6 things that changed for market overnight: Gift Nifty, Apple shares, inflation to global market cues for Sensex today
Indian stock market is expected to open on a cautious note Wednesday tracking mixed cues from global peers. The Asian markets traded mixed, while the US stock market ended lower overnight dragged by weakness in tech stocks. Investors’ sentiment may dampen as a surge in crude oil prices, with Brent oil trading above $92 a barrel, is expected to stoke inflation fears ahead of US inflation data.
Globally, focus will now be on the key US inflation data to be announced on Wednesday for clues on the US Federal Reserve’s policy outlook. On the domestic front, Indian equity benchmark indices, Sensex and Nifty ended flat, while the mid and smallcap indices witnessed a strong wave of selloffs on Tuesday. “The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale.
The correction is happening on midcaps while large caps are maintaining their strength," said Vinod Nair, Head of Research at Geojit Financial Services. Nair believes this cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis. Here are key global market cues for Sensex today: Asian markets traded mixed on Wednesday following overnight losses on Wall Street and amid release of key economic data in the region.
Japan’s Nikkei 225 gained 0.23% and the Topix rose 0.26%. South Korea’s Kospi added 0.14%, while the Kosdaq declined 0.67%. Hong Kong’s Hang Seng index futures were trading higher at 18,156 as compared to the HSI’s close of 18,025.89.
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