5 things that changed for market overnight: Gift Nifty, US Fed minutes to global market cues for Sensex today
Sensex and Nifty closing marginally higher. “The market has been witnessing pressure on account of weak global cues especially because of the faltering of the Chinese economy and Fitch's warning to downgrade US midsized banks. Even on the domestic front sharp surge in inflation data and weak monsoon progress in the month of August 2023 seems to have dented the investor's sentiments," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
He expects this weakness to persist in the market in the near term in the absence of any positive trigger. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 17th August Let us take a look at key global cues for the Indian stock market today: Asian markets declined on Thursday following overnight fall in US stocks amid hawkish signals from the Federal Reserve and signs of economic stress in China. Japan’s Nikkei 225 fell 0.45% and the Topix eased 0.38%.
South Korea’ Kospi declined 0.70%, while the Kosdaq dropped 0.6%. Hong Kong’s Hang Seng index futures were around 265 points lower at 18,064 compared to the previous close of 18,329.3. Australia's S&P/ASX 200 fell 0.15%.
Meanwhile, Gift Nifty was trading lower at 19,392, as compared to the Nifty futures’ previous close of 19,466, indicating a lower start for the Indian benchmark indices. US stock indices ended lower on Wednesday after the minutes of the Federal Reserve’s latest policy meeting showed that the FOMC members were divided over the need for more interest rate hikes. The S&P 500 fell 33.53 points, or 0.76%, to close at 4,404.33 points.
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