Asian markets traded mostly lower while the US stocks ended mixed overnight with a rally in technology stocks.

On Tuesday, the Indian stock market indices ended with sharp gains after hitting fresh record highs during the session.

The Sensex surged 712.44 points, or 0.92%, to close at 78,053.52, while the Nifty 50 settled 183.45 points, or 0.78%, higher at 23,721.30.

“After the last few range bound sessions, investors placed bullish bets on banking and select frontline IT stocks which helped benchmark indices scale fresh highs even as the majority of the sectors ended in red. Most of the private banking stocks had missed the upsurge seen in recent weeks and hence there was a flurry of activity in the financial space ahead of the monthly expiry on Thursday,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Also Read: Weekly picks: Motilal Oswal suggests these three stocks to buy today predicting up to 9% upside

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded mostly lower on Wednesday tracking mixed cues overnight from US stocks

Japan’s Nikkei 225 rose 0.26%, while the Topix fell 0.17%. South Korea’s Kospi declined 0.38%, while the Kosdaq gained 0.38%. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 23,700 level, a discount of nearly 30 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

Also Read: Stock market today: Four stocks in F&O ban list on June 26

Wall Street

US stock market ended mixed on Tuesday as the Nasdaq rallied, buoyed by strength in technology stocks, while retail stocks weighed on Dow Jones.

The Dow Jones Industrial Average declined 299.05 points, or 0.76%, to 39,112.16, while the S&P 500 rose 21.43 points, or 0.39%, to 5,469.30. The Nasdaq Composite ended 220.84 points, or 1.26%, higher at 17,717.65.

Nvidia shares jumped 6.8%, Alphabet share price rose 2.7%, and Meta Platforms stock price gained 2.3%. Walmart shares fell 2.2%, while FedEx stock price rallied 15% in after-the-bell trading.

Spirit AeroSystems shares dropped 3.96% and Boeing shares also declined 2.2%. Carnival Corp shares surged 8.7%.

Nvidia Shares

Nvidia share price surged nearly 7% to close at $126.09 apiece on Tuesday, snapping a three-session selloff that had erased about $430 billion from the artificial intelligence chipmaker’s market value. Nvidia shares are up 154% this year and have accounted for nearly 30% of the S&P 500’s year-to-date return.

Read here: Nvidia stock rebounds over 5%, lifts Nasdaq higher

US Consumer Confidence

US consumer confidence eased in June amid worries about the economic outlook. The Conference Board’s consumer confidence index dipped to 100.4 this month from a downwardly revised 101.3 in May. Economists polled by Reuters had forecast the index slipping to 100.0 from the previously reported 102.0.

RBI Governor

The Reserve Bank of India (RBI) Governor Shaktikanta Das said that India is on the verge of a significant structural shift in its growth trajectory and is confident that GDP growth will touch 7.2% in the ongoing financial year. Speaking at an event, regarding inflation, Das mentioned that at a 4% inflation rate, the economy, financial system, and growth drivers would be significantly strengthened.

Read here: Positive on GDP growth, working to bring inflation under control: RBI Governor Shaktikanta Das

Oil Prices

Crude oil prices declined after an industry report showed a surprise jump in US crude inventories.

Brent crude oil fell 0.13% to $84.90 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped 0.09% to $80.76.

Dollar

US dollar was firm on Wednesday as investors turned cautious ahead of the US price data at the end of the week.

Japanese yen was at 159.71 per dollar, while China’s yuan was last at 7.2884 per dollar in offshore trade. The euro was steady at $1.0708 and Sterling steady at $1.268.

(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 making any investment decisions.

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Published: 26 Jun 2024, 07:07 AM IST