Key Changes in Indian Stock Market Overnight: Nifty Gifts, US Retail Sales, and Oil Price Spikes

The Indian stock market indices logged gains for the third consecutive session, supported by positive global cues and optimism among investors that the US Federal Reserve may initiate interest rate cuts in the near future.

The Sensex increased by 227.55 points, closing at 72,050.38, while the Nifty 50 registered a gain of 70.70 points, closing at 21,910.75. Market experts have noted that the end of the Q3 result season has shifted the focus to economic macro data and fundamentals, with domestic equities drawing support from better-than-expected inflation. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., has expressed his expectation for Nifty to surpass its all-time highs and touch new levels.

In the global market scenario, Asian markets traded higher, with Japan’s Nikkei reaching a fresh 34-year high and the US stock market indices also closing on a positive note. The US retail sales data showed a decline, prompting hopes for potential interest rate cuts by the Fed in the coming months. The Dollar also fell, and Treasury yields dropped, while crude oil prices surged near a three-month high.

On the other hand, Berkshire Hathaway reported selling 10 million Apple shares and reducing its holdings in four common stock holdings. The conglomerate also increased its stake in oil company Chevron, while disclosing no major new investment by Warren Buffett.

Furthermore, the US jobless claims showed a decline, as fewer Americans filed for unemployment benefits, indicating the labor market’s ongoing resilience.

In conclusion, the overall outlook for the Indian stock market remained positive, driven by global market cues and expectations of potential interest rate cuts by the US Federal Reserve. Amidst these developments, investors are advised to seek advice from certified experts before making any investment decisions.