10 key things that changed for market overnight - Gift Nifty, US govt shutdown to India inflation
The Indian stock market is expected to open on a cautious note today, tracking mixed global cues and a minor discount in Gift Nifty futures. While domestic indices have shown remarkable strength over the past few sessions, investors are keeping a close eye on global developments including the US government shutdown resolution, inflation data, and movements in Asian and US markets. Here are the top 10 key updates you need to know before the market opens today.
1. Gift Nifty Indicates a Weak Start
Gift Nifty was trading around the 25,955 level nearly 30 points lower than the Nifty futures’ previous close suggesting a muted opening for Indian equity indices.
2. Indian Markets on a Winning Streak
On Wednesday, both benchmark indices extended their rally for a third straight session. The Sensex jumped 595.19 points (0.71%) to close at 84,466.51, while the Nifty 50 surged 180.85 points (0.70%) to 25,875.80, reclaiming the 25,850 level.
3. Analyst Outlook
According to Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd., markets are likely to maintain a positive bias supported by the ongoing earnings season, constructive progress on the India–US trade deal, and improving global cues.
4. Asian Markets Mixed but Mostly Higher
Asian equities traded higher in early Thursday trading. Japan’s Nikkei 225 gained 0.42%, while the Topix rose 0.62% to a record high. However, Hong Kong’s Hang Seng Index futures signaled a lower opening, and South Korean markets opened an hour late.
5. Wall Street Ends Mixed
The US stock market ended on a mixed note. The Dow Jones Industrial Average gained 0.68% to close at 48,254.82, notching a second consecutive record-high. The S&P 500 rose slightly by 0.06% to 6,850.92, while the Nasdaq declined 0.26% to 23,406.46.
6. Sector & Stock Movements in the US
Tech stocks were under pressure, with Tesla down 2.05%, Amazon falling 1.97%, Palantir dropping 3.6%, and Oracle losing 3.9%. On the positive side, AMD rallied 9%, and Goldman Sachs and UnitedHealth Group gained 3.5% each.
7. US Government Shutdown Ends
The House of Representatives passed a short-term funding bill, effectively ending the longest US government shutdown in history. The bill passed by a 222-209 vote and now awaits the President’s signature. The Senate had already approved it earlier.
8. India’s Inflation Hits Record Low
India’s retail inflation (CPI) dropped sharply to 0.25% in October, compared to 1.44% in the previous month and 6.21% in October 2024. This marks a significant cooling of prices and aligns closely with economists’ median forecast of 0.3%, signaling stability in consumer prices.
9. Cabinet Approves Export Credit Scheme
The Union Cabinet approved the Credit Guarantee Scheme for Exporters (CGSE), providing 100% credit guarantee coverage by the National Credit Guarantee Trustee Company Ltd (NCGTC). This scheme aims to support exporters, including MSMEs, by extending additional credit facilities worth up to ₹20,000 crore.
10. Commodities Update – Gold and Crude Oil
Gold prices rose 1.7% to $4,197.43 per ounce amid rising expectations of a US Fed rate cut. Meanwhile, crude oil prices continued to slide, with Brent falling 0.46% to $62.42 a barrel and WTI down 0.58% to $58.18 per barrel, following a sharp 4% drop in the previous session due to oversupply concerns.
Bonus Update – Japan Inflation Slows
Japan’s wholesale inflation rose 2.7% year-on-year in October, slightly below September’s 2.8%, signaling cooling cost pressures in Asia’s second-largest economy.
Market Outlook
With global cues remaining mixed, Indian markets are likely to open flat to slightly negative. However, sustained optimism from strong domestic earnings, easing inflation, and policy support could help maintain the overall bullish sentiment in the medium term.
Disclaimer: The views and recommendations mentioned above are those of individual analysts or broking firms and not of Mint. Investors are advised to consult certified financial experts before making investment decisions.
