Indian stock market: 8 key things that changed for market over weekend

Asian markets traded higher, while the US stock market ended lower last week amid risk-aversion owing to geopolitical tensions.

China’s loan prime rates and other fresh data points from Japan and South Korea this week will remain in focus.

On Friday, the Indian stock market indices snapped a four-day losing streak and ended with decent gains.

The Sensex rallied 599.34 points, or 0.83%, to close at 73,088.33, while the Nifty 50 settled 151.15 points, or 0.69%, higher at 22,147.00.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 22

“Markets are likely to see volatility in a broader range on the back of divergent cues. On the negative side flare-up in geo-political tension in the Middle East, hawkish US Fed comments, and FIIs selling are making investors restless. On the positive side, expectations of healthy earnings from index heavyweights and buying emerging at lower levels are showing strength in the market. This week, focus will remain on the earnings season along with global cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Investors will watch out for several stock market triggers including the ongoing Q4 results, domestic and global macroeconomic data, general elections 2024, the Iran-Israel conflict, crude oil prices, trends in US bond yields, and other global market cues.

Read here: Week Ahead: Q4 Results, Iran-Israel conflict, global cues among key market triggers this week

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Monday as focus shifted to a slew of company earnings and economic data this week.

Japan’s Nikkei 225 gained 0.86%, while the Topix rallied 1.44%. South Korea’s Kospi jumped 1.13% and the Kosdaq rose 1.04%. Hong Kong’s Hang Seng index futures indicated a positive opening.

Also Read: Asian Stocks Rebound With Earnings, Data in Focus: Markets Wrap

Gift Nifty Today

Gift Nifty was trading around the 22,240 level, a premium of nearly 110 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

The US stock market ended mixed on Friday with the S&P 500 and Nasdaq falling for six straight sessions, the longest streak of declines for each since October 2022.

The Dow Jones Industrial Average gained 211.02 points, or 0.56%, to 37,986.40, while the S&P 500 declined 43.89 points, or 0.88%, to 4,967.23. The Nasdaq Composite ended 319.49 points, or 2.05%, lower at 15,282.01.

For the week, the S&P 500 fell 3.05%, the Nasdaq declined 5.52%, and the Dow climbed 0.01%.

Tech stocks dragged as Nvidia share price slumped 10%, Super Micro Computer shares plunged 23% and Micron Technology share price declined over 4%. Netflix share price also tanked 9.09% and Arm shares dropped 17%.

American Express shares rallied 6.23% and Paramount Global share price spiked 13.4%.

Also Read: Wall Street week ahead: Focus on US GDP data, earnings from Microsoft, Alphabet, Meta Platforms, Tesla

China Loan Prime Rates

China keeps the 1-year loan prime rate unchanged at 3.45% and the 5-year loan prime rate unchanged at 3.95%.

Oil Prices

Crude oil prices traded lower after its first back-to-back weekly decline this year. Brent crude oil fell 0.53% to $86.83 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.16% to $83.01.

RBI Minutes

The minutes of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting highlighted that the policy must continue to be actively disinflationary to ensure anchoring of inflation target and fuller transmission. The RBI’s rate-setting panel believes that durable price stability would set strong foundations for a period of high growth.

Read here: RBI MPC Minutes: Price stability to set foundation of high growth, food inflation risk elevated; 5 key highlights

Q4 Results

Wipro reported an 8% decline in Q4FY24 consolidated net profit to ₹2,835 crore from ₹3,074 crore in the same period last year. Wipro’s revenue from operations decreased by 4% to ₹22,208 crore from ₹23,190 crore, YoY.

HDFC Bank reported a net profit of ₹16,511 crore for Q4FY24, a 0.84% growth from ₹16,373 crore in the previous quarter. The bank’s net interest income (NII) increased to ₹29,007 crore from ₹28,470 crore in the previous quarter.

Read here: HDFC Bank Q4 Earnings 2024 Highlights: Net profit at ₹16,512 crore, Retail loans lead with 108.9% growth

FII Selling

Foreign Portfolio Investors (FPIs) have turned net sellers in the Indian stock market for the month of April. FPIs have offloaded Indian equities worth ₹5,254 crore and the total outflow stands at ₹8,982 crore as of April 19, taking into account debt, hybrid, debt-VRR, and equities, according to National Securities Depository Ltd (NSDL) data.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 22 Apr 2024, 07:10 AM IST