8 Overnight Changes Impacting the Indian Stock Market: Key Updates on Gift Nifty, US Treasury Yields, and Gold Rates

8 Overnight Changes Impacting the Indian Stock Market

The Indian stock market is poised for a flat start today. Here's a quick summary of key changes and indicators from the overnight market:

Global Market Cues

• Gift Nifty: Trading around 24,387, indicating a flat opening for Indian indices.

• Asian Markets: Mostly higher; Japan's Nikkei 225 gained 1%, Topix rose 0.27%, and South Korea’s Kospi added 0.3%.
• US Markets: Mixed; S&P 500 and Nasdaq posted record-high closes, while the Dow Jones dipped 0.08%.

Domestic Market Performance

• Sensex and Nifty 50: Ended Monday's session flat due to profit booking and absence of major triggers.
  • Sensex: Dropped 36.22 points, closing at 79,960.38.
  • Nifty 50: Declined by 3.30 points, ending at 24,320.55.
• Market Sentiment: Range-bound session with profit-taking in banking, telecom, and realty sectors. Asian cues weighed on sentiment.

Key Economic Events

• US Federal Reserve: Jerome Powell’s semi-annual testimony before US Senate and House committees today and tomorrow.
• US Economic Data: Consumer price data on Thursday and producer price data on Friday.
• Rate Cut Expectations: Traders see a 75% chance of a rate cut by September, up from last week's 60%.

Commodity and Treasury Updates

• US Treasury Yields: Mixed; 10-year notes rose 0.5 bps to 4.278%, 30-year bond yield fell 0.6 bps to 4.4628%, 2-year note yield increased by 3.4 bps to 4.6327%.
• US Dollar: Gained 0.07%, dollar index at 105.02.
• Crude Oil: Steady after a two-day drop; Brent at $85.72 per barrel, WTI at $82.30 per barrel.
• Gold: Minor gains; spot gold at $2,362.86 per ounce, US gold futures at $2,369.65.

Stock Recommendations by Vaishali Parekh

• Godrej Consumer Products: Buy at ₹1426, target ₹1486, stop loss ₹1394.
• Mangalore Chemicals and Fertilisers: Buy at ₹132, target ₹139, stop loss ₹129.
• JBM Auto: Buy at ₹2232, target ₹2340, stop loss ₹2180.

Market Outlook

• Nifty 50: Support at 24,200, resistance at 24,500. Positive bias expected to continue if it breaches the 24,400 level.
• Bank Nifty: Support at 52,000, resistance at 53,350. Positive bias to be maintained above the support level.

Summary :

The Indian stock market is expected to open flat today, with the Gift Nifty trading at 24,387. Global cues are mixed, with Asian markets trading higher and US indices showing record highs for the S&P 500 and Nasdaq. Domestically, Sensex and Nifty 50 ended flat amid profit booking and lack of major triggers. Market participants are focusing on US Fed Chair Jerome Powell’s testimony and upcoming economic data. In commodities, oil prices steadied and gold traded with minor gains. Key stock recommendations include buying Godrej Consumer Products, Mangalore Chemicals and Fertilisers, and JBM Auto.

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