5 things that changed for market overnight: Gift Nifty, US PCE inflation among key global market cues for Sensex today

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Indian stock market is expected to open on a tepid note Friday on the back of mixed global cues. Asian markets traded mostly higher, while the US stock market ended mixed overnight amid the release of key economic data that raised hopes that the US Federal Reserve may not hike interest rates further. Investors await the US employment data due on Friday for clues on the Fed’s monetary policy outlook.

On the domestic front, India's gross domestic product (GDP) grew by 7.8% in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1% in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office. On Thursday, the benchmark equity indices, Sensex and the Nifty ended in the negative territory, tracking mixed global cues, ahead of GDP data. “We expect the market to remain sideways on the back of mixed cues from global as well as domestic markets," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today: Asian markets traded mixed on Friday following a muted trend on Wall Street as investors await a slew of economic data in the region, including China’s Caixin manufacturing PMI data. Japan’s Nikkei 225 gained 0.41%, while the Topix was up 0.75%. South Korea’s Kospi rose 0.35%.

The Hong Kong stock market is shut as the city is bracing for a hit from Super Typhoon Saola, which may be the strongest storm in at least five years. Australia’s S&P/ASX 200 fell 0.29%. Meanwhile, Gift Nifty was trading at 19,405 as compared to Nifty futures’ previous close of 19,428.30, indicating a negative start for the Indian benchmark indices.