Indian stock market: The Gift Nifty was trading at a premium of around 25 points from the previous closing of the Nifty futures, at 22,670.00. This suggests that the Indian stock market indices are off to a somewhat positive start.
Indian stock market: The Sensex and Nifty 50, the country’s equities market indices, are predicted to open higher on Friday. GIFT Nifty, which is following a variety of international cues, is up more than 24 points from Thursday’s closing on Nifty Futures.
Despite weak global indications, the key indexes of the Indian stock market closed up on Thursday for the fifth straight session.
The Nifty 50 closed 167.95 points, or 0.75%, higher at 22,570.35, while the Sensex increased 486.50 points, or 0.66%, to conclude at 74,339.44.
On the monthly F&O expiry day, when benchmark indexes rose for a fifth straight session driven by advances in metal and frontline banking companies, investors increased their optimistic wagers. Local investors were unfazed by the steep decline in the US Dow Futures and other Asian and European indices. Although fund outflows from foreign institutional investors (FIIs) have been a cause for concern, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. said that many local investors have been taking an interest in equities due to India’s robust development prospects and expectations of a majority win for the ruling party in the next elections.
These are today’s major global market cues for the Sensex:
Asian Markets: On Thursday, after Wall Street saw a dip, shares in Asia opened mixed.
Japanese equities were mixed at Friday’s opening session, while South Korean stocks increased. The unfavorable impact of BHP Group Ltd. caused a decrease in Australian shares. Hong Kong stocks rose at the opening bell on Friday due to impressive earnings from IT behemoths Microsoft and Alphabet.
To reach 17,336.20, the Hang Seng Index rose by 51.66 points, or 0.30%. The Shanghai Composite Index rose by 0.07%, or 2.08 points, to 3,054.98 while the Shenzhen Composite Index on China’s second exchange fell by 0.13%, or 2.24 points, to 1,696.09.
Present Nifty: Gift Nifty was trading at 22,670.00 today, which is a premium of around 24.65 points over the previous close of the Nifty futures. This suggests that the Indian stock market indices are off to a strong start.
According to Reuters, Wall Street US shares broke a three-day winning streak on Thursday as the tech sector was pummeled by underwhelming estimates from Meta, the company that owns Facebook and Instagram. Meta’s drop and the lackluster US GDP numbers hurt equities.
The Dow Jones Industrial Average fell 375.12 points, or 0.98%, to 38,085.80, the S&P 500 fell 23.21 points, or 0.46%, to 5,048.42, and the Nasdaq Composite fell 100.99 points, or 0.64%, to 15,611.76.
During after-hours trading, the equities of Alphabet and Microsoft both saw increases in value following their quarterly results reports that above Wall Street estimates. Nevertheless, Intel’s shares dropped 8% during after-hours trading after the company announced second-quarter revenue and profit that fell short of market expectations.
US Inflation: US inflation in the first quarter exceeded estimates for a 3.4% increase and the US Federal Reserve’s 2% target, as indicated by the personal consumption expenditures (PCE) price index, which stands for US inflation measures.
Treasury Returns: After statistics revealed that a gauge of inflation increased more than anticipated in the first quarter, US Treasury rates reached levels not seen in more than five months.
The benchmark yield on 10-year Treasury notes last increased by 5 basis points (bps) to 4.704%, the most since November 2. The two-year yield reached its highest level since November 14 at 5.027%.
US Technology Profits: According to Bloomberg, Alphabet Inc. reported first-quarter revenue that exceeded analyst projections, primarily due to the company’s growing cloud computing sector.
The parent company of Google made $67.6 billion in sales for the three months that ended on March 31st, surpassing the experts’ average prediction of $66.1 billion, according to Bloomberg data. Partner rewards were not included in this sum. Despite Wall Street’s expectation of $1.53 per share, net income actually came in at $1.89 per share.
The company also announced that it will pay its first dividend of 20 cents per share and repurchase an additional $70 billion in shares. Overnight trading saw a 13% increase in the shares.
On April 25, Microsoft Corp. declared that its profits for the third quarter of FY19 exceeded average analyst projections of $2.83 per share on sales of $60.9 billion as of March 31. Revenue jumped to $61.9 billion, a 17% rise. According to Bloomberg, the results, which were fueled by strong corporate demand for its cloud and AI solutions, caused a late-trading spike in share prices.
Conversely, Intel Corp., the biggest producer of processors for personal computers, dropped in late trading after releasing a lackluster projection for the current quarter, indicating that it is still struggling to take the lead in the semiconductor market.
The company announced in a statement on Thursday that it expects second-quarter sales to reach approximately $13 billion. Bloomberg has gathered information that shows how this compares to average analyst expectations of $13.6 billion. Profit per share, after certain deductions, will be 10 cents less than the anticipated 24 cents.
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