Indian stock market indices, Sensex and Nifty 50, are expected to open flat-to-positive on Thursday despite weakness in global markets. Asian markets traded lower, while the US stock market ended in the red overnight, with the Nasdaq recording its worst day since December 2022.
On Tuesday, the Indian stock market benchmark indices reached new record highs, with the Sensex gaining 51.69 points and the Nifty 50 settling higher. Analysts expect anxiety to increase in the market as the Union Budget approaches, along with the Q1FY25 earnings results of prominent companies driving stock-specific action.
Asian markets traded lower on Thursday following a selloff in US chip stocks amid rising geopolitical tensions. Japan’s Nikkei 225 and South Korea’s Kospi both saw declines, while Hong Kong’s Hang Seng index futures indicated a lower opening. In currencies, Japan’s yen rose to a six-week high against the dollar.
Gift Nifty was trading around 24,675 level, indicating a mildly positive start for the Indian stock market indices. The US stock market ended mixed on Wednesday, with the S&P 500 and Nasdaq suffering heavy losses as tech stocks plunged. Nvidia, Apple, and Microsoft saw declines in their stock prices, while Johnson & Johnson and UnitedHealth Group saw gains.
The US Federal Reserve reported in its Beige Book survey that the US economy grew at a slight pace heading into the third quarter, with some regions noting flat or declining activity. US industrial output and housing starts also saw mixed results in June. Japanese exports rose for a seventh straight month in June, although the pace of growth slowed.
Crude oil prices extended gains after US crude stockpiles fell for the third consecutive week. Brent crude oil and US West Texas Intermediate (WTI) crude futures both saw increases. Investors are advised to consult with certified experts before making any investment decisions.
