Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Nvidia share rally to US retail sales

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher at record levels on Wednesday following upbeat global market cues.

Asian markets traded higher, while the US stock market ended in the green with the Nasdaq and S&P 500 closing at record highs, boosted by Nvidia share price rally along with gains in other chip stocks.

On Tuesday, the Indian stock market continued its record-breaking spree as benchmark equity indices settled at their fresh record closing highs.

The Sensex surged 308.37 points, or 0.40%, to close at 77,301.14, while the Nifty 50 settled 92.30 points, or 0.39%, higher at 23,557.90.

“Key benchmark indices continued their record breaking spree as renewed FII buying interest coupled with moderating domestic inflation has raised hopes of a rate cut by this year end. Although monsoon has made a steady start, investors are hoping for a pick-up in rain activity over the next few weeks that would boost consumption, particularly rural areas, and prop up overall growth in the remaining quarters of this fiscal,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

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Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Wednesday tracking overnight gains on Wall Street.

Japan’s Nikkei 225 rose 0.61%, while the Topix gained 0.56%. South Korea’s Kospi rallied over 1% and Kosdaq added 0.27%. Hong Kong Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 23,660 level, a premium of over 90 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

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Wall Street

US stock market ended higher on Tuesday, with the S&P 500 and Nasdaq closing at record highs, buoyed by a rally in chip stocks.

The Dow Jones Industrial Average gained 56.76 points, or 0.15%, to 38,834.86, while the S&P 500 rose 13.80 points, or 0.25%, to 5,487.03. The Nasdaq Composite ended 5.21 points, or 0.03%, higher at 17,862.23.

Nvidia overtook Microsoft to become the world’s most valuable company with a market capitalization of $3.22 trillion. Qualcomm, Arm Holdings and Micron shares jumped between 2.1% and 8.7%, with Micron hitting a record high. Chegg share price rose 3.45%, while Lennar shares declined 4.98%.

Nvidia Shares

Nvidia became the world’s most valuable company, dethroning tech heavyweight Microsoft. Nvidia share price gained 3.5% to $135.58, lifting its market capitalization to $3.335 trillion. Microsoft share price dropped 0.45% and its stock market value was $3.317 trillion, while Apple share price declined over 1%, leaving its value at $3.286 trillion.

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US Retail Sales

US retail sales barely rose in May and data for the prior month was revised considerably lower, Reuters reported. Retail sales rose 0.1% last month after a downwardly revised 0.2% drop in April. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, gaining 0.3% in May.

US Industrial Production

Production at US factories increased more than expected in May, recouping all the declines in the prior two months. Manufacturing output jumped 0.9% last month following a downwardly revised 0.4% drop in April, the Federal Reserve said. Economists polled by Reuters had forecast factory output rebounding 0.3% after a previously reported 0.3% fall in April. It gained 0.1% year-on-year in May.

Net Direct Tax Collection

The Indian government’s net direct tax collection rose 20.99% year-on-year (YoY) to ₹4.63 lakh crore from April 1 to June 17. This includes corporate taxes of ₹1.8 lakh crore and personal income tax of ₹2.81 lakh crore, the Central Board of Direct Taxes (CBDT) said, quoting provisional figures. 

Read here: Centre’s net direct tax collection grows 21% so far in FY25

Oil Prices

Crude oil prices rose slightly amid concerns over escalating conflict in Europe and the Middle East. Brent crude futures for August delivery rose 0.14% to $85.45 a barrel, while US West Texas Intermediate crude for July gained 0.25% to $81.77 per barrel.

(With inputs from Reuters)

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