Indian stock market: 7 key things that changed for market overnight – Gift Nifty, US jobless claims to treasury yields

Estimated read time 14 min read

Asian markets traded mostly lower, while the US stock market ended mixed overnight amid gains in technology stocks and soft economic data.

On Thursday, the Indian stock market frontline indices ended higher after hitting their fresh record highs during the session, buoyed by upbeat domestic and global factors.

The Sensex gained 204.33 points, or 0.27%, to close at 76,810.90, while the Nifty 50 settled 75.95 points, or 0.33%, higher at 23,398.90.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 14

“Nifty made another new high at opening on June 13, gave up some of these gains and remained rangebound through the day. The fact that the Nifty keeps making new highs every day is assuring, but it is not able to hold on to the entire gains. Nifty could stay in the 23,297 – 23,481 band in the near term,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Friday ahead of the Bank of Japan’s interest rate decision.

Japan’s Nikkei 225 eased 0.09%, while the Topix was trading flat with a negative bias. South Korea’s Kospi rose 0.14%, while the Kosdaq declined 0.36%. Hong Kong Hang Seng index futures indicated a lower start.

Also Read: Chandan Taparia’s recommendations: How to trade Godrej Prop, Voltas and IGL shares on June 14?

Gift Nifty Today

Gift Nifty was trading flat at around 23,400 level, indicating a muted start for the Indian stock market indices.

Wall Street

The US stock market ended mixed on Thursday, with the S&P 500 and Nasdaq registering record closing highs for a fourth session in a row, led by a rally in technology stocks.

The Dow Jones Industrial Average declined 65.11 points, or 0.17%, to 38,647.1, while the S&P 500 rose 12.71 points, or 0.23%, to 5,433.74. The Nasdaq Composite ended 59.12 points, or 0.34%, higher at 17,667.56.

Among stocks, Broadcom shares surged 12.3%, while Nvidia share price jumped 3.5%, and Apple shares gained 0.5%. After the closing bell, Adobe share price rallied more than 14%. Tesla shares rose 2.9%.

Also Read: European Stocks Slide as French Turmoil Weighs on Sentiment

US Producer Prices

US producer prices unexpectedly fell in May amid lower energy costs. The producer price index for final demand dropped 0.2% last month after advancing by an unrevised 0.5% in April. Economists polled by StuffsEarth had forecast the PPI nudging up 0.1%. In the 12 months through May, the PPI increased 2.2% after rising 2.3% in April.

Jobless Claims

The number of Americans filing new claims for unemployment benefits increased to a 10-month high last week. Initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 242,000 for the week ended June 8, the highest level since last August. Economists polled by StuffsEarth had forecast 225,000 claims in the latest week. 

Also Read: Treasuries Gain as Mounting Data Point to Softer Inflation, Jobs

Treasury Yields

US treasuries rallied and yields dropped after a strong $22 billion sale of 30-year bonds and increased hopes of interest rate cuts by the US Federal Reserve amid cooling inflation and soft economic data.

Bonds climbed across the US curve, with 10-year yields breaking below 4.3% and heading toward their lowest since March. The 10-year bond yields fell 9 basis points (bps) to 4.23%. 

Oil Prices

Crude oil prices fell nearly a percent on Friday, with the global benchmark Brent oil trading around $82 level.

Brent crude oil declined 0.88% to $82.02 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped 1.03% to $77.81.

(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: 14 Jun 2024, 07:04 AM IST

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