Indian stock market: 7 key things that changed for market overnight – Gift Nifty, Dow Jones above 40,000 to oil prices

Indian stock market: The domestic equity market is open today, Saturday, as the stock exchanges BSE and the National Stock Exchange (NSE) are set to conduct a special live trading session.

This special trading session by the stock exchanges will feature an intraday switch from the Primary site to the Disaster Recovery site across equity and equity derivative segments and will be conducted in two parts to test the readiness and preparedness.

Among global market cues, the US stock market closed mixed overnight with the Dow Jones ending above the 40,000 level for the first time.

Also Read: Indian stock market special live trading session today: Check out timings, purpose, other key details

On Friday, the Indian stock market benchmark indices ended higher, gaining nearly 2% for the week.

The Sensex gained 253.31 points, or 0.34%, to close at 73,917.03, while the Nifty 50 settled 62.25 points, or 0.28%, higher at 22,466.10.

The Indian stock market will remain closed on Monday, May 20, on account of the Lok Sabha election in Mumbai.

“The equity markets continued to remain volatile throughout the week, mainly influenced by factors emerging from the US and Europe, essentially on speculations regarding the timing of the Fed rate cut. The current trend of swings on the index levels is likely to continue in the coming weeks too, although there is quite a bit of consternation from the high valuations obtained at this time,” said Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services.

Here are key global market cues for Sensex today:

Gift Nifty Today

Gift Nifty closed 0.20% higher at 22,551, a premium of nearly 50 points from the Nifty futures’ previous close.

Also Read: Bitcoin soars to $66,000 level, market cap hits $1.309 trillion; where are prices headed?

Wall Street

The US stock market ended mixed on Friday with the Dow Jones closing above the 40,000 mark for the first time and other indexes also scoring weekly gains.

The Dow Jones Industrial Average rallied 134.21 points, or 0.34%, to 40,003.59, while the S&P 500 rose 6.17 points, or 0.12%, to 5,303.27. The Nasdaq Composite ended 12.35 points, or 0.07%, lower at 16,685.97.

For the week, Dow gained 1.24%, S&P 500 rose 1.54%, and Nasdaq climbed 2.11%.

Among stocks, Advanced Micro Devices share price rose 1.1%, while Reddit shares rallied 10%. GameStop plunged nearly 20%.

European Markets

European markets snapped a nine-day winning streak to end lower on Friday. The pan-European Stoxx 600 index declined 0.13%. France’s CAC 40 fell 0.26%, while the UK’s FTSE 100 and Germany’s DAX ended roughly 0.2% lower each.

Also Read: Gold price gains for second consecutive week, silver surges to 11-year peak

Genesis Bankruptcy

Crypto lender Genesis Global received court approval to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation. US Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 liquidation plan.

Oil Prices

Crude oil prices ended about 1% higher on Friday, with global benchmark Brent crude recording its first weekly gain in three weeks.

Brent settled 0.9% higher at $83.98 a barrel, while the US West Texas Intermediate crude (WTI) rallied 1.1% to $80.06.

US Dollar

The US dollar retreated against major currencies. The dollar index, which tracks the US currency against six peers, fell 0.04% to 104.44 after earlier trading about 0.3% higher.

FII Activity

On Friday, Foreign institutional investors (FIIs) net bought Indian shares worth ₹1,616.79 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹1,556.25 crore, as per provisional data available on the exchanges.

(With input from Reuters)

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