Indian stock market: Amid conflicting global market signals, it is anticipated that the key indices of the local equities market, the Sensex and Nifty 50, will open on a quiet note on Friday.
The US stock market closed higher overnight, with all three of the main Wall Street indices setting new closing highs, while Asian markets saw gains.
On Thursday, October 2, Indian financial markets were closed in observance of Mahatma Gandhi Jayanti and Dussehra.
After the Reserve Bank of India (RBI) announced a number of steps for the banking industry and maintained the repo rate and policy stance, the Indian stock market broke Wednesday’s eight-day losing run with significant gains.
While the Nifty 50 settled 225.20 points, or 0.92%, to close at 24,836.30, the Sensex surged 715.69 points, or 0.89%, to conclude at 80,983.31.
“With the help of an accommodating monetary policy, a favorable monsoon season, and a festively driven increase in demand, we anticipate positive momentum to continue,” stated Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Key worldwide market indicators for the Sensex today are as follows:
Asian Markets
Friday saw generally positive trading in Asian markets, which followed Wall Street’s overnight gains as investors dismissed the US government shutdown. The Topix index increased by 0.35%, whereas Japan’s Nikkei 225 increased by 1.36%. Futures for Hong Kong’s Hang Seng Index pointed to a little lower start. Holidays closed markets in South Korea and China.
Gift Nifty Today
A dismal start for the Indian stock market indices was indicated by the Gift Nifty, which was trading at a discount of almost 25 points from the previous closing of the Nifty futures, at the 24,942 level.
Wall Street
Even as a US government shutdown continued into its second day, technology stocks powered US stock market indices to a new record close Thursday.
The S&P 500 increased 0.06% points, or 4.15%, to 6,715.35, while the Dow Jones Industrial Average increased 78.62 points, or 0.17%, to 46,519.72. At 22,844.05., the Nasdaq Composite ended the day 88.89 points (0.39%) higher.
Apple’s stock price increased by 0.66%, Nvidia’s by 0.91%, Advanced Micro Devices’ by 3.49%, and Intel’s by 3.78%. The stock prices of Tesla, Berkshire Hathaway, and Occidental all decreased 5.11%, 0.5%, and 7.3%, respectively.
Shutdown of the US Government
US President Donald Trump increased pressure on Democrats to end the government shutdown, which is now in its second day, by announcing that he will meet with White House Budget Director Russell Vought to explore possible workforce reductions.
Tesla Sales
Prior to the expiration of federal tax credits, US consumers expedited their purchases of electric cars, resulting in an unexpected boost in quarterly vehicle sales for Tesla Inc. During that time, the business delivered a record 497,099 vehicles globally, an increase of 7.4% over the previous year.
Gold Prices
Following a five-day rally, investors booked profits and gold prices fell as the dollar strengthened. The price of spot gold dropped 0.2% to $3,856.58 per ounce.
Crude Oil Prices
Ahead of an OPEC meeting, crude oil prices rose but were headed for their largest weekly drop since late June. US West Texas Intermediate (WTI) crude futures increased 0.46% to $60.76, while Brent crude oil increased 0.45% to $64.40 a barrel.
