Indian stock market: 6 key things that changed for market overnight – Gift Nifty, Apple earnings to US jobless claims

Asian markets traded higher, while the US stock market ended in the green overnight amid mixed corporate earnings releases and economic data.

Investors will watch out for the key US non-farm payrolls data that could offer more cues on the Federal Reserve’s policy path.

On Thursday, Indian stock market indices ended with modest gains amid mixed global cues after the US Federal Reserve’s monetary policy outcome.

The Sensex gained 128.33 points, or 0.17%, to close at 74,611.11, while the Nifty 50 settled 43.35 points, or 0.19%, higher at 22,648.20.

“Indian markets ended marginally higher in a sluggish trading session as weak global cues and prospects of a further delay in rate cuts due to inflation concerns prompted investors to take select bets. Market had run-up sharply in recent sessions and higher valuations are beginning to make investors worry,” 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 Friday tracking overnight gains on Wall Street ahead of key US employment data.

Stock markets in Japan and mainland China were closed for public holidays.

South Korea’s Kospi gained 0.60%, while the Kosdaq rose 0.77%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around the 22,900 level, a premium of nearly 125 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

The US stock market ended higher on Thursday after more dovish-than-expected interest rate guidance by the US Federal Reserve.

The Dow Jones Industrial Average rallied 322.37 points, or 0.85%, to 38,225.66, while the S&P 500 rose 45.81 points, or 0.91%, to 5,064.2. The Nasdaq Composite ended 235.48 points, or 1.51%, higher at 15,840.96.

Among stocks, Apple share price surged 6% in extended trade, Qualcomm shares rallied 9.8% on an earnings beat and Carvana shares jumped 33.8%. DoorDash stock price fell 10.3%, Etsy shares declined 15.0%, while Peloton shares dropped 2.5%.

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Apple Earnings

Apple share price surged 7% in extended trade, lifting its stock market value by over $160 billion, after the iPhone maker’s quarterly results and forecast beat modest expectations and the company unveiled a record $110 billion worth share buyback program, the largest in its history. 

Apple said fiscal second-quarter revenue fell 4% to $90.8 billion, beating the average analyst estimate of $90.01 billion, according to LSEG data. For Apple’s current quarter, CEO Tim Cook told StuffsEarth the iPhone maker expects “to grow low-single digits” in overall revenue. Wall Street expected 1.33% revenue growth to $82.89 billion. Apple’s profit in the past quarter totaled $23.64 billion, or $1.53 per share, a 2% dip from last year.

Apple increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of stock. The buyback is the largest in the company’s history.

US Jobless Claims

The number of Americans filing new claims for unemployment benefits held steady at lower levels last week. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 208,000 for the week ended April 27, the Labor Department said. Economists polled by StuffsEarth had forecast 212,000 claims in the latest week.

Oil Prices

Crude oil prices gained on the prospect of OPEC continuing output cuts. Brent crude futures for July rose 0.35% to $83.96 a barrel, while US West Texas Intermediate crude for June gained 0.39% to $79.26 per barrel.

(With inputs from StuffsEarth)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 03 May 2024, 07:10 AM IST