices

Gold prices fell on a stronger US dollar with spot gold losing 0.68% to $2,507.50 an ounce and US gold futures settling 0.6% lower at $2,537.80.

(With inputs from Reuters)

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