Indian stock market: 8 key things that changed for market over weekend - Gift Nifty, US jobs data to Nasdaq rally
Read here: Week Ahead: Q4FY24 Results, FII activity, macro data, global cues among key market triggers this week On Friday, the Indian stock market benchmark indices ended around a percent lower, dragged by profit booking across sectors as well as losses in heavyweight stocks. The Sensex dropped 732.96 points, or 0.98%, to close at 73,878.15, while the broader Nifty 50 settled 172.35 points, or 0.76%, lower at 22,475.85. “Nifty 50 after marking a new high at 22,794 levels, witnessed profit booking and came under pressure.
The index witnessed profit booking amid increasing volatility and nervousness at the higher zone. We expect the market to consolidate in a broader range and base to gradually shift higher," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. Here are key global market cues for Sensex today: Asian markets traded higher tracking a rally on Wall Street after US jobs data.
Japan and South Korea’s markets are shut for a public holiday. Hong Kong’s Hang Seng index futures indicated a higher opening. Meanwhile, Australia’s S&P/ASX 200 gained 0.46%.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 6 Gift Nifty was trading around 22,690 level, a premium of nearly 115 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices. The US stock market ended sharply higher on Friday as a softer-than-expected employment report bolstered the case for US Fed rate cuts. The Dow Jones Industrial Average rallied 450.02 points, or 1.18%, to 38,675.68, while the S&P 500 surged 63.59 points, or 1.26%, to 5,127.79.
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