Indian stock market: 7 key things that changed for market overnight – Gift Nifty, rally in Tesla shares to China PMI

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday following gains in global peers.

Asian markets traded higher, while the US stocks ended in the green led by a rally in Tesla and Apple shares.

Investors await the US Federal Reserve’s interest rate decision as the Federal Open Market Committee (FOMC) policy meeting begins today.

Traders expected the Fed to keep rates unchanged while striking a hawkish tone. Money markets are pricing in about 35 basis points (bps) of interest rate cuts this year, down from about 150 bps seen at the beginning of the year, according to LSEG.

On Monday, the Indian stock market indices ended with significant gains led by a strong rally in banking and financial stocks after upbeat March quarter results.

The Sensex surged 941.12 points, or 1.28%, to close at 74,671.28, while the Nifty 50 settled 223.45 points, or 1%, higher at 22,643.40.

“We expect the Nifty to continue its positive trend, on the back of a healthy earning season and macro data. This week domestic equities will take cues from the US Fed meeting and economic data globally,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 30

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Tuesday tracking overnight gains on Wall Street, with investors awaiting key economic data from the region.

Japan’s Nikkei 225 rallied 0.98%, while the Topix rose 1.2%. South Korea’s Kospi gained 0.23% and the Kosdaq rose 0.26%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around the 22,785 level, a premium of nearly 45 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 Monday ahead of the Federal Reserve’s policy meeting beginning today.

The Dow Jones Industrial Average gained 146.43 points, or 0.38%, to 38,386.09, while the S&P 500 rose 16.21 points, or 0.32%, to 5,116.17. The Nasdaq Composite ended 55.18 points, or 0.35%, higher at 15,983.08.

Tesla share price surged 15.3%, Apple shares gained 2.5%. Other megacap stocks Alphabet, Meta Platforms, and Microsoft closed lower. Nvidia shares ended higher after paring early losses.

Domino’s Pizza share price jumped 5.6%, while Paramount Global stock price gained 2.9%.

Also Read: Q4 results today: 56 companies to report Q4 earnings on April 30

China PMI

China’s manufacturing activity expanded at a slower pace in April, an official factory survey showed. The official purchasing managers’ index (PMI) dropped to 50.4 in April from 50.8 in March, and beat a median forecast of 50.3 slightly in a Reuters poll.

Japan Factory Output

Japan’s factory output rose 3.8% in March from the previous month, versus the median market forecast for a 3.5% rise. Separate data showed Japanese retail sales expanded 1.2% in March from a year earlier, marking the 25th consecutive month of expansion, Reuters reported. Compared with the previous month, retail sales shrank 1.2% in March, following a 1.7% gain in February, the data showed.

Samsung Q1 Results

Samsung Electronics reported nearly tenfold year-on-year – a 931.8% increase – in its first-quarter operating profits amid recovering chip prices and growing demand. The world’s biggest maker of memory chips and TVs said operating profit rose to 6.6 trillion won ($4.8 billion) in January-March, up from 640 billion won a year earlier.

Samsung Q1 revenue was up 12.8% YoY to 71.9 trillion won, while net profit was at 6.75 trillion won. The chip division swung to a profit of 1.91 trillion won in the March quarter from a 4.58 trillion won loss a year earlier, while its revenue increased 96% to 17.49 trillion won.

Also Read: Oil prices decline amid Israel-Hamas peace talks, Fed rate cut expectations

Oil Prices

Crude oil prices traded lower amid Israel-Hamas ceasefire talks in Cairo. Brent crude futures fell 0.11% to $88.30 a barrel, and US West Texas Intermediate crude futures declined 0.18% to $82.48 a barrel. The front-month contract of both benchmarks lost more than 1% on Monday.

(With inputs from Reuters)

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.