Indian Stock Market: 5 Overnight Changes – From Gift Nifty to Nvidia Results and US Fed Minutes.
The domestic stock market is expected to open flat to slightly positive. Gift Nifty is trading at 22,671 this morning, up 21 points (0.1%), despite weak signals from US and Asian markets after the US Fed meeting minutes showed a cautious stance on interest rates.
On Wednesday, Indian markets closed higher with the Sensex up 267.75 points (0.36%) at 74,221.06, and the Nifty 50 up 68.75 points (0.31%) at 22,597.80.
Despite weak global signals, our market stayed mostly positive thanks to selective buying in IT, FMCG, and realty stocks. Investors are cautious ahead of the upcoming election results,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Key GlobalMarket Cues for Today:
Gift Nifty
Gift Nifty is slightly down by over 10 points from yesterday’s close indicating a minor dip at the market opening.
Asian Markets
Asian markets fell on May 23 after the US Fed minutes showed caution on easing monetary policy due to ongoing inflation. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.57%. Australia’s S&P/ASX 200 index dropped 0.8%, hurt by lower commodity prices.
Nvidia Earnings
Nvidia’s first-quarter earnings showed a big increase. Net income rose to $14.88 billion from $2.04 billion last year, and revenue tripled to $26.04 billion. Nvidia also announced a 10-for-1 stock split and a 150% increase in its quarterly dividend to 10 cents.
US Fed Meeting Minutes
The US Fed minutes showed some officials are considering raising interest rates, which worried the markets. The minutes noted that inflation is still high and it may take longer to bring it down to the 2% target.
