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Indian stock market: Over the weekend, 7 significant factors affected the market: the Gift Nifty, US nonfarm payrolls, and oil prices.

Indian stock market

Indian stock market: The Gift Nifty was trading at a premium of more than 40 points from the previous closing of the Nifty futures, at 22,650, suggesting that the Indian stock market indices are off to a good start.

Indian stock market On Monday, the local equities market is anticipated to start higher, reflecting advances in its international counterparts due to optimistic sentiment.

Following a stunning jobs report on Friday, the US stock market surged while Asian markets mainly saw gains.

This week’s main macroeconomic and corporate data releases will determine the direction of the market.

The first set of corporate results for the fourth quarter of FY24 (Q4FY24), inflation data from India and the US, minutes from US Federal Reserve meetings, policy meetings of the European Central Bank (ECB), corporate announcements, crude oil prices, outflows of foreign capital, and other global cues are some of the factors that set off the stock market.

On Friday, the domestic equity indices ended flat after the Reserve Bank of India (RBI) announced its monetary policy in line with expectations. The central bank kept the key policy repo rate unchanged at 6.5% and maintained its policy stance as ‘withdrawal of accommodation’.

The Sensex rose 20.59 points, or 0.03%, to close at 74,248.22, while the Nifty 50 settled flat at 22,513.70.

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Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Monday ahead of key economic data from the region. Japan’s Nikkei 225 rallied 1.01%, while the Topix gained 0.77%. South Korea’s Kospi fell 0.17% and the Kosdaq declined 0.76%. Hong Kong’s Hang Seng index futures indicated a stronger opening.

Gift Nifty Today

Gift Nifty was trading around the 22,650 level, a premium of over 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market indices ended higher on Friday after a strong jobs report.

The Dow Jones Industrial Average gained 307.06 points, or 0.80%, to 38,904.04, while the S&P 500 rallied 57.13 points, or 1.11%, to 5,204.34. The Nasdaq Composite ended 199.44 points, or 1.24%, higher at 16,248.52.

For the week, the Dow fell 2.3%, the S&P 500 dropped 1% and the Nasdaq declined 0.8%.

Also Read: Wall Street week ahead: Investors eye inflation data, Fed minutes after strong March jobs report

US Nonfarm Payrolls 

US employers hired far more workers than expected in March while raising wages. As per Labor Department’s employment report, US nonfarm payrolls increased by 303,000 jobs last month. Economists polled by Reuters had forecast 200,000 jobs, with estimates ranging from 150,000 to 250,000.

US Unemployment Rate

The US unemployment rate fell to 3.8% last month from 3.9% in February, remaining below 4% for 26 straight months, the longest such stretch since the late 1960s. According to the Labor Department data, Average hourly earnings rose 0.3% in March after gaining 0.2% in the prior month, while wages increased 4.1% on a year-on-year basis, the smallest gain since June 2021, after advancing 4.3% in February.

Oil Prices

Crude oil prices declined over 1% in early Asian trade on Monday as tensions in the Middle East eased.

Brent crude futures fell 1.79% to $89.54 a barrel, while US West Texas Intermediate crude dropped 1.78% to $85.36 a barrel.

US Treasury Yields

US treasury yields and the dollar rose on Friday after a blowout US jobs report suggested the Federal Reserve may delay cutting interest rates while it awaits further inflation data, Reuters reported. The yield on benchmark 10-year Treasury notes rose to 4.422%. The dollar index, a measure of the US currency against six major peers, edged up 0.11% to 104.41.

In Conclusion

Numerous factors contributed to the notable volatility in the Indian stock market over the weekend. Gift Nifty launch, US nonfarm payrolls, and oil prices all had a significant impact on how investors felt and how the markets moved. The aforementioned advancements highlight the interdependence of worldwide economic phenomena and their significant influence on the financial markets of India. Choosing to make investments with caution and knowledge becomes more crucial as investors work their way through the complexity of these outside forces. Although market volatility can pose difficulties, it also presents shrewd investors with the chance to profit from new trends and tactical openings.

Remaining alert, adaptable, and educated is crucial in the constantly changing Indian stock market to successfully navigate choppy waters and make long-term investments.

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