The Indian stock market reflected some key overnight developments in global markets and important events. Here’s a breakdown of those key changes that have altered the Indian equity landscape, from Gift Nifty to recent US stock market performance and updates about Apple’s 2024 event.
Gift Nifty Indicates Positive Start
The Gift Nifty-a major Indian market sentiment indicator-was seen trading at the 25,040 level, depicting a premium of almost 46 points over the previous close of Nifty futures. It hints that all the Indian stock market indices, including those of the Sensex and Nifty 50, are all set to begin the day on a positive note in the opening session.
Performance of Sensex and Nifty 50
The Indian stock market bounced back on Monday from their earlier losses to close the day with the Sensex and Nifty 50 ending upwards. The Sensex was up 375.61 points, or 0.46%, at 81,559.54. The Nifty 50 jumped 84.25 points, or 0.34%, to 24,936.40. This jump was spurred by major purchases that signaled resilience in the face of the global volatility. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd said, “Domestic equities have witnessed a regular recovery supported by healthy macros and retail participation.” He went on to say that the market has entered into its consolidation phase with gradual uptrend.
US Stocks Rebound Amid Apple Event
After declining over the past several days, the US stock rebounded strongly on Monday. The Dow Jones Industrial Average jumped 484.18 points, or 1.20% higher, to 40,829.59. Meanwhile, the S&P 500 rose 62.63 points, or 1.16%, at 5,471.05 as the Nasdaq Composite increased by 193.77 points, or 1.16%, to 16,884.60. Key stocks such as Nvidia were up 3.5%, while Apple shares inched 0.04% higher as it prepared for the highly anticipated Apple Event 2024, which revealed new product releases such as the AI-enhanced iPhone 16 series, Apple Watch Series 10, updated Apple Watch Ultra 2, and redesigned AirPods. Apple’s stock rose modestly despite having had a number of big innovations.
Asian Markets Trade Higher
Asian markets were also higher on the back of positive Wall Street cues. Japan’s Nikkei 225 was up 0.52% and Topix index gained 0.65%. The Kospi in South Korea was 0.17% higher, while Kosdaq also gained 0.18%. Hang Seng index futures in Hong Kong pointed to a higher open, a reflection of an overall positive sentiment across the region.
Oil and Gold Prices Steady
Crude oil prices were flat in early Tuesday trading. Brent crude futures rose 0.19% to $71.98 per barrel, while US West Texas Intermediate crude futures added 0.15% at $68.81 per barrel. The benchmarks had climbed around 1% at Monday’s settlement. Gold prices were also flat as investors waited for US inflation data that could impact the Federal Reserve’s decisions on interest rates. Spot gold held its ground at $2,504.98 per ounce, while US gold futures climbed 0.1% to $2,533.70.
Market View and Investor Mood
The Indian stock market is likely to be cautiously upbeat this week. Global indices have started recovering and resilience in the local markets is helping investors maintain optimism. However, the policy meeting scheduled in the US and Europe during the coming weeks is expected to keep the market participants on the edge, and therefore future movements in both the domestic and global markets are expected to take cues from these announcements.
In a nutshell, Indian stock markets may open high considering Gift Nifty indications along with global market trends. A strong rebound of US stocks and steady conditions in Asian markets, coupled with big announcements from Apple’s event for 2024, have set the pace of the ongoing market dynamics.
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