Indian stock market: 10 things that changed for market overnight – Gift Nifty, US jobs openings to Alphabet Q3 results

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a weak note on Wednesday amid mixed cues from global markets.

Asian markets traded mostly higher, while the US stock market ended mixed, with the Nasdaq closing at a new record high led by gains in tech stocks.

On Tuesday, the Indian stock market benchmark indices ended higher amid gains in heavyweight stocks.

The Sensex rallied 363.99 points, or 0.45%, to close at 80,369.03, while the Nifty 50 settled 127.70 points, or 0.52%, higher at 24,466.85.

“After 8% fall from all-time high, Nifty 50 is witnessing some pull back ahead of Diwali, as investors get into festive mood. Overall, we expect the markets to remain range bound amid uncertainty with regard to US elections to be held next week. However we could continue to see sector and stock specific action as more companies announce their quarterly earnings,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Wednesday following a similar trend on Wall Street overnight.

Japan’s Nikkei 225 gained 0.8% at open, while the Topix rose 0.6%. South Korea’s Kospi declined 0.5%, while the Kosdaq fell 0.4%. Hong Kong’s Hang Seng index indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 24,435 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended mixed on Tuesday, with the Nasdaq scoring a record closing high as investors digested a host of corporate earnings and awaited Alphabet’s results.

The Dow Jones Industrial Average fell 154.52 points, or 0.36%, to 42,233.05, while the S&P 500 rose 9.45 points, or 0.16%, to 5,832.97. The Nasdaq Composite ended 145.56 points, or 0.78%, higher at 18,712.75, breaking the previous closing record in July.

Alphabet share price rallied nearly 6% in after-market trading after the Google-parent beat quarterly revenue estimates, while shares of Amazon and Microsoft gained about 1% after hours.

Reddit shares jumped nearly 25% in after-market hours, VF Corp stock price jumped 27%, DR Horton declined 7.2% and Ford shares slumped 8.4%.

Alphabet Q3 Results

Google parent Alphabet Inc. reported third-quarter sales that beat analysts estimates, helped by the growth of its cloud computing business. Alphabet’s revenue, excluding partner payouts, increased to $74.6 billion, surpassing the $72.9 billion analysts predicted on average, according to data compiled by Bloomberg. Alphabet also beat profit expectations with earnings of $2.12 per share, compared with an average market estimate of $1.85.

Alphabet said its AI investments were “paying off” as it reported a 35% surge in its cloud business and US election-related spending lifted YouTube ad sales in the third quarter. Its mainstay Search business jumped 12%.

Reddit Share Price

Reddit shares jumped nearly 25% in extended trading on Tuesday after the company reported its first quarterly profit and forecast fourth-quarter revenue above estimates, Reuters reported. Reddit expects fourth-quarter revenue to be between $385 million and $400 million, compared with analysts’ average estimate of $357.9 million, according to data compiled by LSEG.

The company reported a profit per share of 16 cents for the third quarter, compared with a loss of 13 cents a year earlier. Analysts, on average, had expected a loss of 7 cents per share. Revenue rose 68% to $348.4 million in the quarter, beating analysts’ estimate of $312.8 million.

US Jobs Openings

US job openings dropped to more than a 3-1/2-year low in September. Job openings were down by 418,000 to 7.443 million by the last day of September, the lowest level since January 2021, Job Openings and Labor Turnover Survey, or JOLTS report showed. Economists polled by Reuters had forecast 8.00 million job openings. There were 1.09 jobs for every unemployed person, little changed from 1.10 in August.

US Consumer Confidence

US consumer confidence recorded its largest monthly gain in over three-and-a-half years in October. The Conference Board’s consumer confidence index jumped sharply to 108.7 in October, up from a revised 99.2 last month.

Dollar

The dollar hovered close to a three-month peak on Wednesday. The US dollar index, which measures the currency against six major rivals including the yen and euro, was little changed at 104.24, after reaching the highest since July 30 at 104.63 on Tuesday before finishing the day almost flat, Reuters reported.

The 10-year Treasury yield fell to 4.2461%, after reaching the highest since July 5 at 4.3390% in the prior session.

Gold Price Today

Gold touched a record high, with US election jitters supporting bullion prices.

Spot gold gained 0.1% to $2,778.27 per ounce. Bullion inched up to an all-time high of $2,778.79. US gold futures rose 0.4% to $2,790.60.

Oil Prices

Crude oil prices stabilised after two previous sessions of losses. Brent crude futures rose 0.18% to $71.25 a barrel, while US West Texas Intermediate crude futures rose 0.22% to $67.36 per barrel.

(With inputs from Agencies)

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