The Indian stock market indices got off to a good start as Gift Nifty was trading around 22,305 level, compared with Nifty futures’ previous finish of 22,270.
A record high for the S&P 500 and the first time the Dow Jones Industrial Average closed above 39,000 were recorded by the US stock market overnight, while Asian markets also traded higher. This led to a rally in the Indian stock market.
The Indian stock market indexes got off to a good start as Gift Nifty was trading at 22,305 levels, compared to Nifty futures’ previous closing of 22,270.
The Indian stock market indexes got off to a good start as Gift Nifty was trading at 22,305 levels, compared to Nifty futures’ previous closing of 22,270.
Indian stock market: Positive signals from around the world suggest that local equities indices would open the day higher on Friday, continuing the upswing from the previous session.
As the US stock market surged overnight, the S&P 500 ended at a record high and the Dow Jones Industrial Average closed above 39,000 for the first time, while Asian markets went higher.
Nvidia Corp.’s optimistic forecast sparked a 16% share price spike and a $277 billion increase in the company’s market value in a single day, leading to a generally bullish mood in global markets. Nvidia is the most valuable chipmaker.
The Nifty 50 index, which tracks the performance of the Indian stock market, reached a new all-time high on Thursday, and the other market indicators also closed the day considerably higher.
The Nifty 50 ended the day at 22,217.45, up 162.40 points, or 0.74%, and the Sensex went up 535.15 points, or 0.74%, to close at 73,158.24.
An upturn in mood occurred around the world as chipmaker Nvidia reported strong quarterly profits and expressed optimism about the future. In addition, the February HSBC Flash India PMI data showed that India’s economic activity, including manufacturing and services, was at a seven-month high, which contributed to the swift recovery of Indian markets. According to Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd., investors can anticipate that the current upward trend in market prices would persist.
Markets in Asia
On Friday, Asian markets followed Wall Street’s overnight gain and traded higher as investors awaited news on China’s property prices.
Due to a public holiday, Japanese marketplaces will be closed today. The Kosdaq index gained 0.2% while the Kospi index jumped 0.4% in South Korea. Futures on the Hang Seng index in Hong Kong pointed to an opening lower than expected.
Wall Street
Following Nvidia’s stellar earnings and outlook, growth and technology stocks propelled US stock markets to higher finishes on Thursday, with the S&P 500 and Dow Jones Industrial Average both reaching new all-time highs.
When the market closed at 39,069.11, the Dow Jones Industrial Average had gained 456.87 points, or 1.18%, and the S&P 500 had gained 105.23 points, or 2.11%, to 5,087.03. With a final value of 16,041.62, the Nasdaq Composite finished 460.75 points, or 2.96%, higher.
Increase of $277 billion in Nvidia’s market value
Following the release of Nvidia’s astronomical results and prognosis amidst the AI boom, the stock price of the business surged more than 16% to end at a record high level. On Thursday, Nvidia’s stock price increased 16%, boosting the company’s market valuation by $277 billion and pushing it closer to $2 trillion.
“Be patient” on the rate cut, says Fed’s Waller
US Federal Reserve Governor Christopher Waller cautioned against hastily determining when to begin lowering interest rates in light of January’s spike in consumer prices. According to Bloomberg, he is still anticipating that cuts will be implemented later this year.
Being patient, meticulous, systematic, deliberative—choose your favorite synonym—is acceptable given the state of the economy and the latest inflation numbers. On Thursday, Waller spoke in Minneapolis and asked, “What’s the rush?” His words conveyed the same message regardless of the phrase used.
Minutes of RBI
The minutes of the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) stressed the need of maintaining an actively disinflationary stance in order to anchor inflation expectations and achieve broader transmission.
Inflation is heading down to the target and growth is staying solid, according to RBI Governor Shaktikanta Das, who said that the current monetary policy setting is moving in the correct path. Now is not the time for monetary policy to relax its guard and pretend that combating inflation is over. Das emphasized the importance of staying dedicated to effectively overcoming the “last mile” of disinflation, which can prove to be quite sticky.
The “last mile” of deflation can be difficult to navigate, and there are five important points to note in the minutes from the RBI MPC meeting that address inflation.
Unemployment claims in the US decline
An surprising decline occurred last week in the number of new claims for unemployment benefits filed by Americans. The number of people applying for state unemployment benefits fell 12,000 to 201,000 for the week ending February 17, after adjusting for seasonal factors. Reuters surveyed economists who had predicted 218,000 claims for the most recent week.