8 Major Overnight Shifts in the Indian Stock Market: From Gift Nifty to Nikkei Peaks
Indian stock market dynamics experienced notable shifts overnight, with several significant factors influencing its trajectory. Notably, Gift Nifty opened at 22,654 levels, trading at a premium of approximately 60 points from the previous close of Nifty futures, signalling a positive beginning for Indian stock market indices.
Furthermore, global market trends played a pivotal role, particularly in Asia and the United States. Asian markets demonstrated an upward trend, with Japan’s Nikkei 225 index reaching a new record high. South Korea’s Kospi and Hong Kong’s Hang Seng index futures also indicated positive momentum.
Here are the eight key developments:
Gift Nifty’s Premium: Gift Nifty opened at 22,654 levels, trading at a premium of around 60 points compared to the previous close of Nifty futures. This premium indicated a positive start for the Indian stock market indices.
Asian Market Trends: Asian markets exhibited positive trends, with Japan’s Nikkei 225 index reaching a new record high. South Korea’s Kospi and Hong Kong’s Hang Seng index futures also hinted at an optimistic opening.
US Stock Market Performance: US stock market indices closed positively, following the release of key economic data and remarks from Federal Reserve Chair Jerome Powell. This fostered optimism for potential interest rate cuts later in the year. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all recorded gains, with notable fluctuations in individual stock performances.
Powell’s Testimony: Powell’s remarks before US lawmakers underscored uncertainties regarding inflation reduction, despite expectations of forthcoming interest rate adjustments.
US Private Payrolls Data: US private payrolls data for February indicated moderate growth, with an increase of 140,000 jobs. This followed an upwardly revised rise of 111,000 jobs in January.
US Job Openings: Job openings in the US fell marginally in January, with a slight decrease of 26,000. However, the number of workers resigning from their jobs also dropped to a three-year low.
Dollar and Treasury Yields: The US dollar slipped, and Treasury yields fell to one-month lows following Powell’s comments. The dollar index measured a decline of 0.41%, while benchmark 10-year yields fell 3 basis points to 4.108%.
Crude Oil Prices: Crude oil prices experienced a modest uptick, with Brent futures rising 1.1% and US crude rising 1.3% on Wednesday.
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