The Indian stock market is anticipated to see a lower opening on Thursday, influenced by the subdued performance of global peers. Asian markets experienced a downturn, and the US stock markets displayed mixed results, largely impacted by the performance of technology stocks and the response to Meta Platforms’ earnings report, alongside rising Treasury yields. However, despite this global trend, the Indian stock market indices closed higher for the fourth consecutive session, primarily driven by gains in specific heavyweights, supported by generally positive global cues.Meta_Tesla
On the previous trading day, the Sensex gained 114.49 points, marking a 0.16% increase, to close at 73,852.94, while the Nifty 50 settled 34.40 points, or 0.15%, higher at 22,402.40. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., expressed optimism about the ongoing bullish momentum in the market. Additionally, he highlighted the significant drop in India’s VIX (Volatility Index) coinciding with the commencement of elections, indicating a decrease in market volatility in the near future. Khemka also emphasized that niche sectors are likely to sustain momentum. Meta_Tesla
Turning to Asian markets, they faced downward pressure on Thursday, reflecting the trends observed in Wall Street’s previous session. The Bank of Japan’s monetary policy meeting commenced amid the yen’s weakness. Japan’s Nikkei 225 declined by 1.2%, while the Topix fell by 0.65%. Similarly, South Korea’s Kospi experienced a 1% drop, with the Kosdaq marginally lower. The Hang Seng index futures in Hong Kong indicated a weak opening for the market. Meta_Tesla
In terms of Gift Nifty, it was trading around the 22,365 level, representing a discount of nearly 50 points from the previous close of Nifty futures. This indicates a negative start for the Indian stock market indices.
Shifting focus to Wall Street, the US stock market closed Wednesday’s session with a mixed performance. The Dow Jones Industrial Average saw a decline of 42.77 points, marking a 0.11% decrease, to settle at 38,460.92. Conversely, the S&P 500 rose by 1.08 points, or 0.02%, to 5,071.63, while the Nasdaq Composite gained 16.11 points, or 0.10%, reaching a closing figure of 15,712.75. The session was characterized by choppy trading, influenced by an increase in Treasury yields amidst ongoing corporate earnings announcements.
In summary, the Indian stock market is poised for a lower opening on Thursday, following the trend of global markets. While Asian markets experienced declines, the Indian indices exhibited resilience in the face of broader global pressures. The performance of niche sectors and ongoing developments in global economic indicators will likely shape market sentiment in the sessions ahead.
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