Indian stock market: 7 key things that changed for market over weekend – Gift Nifty, Asian markets to Bitcoin prices

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Monday tracking mixed cues from global markets.

Asian markets traded mostly higher, while the US stock market ended mixed last week, with the Nasdaq posting fourth consecutive weekly gains.

A slew of major central banks will announce their monetary policy decisions this week, including the US Federal Reserve, Bank of Japan and the People’s Bank of China.

Fed fund futures indicated a 96% chance the US Fed will cut by 25 basis points (bps) when it gives its policy decision on December 18, according to CME FedWatch data.

On Friday, the Indian stock market benchmark indices ended a percent higher amid high volatility.

The Sensex rallied 843.16 points, or 1.04%, to close at 82,133.12, while the Nifty 50 settled 219.60 points, or 0.89%, higher at 24,768.30.

“We expect markets to consolidate in a broader range with gradual upmove likely on the back of sector rotation and stock specific action,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

This week, market participants will closely monitor key stock market triggers, including US Federal interest rate decision and other central bank policies, domestic and global macroeconomic data, flow of foreign funds, Russia-Ukraine conflict, US bond yields, crude oil prices, and other global cues.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher on Monday ahead of key economic data release from China.

Japan’s Nikkei 225 rose 0.16%, while the Topix gained 0.21%. South Korea’s Kospi rallied 0.83% and the Kosdaq surged over 1%. Hong Kong’s Hang Seng index futures indicated a slightly weaker open.

Gift Nifty Today

Gift Nifty was trading around 24,780 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended mixed on Friday, with the S&P 500 and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains.

The Dow Jones Industrial Average declined 86.06 points, or 0.20%, to 43,828.06, while the S&P 500 eased 0.16 point, or 0.00%, to 6,051.09. The Nasdaq Composite ended 23.88 points, or 0.12%, higher at 19,926.72.

Broadcom shares jumped 24%, Marvell Technology stock price rallied 10.8%, while Nvidia share price fell 2.2%. RH stock surged 16.95%, while DR Horton shares fell 0.89%.

Japan Machinery Orders

Japan’s core machinery orders rose 2.1% in October from the previous month. That compared with a 1.2% rise expected by economists in a Reuters poll. On a year-on-year basis, core orders grew 5.6%, versus a forecast for a 0.7% uptick.

South Korean President Impeached

South Korean President Yoon Suk Yeol was impeached on Saturday over his recent attempt to impose martial law in the country. He was suspended from official duties in the evening — with Prime Minister Han Duck-soo taking over his role. The top official said Yoon would “step aside” after the National Assembly voted against him but vowed to fight for his political future.

Bitcoin Prices

Bitcoin prices jumped to a record high. The largest token rose more than 2% at one point to $105,023, exceeding its previous peak from December 5.

Oil Prices

Crude oil prices eased on Monday after posting sharp gains last week as the US signaled tighter sanctions on Russian crude.

Brent crude oil fell 0.19% to $74.35 a barrel after rising almost 5% last week, while the US West Texas Intermediate (WTI) crude futures dropped 0.29% to $71.08.

(With inputs from Reuters)

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