Indian stock market: Domestic equity indices, Sensex and Nifty 50, are likely to open on a cautious note on Thursday tracking mixed global market cues.
Asian markets traded lower, while US stock market indices ended mixed overnight as investors awaited key economic data this week and the US Federal Reserve meeting outcome next week for further clues on interest rate cuts.
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On Wednesday, the Indian stock market indices ended higher, snapping their two-day losing run, on all-round buying amid positive cues from global peers.
The Sensex jumped 689.76 points, or 0.98%, to close at 71,060.31, while the Nifty 50 settled 215.15 points, or 1.01%, higher at 21,453.95.
However, analysts believe overall sentiment is muted as concerns persist on FIIs selling due to premium valuations in India and below expectation Q3 earnings so far.
“Investors would now await Manufacturing PMI data from the US & UK later in the day which would provide some direction to the market. Given monthly F&O expiry and long weekend ahead, traders would stay light especially in absence of any major positive trigger,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 25
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded lower tracking mixed signals from Wall Street overnight. Japan’s Nikkei 225 fell 0.14% and the Topix was down marginally. South Korea’s Kospi dropped 0.42% and the Kosdaq declined 0.8%.Hong Kong’s Hang Seng index futures indicated at a higher opening.
Gift Nifty
Gift Nifty was trading around 21,435 level, as compared with Nifty futures’ previous close of 21,488, indicating a weak start for the Indian stock market indices.
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Wall Street
The US stock market ended mixed on Wednesday with the S&P 500 notching its fourth straight record high close, while Nasdaq hitting its highest since January 2022.
The Dow Jones Industrial Average declined 0.26% to 37,806.39, while the S&P 500 rose 0.08% to end the session at 4,868.55. The Nasdaq ended 0.36% higher at 15,481.92.
Among stocks, Netflix shares jumped 10.7% to a two-year high after the company reported its Q4 results with better-than-expected subscriber growth.
Microsoft shares hit an all-time high, lifting its market value above $3 trillion for the first time. Alphabet and Meta Platforms share price gained over 1% each. Nvidia and Broadcom jumped more than 2% and hit record highs.
AT&T shares declined 3%, while DuPont De Nemours cracked 14%.
Microsoft hits $3 trillion market value
Microsoft’s stock market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world’s second most valuable company, just behind Apple. Microsoft shares hit a record high of $405.63, up 1.7%, breaching the $3 trillion market capitalization level. However, it later closed at $402.56, valuing Microsoft at $2.99 trillion.
Read here: Microsoft’s market cap crosses $3 trillion, stock trades 52-week high
US business activity picks up
US business activity picked up in January and inflation appeared to abate. A gauge of prices charged by companies for their products fell to the lowest level in more than 3-1/2 years, data showed. The S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 52.3 this month, the highest level since last June.
US Treasury yields rise
US Treasury yields rebounded on Wednesday after a strong reading of business activity before key data later this week and a US Federal Reserve meeting next week. The two-year Treasury yield, which reflects interest rate expectations, rose 3.2 basis points to 4.380%, while the benchmark 10-year’s yield added 4 basis points to 4.182%.
Oil prices near one-month high
Crude oil prices rose amid a bigger-than-expected US crude storage withdrawal, a slump in US crude output and Chinese economic stimulus, Reuters reported.
Brent crude futures rose 0.6% to settle at $80.04 a barrel, while US West Texas Intermediate crude (WTI) ended 1.0% higher at $75.09.
(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 taking any investment decisions.
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