Indian stock market: 8 key things that changed for market overnight – Gift Nifty, Nasdaq’s record close to Tesla shares

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

Asian markets traded higher, while the US stock market ended mixed with the S&P 500 and the Nasdaq Composite rising to new record highs.

Investors await the Reserve Bank of India (RBI) monetary policy this week and the US Federal Reserve’s interest rate decision this month.

On Monday, the Indian stock market benchmark indices ended half a percent higher each led by buying in heavyweights.

The Sensex rallied 445.29 points, or 0.56%, to close at 80,248.08, while the Nifty 50 settled 144.95 points, or 0.6%, higher at 24,276.05.

“Given the volatile global economic environment and mixed domestic factors, we expect the market to consolidate within a broad range in the near term,” 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 higher on Tuesday, following overnight gains on Wall Street.

Japan’s Nikkei 225 rallied 1.1% and the Topix gained 0.89%. South Korea’s Kospi rose 1.11%, while the Kosdaq surged 1.39%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 24,430 level, a premium of nearly 2 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Wall Street

US stock market ended mixed, with the Nasdaq and S&P 500 scoring record closing highs boosted by tech shares.

The Dow Jones Industrial Average declined 128.65 points, or 0.29%, to 44,782.00, while the S&P 500 gained 14.77 points, or 0.24%, to 6,047.15. The Nasdaq Composite ended 185.78 points, or 0.97%, higher at 19,403.95.

Tesla stock price fell 1.3% in after-hours trade, while Super Micro Computer shares spiked 28.7%.

Tesla Share Price Falls

Tesla share price declined 1.3% to $352.36 apiece in after-hours trade after a Delaware court upheld its decision to reject Elon Musk’s massive $55.8 billion compensation package at Tesla. A Delaware judge ruled that Tesla CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it.

US Manufacturing PMI

US manufacturing activity improved in November. The Institute for Supply Management (ISM) said its manufacturing PMI increased to 48.4 last month from 46.5 in October. Economists polled by Reuters had forecast the PMI rising to 47.5.

Federal Reserve

US Federal Reserve Governor Christopher Waller said that with inflation still forecast to fall to 2% he is inclined “at present” to support another interest rate cut later this month, Reuters reported.

New York Fed President John Williams said that he expects the Fed will need to cut rates further “over time”.

Dollar

The dollar index, which measures the currency against six others, rose 0.02% to 106.41, having gained 1.8% in November. The yen was steady near Friday’s six-week high of 149.47.

Gold Prices Today

Gold prices traded higher amid growing expectations of a US interest rate cut this month, Reuters reported. Spot gold was up 0.1% at $2,642.42 per ounce, after falling as much as 1% on Monday. US gold futures gained 0.3% to $2,665.30.

(With inputs from Reuters)

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