Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Monday, following positive cues from global markets.
Asian markets traded higher, while the US stock futures rose after President Donald Trump delayed tariffs on the European Union.
This week, investors will monitor some key stock market triggers, including the last set of Q4 results, domestic macroeconomic data, May F&O expiry, flow of foreign fund flows, and other key global market cues.
On Friday, the Indian stock market ended with strong gains, with the Nifty 50 closing above 24,800 level, led by improved risk appetite.
The Sensex rallied 769.09 points, or 0.95%, to close at 81,721.08, while the Nifty 50 settled 243.45 points, or 0.99%, higher at 24,853.15.
“Markets quickly rebounded after a subdued opening, as short-covering helped benchmark indices stay in positive territory thereafter. The market has been volatile throughout the week, as concerns over US fiscal health due to rising debt and interest rates seen unchanged weighed on sentiment,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Monday, beginning the week on a positive note. Japan’s Nikkei 225 gained 0.49%, while the Topix index rose 0.45%. South Korea’s Kospi index rallied 0.55%, while the Kosdaq surged 0.95%. Hong Kong’s Hang Seng index futures indicated a weaker open.
Gift Nifty Today
Gift Nifty was trading around 24,920 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended lower on Friday, notching a weekly loss, amid renewed trade tensions after President Donald Trump recommended 50% tariffs on European goods.
The Dow Jones Industrial Average declined 256.02 points, or 0.61%, to 41,603.07, while the S&P 500 fell 39.19 points, or 0.67%, to 5,802.82. The Nasdaq Composite closed 188.53 points, or 1.00%, lower at 18,737.21. For the week, the Dow Jones dropped 2.47%, the S&P 500 declined 2.61%, and the Nasdaq shed 2.48%.
Apple share price touched a two-week low and closed down 3% Amazon, Meta Platforms and Nvidia share prices all lost more than 1%. Tesla stock price declined 0.5%. Deckers Outdoor shares slumped nearly 20% and Nike stock price dropped 2.1%.
Trump Tariffs
US President Donald Trump agreed to delay 50% tariffs on imports from the European Union, extending his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to “reach a good deal”, Reuters reported.
Russia-Ukraine War
Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, including the capital Kyiv, killing at least 12 people and injuring dozens more, officials said. Earlier, a Russian military commander has alleged that President Vladimir Putin’s helicopter was “at the epicenter” of a Ukrainian drone strike that took place on May 20 in Russia’s Kursk Oblast.
Indian Economy
India has overtaken Japan to become the world’s fourth-largest economy, NITI Aayog Chief Executive Officer (CEO) BVR Subrahmanyam said. “We are a $4 trillion economy as I speak,” said BVR Subrahmanyam. He stated that India may soon surpass Germany and become the third-largest economy in the world.
RBI Dividend
The central board of the Reserve Bank of India (RBI) has decided to transfer a record ₹2.69 lakh crore as surplus to the government for FY25. The RBI dividend payout is 27% higher than the ₹2.1 trillion dividend of FY24.
Forex Reserves
India’s foreign exchange reserves (forex) dipped $4.888 billion to $685.729 billion in the week ending May 16. Estimates suggest that India’s forex reserves sufficiently cover approximately 10-12 months of projected imports.
Crude Oil Prices
Crude oil prices gained after President Trump extended a deadline for trade talks with the European Union. Brent crude futures rose 0.51% to $65.11 a barrel, while US West Texas Intermediate crude price added 0.49% to $61.83 a barrel.
Gold Prices
Gold prices fell from a two-week high. Spot gold prices declined 0.5% to $3,339.13 an ounce, while US gold futures fell 0.8% to $3,337.40.
(With inputs from Reuters)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
