The Indian market remains uncertain, eagerly awaiting the retail inflation data this evening. Even if inflation eases to 5.5%, many believe a rate cut is unlikely in the near future. The new Reserve Bank Governor, Sanjay Malhotra, hasn't provided any clues about his approach.
Technology stocks boosted the US market yesterday, and Asian markets are also trending upwards today. This positive sentiment may lift the Indian market.
The GIFT Nifty closed at 24,750, indicating a slightly positive start for the Indian market today.
The US market rallied on Wednesday, with the S&P 500 and Nasdaq making significant gains. The Nasdaq even crossed the 20,000 mark for the first time. Alphabet, Tesla, Amazon, and Meta reached record highs. The market is optimistic about Alphabet's quantum chip and Elon Musk's wealth has surpassed $400 billion.
US retail inflation data came in as expected, with a 2.7% increase and core inflation at 3.3%. The market believes this won't hinder a potential rate cut next week.
The Dow Jones closed down 0.22%, the S&P 500 up 0.82%, and the Nasdaq up 1.77%. US futures are slightly down. The 10-year Treasury yield fell to 4.27%.
European indices continued their upward trend, supported by the US inflation data. Asian markets are also looking strong today, with Japan's Nikkei up 1.7% and South Korea's index up 1%.
The Indian market closed almost unchanged on Wednesday. Mid-cap and small-cap indices outperformed. The Sensex and Nifty fluctuated within narrow ranges.
Nifty: 24,641.80 (+0.13%)
Sensex: 81,526.14 (+0.02%)
Bank Nifty: 53,391.35 (-0.35%)
Midcap 100: 59,292.95 (+0.27%)
Smallcap 100: 19,657.35 (+0.38%)
Foreign investors were net sellers, while domestic funds and financial institutions were net buyers.
The broader market trend remains positive. Nifty failed to break the 24,700 resistance but held the 24,500 support. Key support and resistance levels for today are 24,600, 24,570, 24,680, and 24,710.
Edel Finance and Ecap Equities will sell a 7.1% stake in Nuama Wealth Management in a block deal at a floor price of Rs 6,800.
Gland Pharma's phytonadione injection received US FDA approval.
Acme Solar Holdings won NHPC's 250 MW renewable energy project.
Reliance New Suntech won a 930 MW solar project and battery storage system contract.
The Income Tax Department will refund Rs 808 crore to Indian Overseas Bank.
PC Jewellers will issue 5.17 crore shares to lenders at Rs 292 per share.
Shriram Finance sold an 84.44% stake in Shriram Housing Finance to Warburg Pincus for Rs 3,929 crore. 1
Gold prices continue to rise, reaching a high of $2,729.50 yesterday and closing at $2,717.50. This morning, the price dipped slightly to $2,714. In Kerala, gold prices increased by Rs 640 to Rs 58,280, and are expected to rise further today.
Silver prices have fallen to $31.85 per ounce.
The US dollar strengthened yesterday, closing at 106.71, up 0.28%. This morning, the dollar weakened slightly to 106.58. The Indian rupee strengthened against the dollar, gaining two paise to Rs 84.83.
Crude oil prices have risen again due to tighter EU sanctions on Russian exports. Brent crude closed at $73.64 and WTI at $70.32.
Cryptocurrencies have surged as profit-taking pressure eased, with many gaining between 5% and 10%. Bitcoin reached $101,969 and Ether reached $3,850.
Industrial metals are mixed. Copper fell 0.27%, aluminum rose 0.01%, zinc fell 0.33%, lead fell 0.12%, nickel rose 0.63%, and tin rose 0.12%.
Sensex: 81,526.14 (+0.02%)
Nifty 50: 24,641.80 (+0.13%)
Bank Nifty: 53,391.35 (-0.35%)
Midcap 100: 59,292.95 (+0.27%)
Smallcap 100: 19,657.35 (+0.38%
Dow Jones: 44,148.56 (-0.22%)
S&P 500: 6084.19 (+0.82%)
Nasdaq: 20,034.89 (+1.77%)
Dollar Index: 106.71 (+0.31%)
Dollar/Rupee: 84.83 (-0.02)
Gold: $2,717.50 (+23.70)
Gold (India): 58,280 (+640)
Brent Crude Oil: $73.64 (+1.53)
