5 things that changed for market overnight: Gift Nifty, Fitch’s warning to global market cues for Sensex today
Indian stock market is likely to open lower on Wednesday tracking weak global cues amid overnight selloff in the US equities. Concerns that interest rates may remain higher for a longer time dampened investors' sentiment. On the domestic front, Indian markets were shut on Tuesday on account of the Independence day holiday.
On Monday, the domestic benchmark indices ended flat. Sensex closed with a mild gain of 79.27 points, or 0.12%, at 65,401.92 while the Nifty50 closed 6.25 points, or 0.03%, up at 19,434.55. Here are 5 key things to know before the Indian stock market opens today: Asian markets traded lower following overnight selloff on Wall Street after a fall in US banks.
Japan’s Nikkei 225 declined 0.82% and the Topix fell 0.68%. South Korea’s Kospi dropped 1.03%, while the Kosdaq lost 1.18%. Hong Kong’s Hang Seng index futures traded lower at 18,360 as compared to the HSI’s close of 18,581.11.
Australia’s S&P/ASX 200 dipped 1.20%. Meanwhile, Gift Nifty was trading lower at 19,365.50 as compared to Nifty futures’ Monday’s close of 19,471.20, indicating a weak opening for the Indian benchmark indices. US stock indices ended sharply lower on Tuesday after stronger-than-expected retail sales data raised concerns that interest rates could stay higher for longer, while banking stocks declined after a report that Fitch could downgrade multiple US banks.
As per the Commerce Department report, retail sales in the US grew 0.7% last month against expectations of a 0.4% rise, suggesting the US economy remains strong, Reuters reported. The S&P 500 declined 1.16% to end the session at 4,437.86, below its 50-day moving average for the first time since March. The Nasdaq fell 1.14% to 13,631.05, while the Dow Jones Industrial
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