6 things that changed for the stock market over the weekend - Gift Nifty to rally in Asian markets, US stocks
US Federal Reserve will not hike interest rates further. Investors will now await US Fed Chair Jerome Powell’s speech for future guidance on interest policy. Among other stock market triggers for the domestic markets during this week include the ongoing second quarter results of current fiscal, domestic and global macroeconomic data, foreign capital inflow and global market cues.
The domestic equity benchmark indices ended higher for the second consecutive session on Friday amid positive global cues as improved risk appetite. The BSE Sensex closed 282.88 points, or 0.44%, higher at 64,363.78, while the Nifty 50 gained 97.35 points, 0.51%, to settle at 19,230.60. Also Read: Week Ahead: Q2 results, FII activity, global cues among key market triggers this week “Markets are likely to consolidate with a positive bias.
The Q2FY24 corporate earnings have so far been in line, with BFSI and Automobiles driving the aggregate. The spread of earnings has been decent. However, the margin tailwinds are likely to moderate in 2HFY24 with base effect coming into play and pick-up in some commodity prices.
Given the ongoing result season, sector and stock specific action will continue," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. Here are key domestic and global market cues for Sensex today: Asian markets traded higher tracking Friday’s rally in US stocks and bonds amid increased bets of no more interest rate hikes. The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5%, having already rallied 2.8% last week and away from one-year lows.
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