Indian stock market: 8 things that changed for market overnight- Gift Nifty, US retail sales, ECB rate cut to Q2 results

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday following mixed global cues and persistent FII selling.

Asian markets traded mixed, while the US stock market ended mostly higher overnight after strong economic data, with the Dow Jones closing at record high.

On Thursday, the Indian stock market indices ended lower for the third consecutive session, with the Nifty 50 falling below 24,800 level.

The Sensex declined 494.75 points, or 0.61%, to close at 81,006.61, while the Nifty 50 settled 221.45 points, or 0.89%, lower at 24,749.85.

“Rising domestic inflation data released this week and continued FII selling weighed on the market sentiments. This along with disappointing Q2 earnings from major companies added to the pressure. Looking forward, the market is expected to remain range-bound due to mixed global cues and a lack of domestic triggers,” 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 on Friday following overnight gains on Wall Street and ahead of key economic data from China.

Japan’s Nikkei 225 rose 0.5%, while the Topix gained 0.34%. South Korea’s Kospi was flat, while the Kosdaq fell 0.22%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,740 level, a discount of nearly 100 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended mostly higher on Thursday after strong retail sales data, with the Dow Jones registering its fourth record close in the last five sessions.

The Dow Jones Industrial Average rallied 161.35 points, or 0.37%, to 43,239.05, while the S&P 500 eased 1.00 point, or 0.02%, to 5,841.47 points. The Nasdaq Composite ended 6.53 points, or 0.04%, higher at 18,373.61.

TSMC’s s US-listed shares surged 9.8%, while Nvidia stock price rose 0.9%. M&T Bank and Synovus Financial rose more than 5%, Truist Financial shares dropped 3.5% and Huntington Bancshares stock price fell 2.6%. Elevance Health share price plunged 10.6%. Netflix stock price jumped 5% after market hours.

ECB Rate Cut

The European Central Bank cut interest rates for the third time this year. The ECB cut its deposit rate by 25 basis points to 3.25% as forecast in a Reuters poll of analysts.

US Retail Sales

US retail sales increased slightly more than expected in September. Retail sales rose 0.4% last month after an unrevised 0.1% gain in August. Economists polled by Reuters had forecast retail sales would rise 0.3%.

US Jobless Claims

The number of Americans filing new applications for unemployment unexpectedly fell last week. Initial claims for state unemployment benefits dropped 19,000 last week to a seasonally adjusted 241,000 for the week ended October 12. Economists polled by Reuters had forecast 260,000 claims for the latest week.

Q2 Results

Infosys reported a net profit of ₹6,506 crore in the quarter ended September 2024, registering a rise of 2.2% from ₹6,368 crore in the previous quarter. Revenue in Q2FY25 increased 4.3% to ₹40,986 crore from ₹39,315 crore, QoQ .EBIT increased 4.4% to ₹8,649 crore from ₹8,288 crore, while EBIT margin remained flat at 21.1%, QoQ. Infosys raised its full-year FY25 cc revenue growth guidance to 3.75% - 4.5% from 3% - 4%, while it retained its operating margin guidance of 20% - 22%.

Wipro reported IT services revenue of ₹22,196 crore in Q2FY25, a growth of 1.4% from ₹21,896.3 crore in the previous quarter. USD revenue rose 1.3% QoQ to $2,660 million. IT services EBIT increased 3.5% QoQ to ₹3,732 crore, while EBIT margin improved by 30 bps to 16.8%. Wipro expects IT services revenue to be in the range of $2,607 million to $2,660 million for Q3FY25, translating to sequential guidance of -2.0% to 0.0% in constant currency terms.

Wipro also announced a bonus share issue in the ratio of 1:1.

Gold Rate Today

Gold prices held steady near a record high. Spot gold held its ground at $2,694.99 per ounce, after hitting a record high of $2,696.59 on Thursday, while US gold futures rose 0.1% to $2,710.20.

(With inputs from Reuters)

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