Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US jobless claims to Tesla stock rally

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are likely to open flat on Friday tracking mixed global market cues.

Asian markets traded mixed, while the US stock market indices ended mostly higher overnight amid drop in Treasury yields from a three-month high level.

On Thursday, the Indian stock market indices ended choppy session flat with a negative bias amid selling in FMCG and realty stocks.

The Sensex eased 16.82 points, or 0.02%, to close at 80,065.16, while the Nifty 50 settled 36.10 points, or 0.15%, lower at 24,399.40.

“Nifty 50 has been consolidating for the last two sessions following persistent foreign outflows and dull earnings so far. We expect this range-bound move (Nifty hovering around the 24,400 - 24,500 zone) to continue in the absence of any major triggers, while the earning season would drive sectorial rotation,” 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 were mixed on Friday ahead of Japan’s general election over the weekend.

Japan’s Nikkei 225 fell 0.52%, while the Topix dropped 0.41%. South Korea’s Kospi surged 1%, and the Kosdaq rose 0.42%. Hong Kong’s Hang Seng index futures indicated at a slightly weaker open.

Gift Nifty Today

Gift Nifty was trading around 24,456 level, a premium of nearly 5 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Wall Street

The US stock market ended mixed on Thursday, with the Nasdaq and the S&P 500 closing higher, led by a decline in Treasury yields from a three-month high, and Tesla's blowout earnings.

The Dow Jones Industrial Average declined 140.59 points, or 0.33%, to 42,374.36, while the S&P 500 rose 12.44 points, or 0.21%, to 5,809.86. The Nasdaq Composite ended 138.83 points, or 0.76%, higher at 18,415.49.

Tesla stock price jumped 21.9%, while IBM shares fell 6.17% and Honeywell stock declined 5.10%. Boeing dropped 1.18% and Southwest Airlines lost 5.56%, while UPS rallied 5.28%.

Tesla Stock Price

Tesla shares ended nearly 22% higher, their biggest single-day gain in over a decade, after its CEO Elon Musk’s bold forecast of surging sales. Musk forecast 20%-30% sales growth next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter, Reuters reported.

Tesla stock price rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013. Tesla shares jumped 21.92% to close at $260.48 apiece, adding nearly $150 billion to the company’s market value.

US PMI

US business activity increased in October amid strong demand. S&P Global’s flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to 54.3 this month from a final reading of 54.0 in September.

US Jobless Claims

The number of Americans filing new applications for unemployment aid unexpectedly fell last week. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 227,000 for the week ended October 19. Economists polled by Reuters had forecast 242,000 claims for the latest week.

Gold Price Today

Gold prices steadied on Friday but were headed for a weekly gain, driven by safe-haven demand.

Spot gold was little changed at $2,733.63 per ounce. Prices hit a record high of $2,758.37 on Wednesday and were up 0.5% so far in the week. US gold futures fell 0.1% to $2,746.3.

Oil Prices

Crude oil prices rose and are on track for a weekly gain of more than 1%. Brent crude futures gained 0.6% to $74.83 a barrel, while US West Texas Intermediate crude was at $70.62 a barrel, up 0.6%.

(With inputs from Reuters)

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