Indian stock market: 8 key things that changed for market overnight – Gift Nifty, TCS Q3 results to US dollar

Indian stock market: The Indian equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday amid weak domestic and global market cues.

Asian markets traded lower, while the US stock market was closed overnight due to the National Day of Mourning for former president Jimmy Carter.

On Thursday, Indian stock market ended lower amid weak global cues as rising US dollar and bond yields weighed on investor sentiment.

The Sensex declined 528.28 points, or 0.68%, to close at 77,620.21, while the Nifty 50 settled 162.45 points, or 0.69%, lower at 23,526.50.

“Globally, a strong US dollar, rising crude oil prices, and fears surrounding Federal Reserve policy weighed on sentiment. The rupee weakened further, touching a record low of 85.92 against the dollar. As investors prepare for the December quarter earnings season and monitor Union Budget expectations, markets remain cautious amidst challenging conditions,” said Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower as investors eyed key economic data from the region. Japan’s Nikkei 225 declined 0.64%, while the Topix fell 0.34%. South Korea’s Kospi dropped 0.59%, and the Kosdaq slipped 0.8%. Hong Kong’s Hang Seng index futures indicated a stronger opening.

Gift Nifty Today

Gift Nifty was trading around 23,590 level, a discount of nearly 58 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

Wall Street

US stock market was closed on Thursday, January 9, to observe a National Day of Mourning for former president Jimmy Carter.

TCS Q3 Results

Tata Consultancy Services (TCS) reported a net profit of ₹12,380 crore in the third quarter of FY25, registering a growth of 4% from ₹11,909 crore in the previous quarter. The company’s revenue in Q3FY25 eased 0.4% to ₹63,973 crore from ₹64,219 crore, QoQ. TCS revenue in USD terms was at $7,539 million. EBIT increased 1.2% QoQ to ₹15,657 crore, while EBIT margins grew by 40 bps sequentially to 24.5%.

TCS declared a third interim dividend of ₹10 and a special dividend of ₹66 per equity share. TCS dividend record date is January 17 and the dividend payment date is February 3.

Federal Reserve President Jeff Schmid

Kansas City Federal Reserve President Jeff Schmid signaled a reluctance to cut interest rates again amid a resilient economy and inflation above the 2% target. “In the current environment, “interest rates might be very close to their longer-run level now,” Schmid said. “I am in favor of adjusting policy gradually going forward and only in response to a sustained change in the tone of the data,” Schmid said, adding that “the strength of the economy allows us to be patient.”

Japan Household Spending

Japanese household spending fell in November, weighed down by stubbornly high prices, government data showed. Consumer spending dropped 0.4% in November from a year earlier, slightly better than the median market forecast for a 0.6% decline, Reuters reported. On a seasonally adjusted, month-on-month basis, spending increased 0.4%, versus an expected 0.9% fall.

Dollar

The dollar index is set for a sixth consecutive weekly gain, its longest run since an 11-week streak in 2023. The index was steady for a 0.25% weekly rise to 109.18. The dollar has gained 0.5% on the yen this week to buy 158.03 yen and added more than 1% on the British pound, which was battered to a 14-month low, Reuters reported. The dollar is set for a broadly steady week on the euro, which buys $1.0926.

US Treasury Yields

US Treasury yields retreated from an eight-month high on Thursday. The benchmark 10-year US Treasury yield fell 0.45 basis points to 4.689%. It had hit a peak of 4.73% on Wednesday, the highest since April 2024.

(With inputs from Reuters)

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