Indian Stock Market: The domestic equity market is expected to open flat on Thursday taking mixed cues from its Asian counterparts.
Asian markets were mixed, while US stock markets were closed for the Juneteenth holiday.
Market participants are eyeing China's one- and five-year loan prime rate determination today. It is expected to remain unchanged after the People's Bank of China decided to keep the 1-year medium-term loan facility rate steady at 2.5% earlier this week.
Indian stock market benchmark indices on Wednesday closed mixed amid profit-booking at record high levels.
The Sensex closed at 77,337.59, up 36.45 points or 0.05%, while the Nifty closed at 23,516.00, down 41.90 points or 0.18%.
Prashant Tapase, Senior VP (Research), Mehta Equities Ltd, said, “Strong buying in banking stocks helped Sensex advance in a highly volatile trading session, while Nifty ended weak as investors booked profits in auto, metal, oil and gas, telecom and realty stocks after the recent rally. Ahead of the budget, the market may witness stock and sector-specific activity as there are expectations that the government may increase outlays for sectors to boost growth.”
Also read: Stocks to buy: ICICI Direct recommends 5 stocks with up to 8% upside
Here are the key domestic and global market cues for Sensex today:
Asian Markets
Asian markets were mixed as investors awaited China's one- and five-year debt key rates.
Japan's Nikkei 225 fell 0.28%, while the Topix edged 0.12% lower. South Korea's Kospi rose 0.06%, while the Kosdaq gained 0.04%. Hong Kong's Hang Seng index futures indicated a lower start.
Gift Nifty today
GIFT Nifty was trading at 23,522 levels, around 20 points higher than the previous close price of Nifty futures, indicating a flat to positive opening for the Indian stock market indices.
Also read: India overtakes China (in stock performance)
wall Street
U.S. stock futures traded little changed. Futures linked to the S&P 500 rose 0.05%, while Nasdaq 100 futures rose 0.2%. Dow Jones Industrial Average futures rose 0.2%.
European Market
European markets closed lower on Wednesday, while U.K. stocks rose. The pan-European STOXX 600 closed down about 0.2%. Britain's FTSE 100 gained 0.2%, while the French benchmark CAC 40 closed about 0.8% lower.
RBI Bulletin
Reserve Bank of India (RBI) officials said the Indian economy is likely to maintain the growth momentum of the January-March quarter till June due to increased private consumption and boom in manufacturing and services sectors.
Read here: GDP growth rate to maintain the momentum seen in fourth quarter: RBI Bulletin
MSP hike
The Union Cabinet has approved an increase in the Minimum Support Price (MSP) for all 14 Kharif crops for the 2024-25 crop season, which runs from July to June. This increase means that farmers will get around Rs 1000 crore. 2 lakh crore as MSP – 35,000 crores more than last season
Read here: Cabinet approves hike in MSP of 14 Kharif crops for 2024-25 season
oil prices
Brent crude futures rose as Israeli tanks advanced into Gaza, while US crude futures fell on the prospect of rising oil stocks, Reuters reports. Brent crude futures for August delivery rose 0.11% to $85.16 a barrel, while US West Texas Intermediate crude for July fell 0.21% to $81.40 a barrel.
(With inputs from Reuters)
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