1. Global Markets Performance
Asian markets traded higher, and the US stock market closed positively last week, supported by key economic data.
2. Federal Reserve Rate Expectations
The probability of a rate cut at the US Federal Reserve’s September meeting has decreased to 49.4% from 54.8% a week ago, according to CME’s FedWatch Tool.
3. Indian Market Close
On Friday, the Indian stock market ended with slight losses. The Sensex dropped by 7.65 points (0.01%) to 75,410.39, and the Nifty 50 fell by 10.55 points (0.05%) to 22,957.10.
4. Market Sentiment
“Easing in FII selling and strong domestic economic data have kept market sentiments positive,” said Siddhartha Khemka from Motilal Oswal Financial Services. He expects the market to gradually move up with some volatility as the election and earnings season concludes.
5. Upcoming Factors
Investors will focus on the final Q4 results, Lok Sabha election voter turnout, domestic and global economic data, foreign fund inflow, crude oil prices, and other key global indicators.
6. Asian Market Movements
Asian markets opened higher on Monday, anticipating key economic data from China and India. Japan’s Nikkei 225 gained 0.39%, the Topix rose 0.4%, South Korea’s Kospi added 0.3%, and Hong Kong’s Hang Seng index also showed positive signs.
7. Gift Nifty and Wall Street
Gift Nifty indicated a flat-to-positive start for the Indian stock market, trading around 23,030, a 15-point premium over the previous close. In the US, the stock market closed higher on Friday, with the Nasdaq marking its fifth consecutive week of gains. The Dow Jones rose by 0.01%, the S&P 500 by 0.70%, and the Nasdaq by 1.10%.
Additional Key Points:
- Bank of Japan: Governor Kazuo Ueda emphasized a careful approach to inflation targeting due to Japan’s long period of near-zero interest rates.
- US Capital Goods Orders: Orders for non-defense capital goods excluding aircraft increased by 0.3% in April, following a slight decline in March.
- Consumer Inflation Sentiment: A University of Michigan survey showed improved US consumer inflation expectations for late May.
- Oil Prices: Crude oil prices steadied after a significant weekly drop. Brent futures rose to $82.23 a barrel, and West Texas Intermediate (WTI) increased to $77.85.
(Inputs from Reuters)
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