Indian Stock Market: 8 Fundamental Things That Changed For The Market Overnight – Gift Nifty, US Tech Stocks Sell-Off At Bond Yields | Stock market news

Indian stock market: Domestic equity benchmark indices Sensex and Nifty 50 are expected to open lower on Tuesday following a sell-off in global markets.

Asian markets traded lower, while the US stock market closed sharply lower overnight, amid selling in technology stocks and as traders scaled back bets for the US Federal Reserve to ease interest rates .

Traders heavily scaled back their expectations for another huge US Fed rate cut following Friday’s strong US jobs report. They were pricing in an 86% chance of a 25 basis point cut and a roughly 14% chance that the central bank would not cut rates at all, according to the CME’s FedWatch tool.

Indian stock market indices closed sharply lower for the sixth consecutive session on Monday amid sustained foreign fund outflows.

The Sensex slumped 638.45 points, or 0.78 per cent, to close at 81,050.00, while the Nifty 50 settled 218.85 points, or 0.87 per cent, lower at 24,795.75 .

“The outflow of ₹30,700 crore by foreign institutional investors in just 3 days of October, along with rising crude oil prices, had a negative impact on the overall sentiment. We expect the market to remain under pressure in the near term until FII selling subsides. This week’s focus will be on the RBI’s policy outcome and the start of the Q2FY25 earnings season,” said Siddhartha Khemka, head of research, wealth management, Motilal Oswal Financial Services Ltd.

Here are the top global market signals for Sensex today:

Asian markets

Asian markets traded mostly lower, tracking overnight losses on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.05%.

Japan’s Nikkei 225 lost 0.75%, while the Topix lost 0.88%. The South Korean Kospi lost 0.61% and the Kosdaq lost 0.14%. Chinese markets jumped more than 10% at the open after returning from an extended vacation. The CSI 300 Index rallied 10.2%, while Hong Kong’s Hang Seng Index fell more than 3%.

Give the gift of Nifty today

Gift Nifty was trading around the 24,860 level, a discount of nearly 130 points to the previous close of Nifty futures, indicating a negative start for Indian stock market indices.

Wall Street

The US stock market closed lower on Monday dragged by a sell-off in technology stocks.

The Dow Jones Industrial Average fell 398.51 points, or 0.94%, to 41,954.24, while the S&P 500 fell 55.13 points, or 0.96%, to 5,695.94. The Nasdaq Composite closed 213.94 points, or 1.18%, lower at 17,923.90.

Alphabet’s share price fell 2.5%, Apple shares fell 2.3%, while Amazon’s share price fell 3%. Shares of Generac Holdings rallied 8.52%, Pfizer’s share price rose 2%, and Air Products and Chemicals shares jumped 9.5%.

Treasury yields

The 10-year yield on benchmark U.S. Treasuries rose above 4% for the first time in more than two months, as markets scaled back bets on another large Fed rate cut.

The 10-year yield rose 3.9 basis points (bps) to 4.019%, advancing for a fourth straight session after hitting its highest level since late July of 4.033%, Reuters reported. The two-year U.S. Treasury yield hit its highest since Aug. 19 at 4.0270% and eventually rose to 3.9764%.

Samsung Q3 results

Samsung Electronics estimated that third-quarter operating profit rose 274%, but this was lower than analysts’ estimates. The company reported preliminary operating profit of about 9.1 trillion won ($6.8 billion) for the three months ended Sept. 30, compared to the 10.3 trillion won LSEG SmartEstimate. This would compare to 2.43 trillion won in the same period a year earlier and 10.44 trillion won in the previous quarter. Revenue came in at 79 trillion won, compared to expectations of 81.57 trillion won.

Real wages in Japan

Japanese wages adjusted for inflation fell in August after two months of increases during the summer bonus season, while household spending also fell, data showed. In August, real wages in Japan fell by 0.6% compared to the same month last year. This came after a revised increase of 0.3% in July.

Separate data showed household spending fell 1.9% from a year earlier in August, compared with the market estimate of a 2.6% decline based on a Reuters poll, and on a seasonally adjusted basis, the Spending increased 2.0% from the previous month, marking the fastest pace of growth in a year.

Oil prices

Crude oil prices fell on earnings booking after prices rose to their highest in over a month.

Brent crude futures fell 0.3% to $80.70 a barrel, while U.S. West Texas Intermediate futures fell 0.3% to $76.94 a barrel. Both contracts rose more than 3% on Monday, reaching their highest levels since late August.

Gold rate today

Gold prices remained stable on Tuesday as market participants awaited the minutes of the latest US Fed meeting

Spot gold was little changed at $2,643.68 an ounce, while U.S. gold futures fell 0.1% to $2,662.90.

(With inputs from Reuters)

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