Top 10 key points from overnight markets

Indian Stock Market Set for Positive Opening on June 11

Indian benchmark indices, Sensex and Nifty, are poised for a higher opening on June 11, influenced by GIFT Nifty, which is trading up at 23,263.5. On June 7, the BSE Sensex hit an all-time high, closing at 76,693.36, up by 1,618.85 points or 2.16%. The Nifty 50 index also moved closer to its record high, finishing at 23,290.20, gaining 468.80 points or 2.05%.

Global Financial Market Overview

GIFT Nifty (Gains)

GIFT Nifty is trading 31 points higher on June 11 compared to the Nifty 50 close, indicating a positive start for the day. Nifty futures were at 23,263.5 at 07:00 am IST.

Asian Equities (Gains)

Asian markets saw a positive trend in early trading on Tuesday. Nikkei and Topix each rose by 0.5%. At 07:00 am IST, Asian indices were showing gains.

US Equities (Gains)

The S&P 500 and Nasdaq hit record closing highs on Monday. However, investors remained cautious ahead of this week’s consumer prices report and a Federal Reserve policy announcement. Nvidia shares provided some support, ending up 0.7%, following a 10-for-one stock split, with speculation about its potential inclusion in the Dow.

The Dow Jones Industrial Average rose by 69.05 points (0.18%) to 38,868.04, the S&P 500 gained 13.8 points (0.26%) to 5,360.79, and the Nasdaq Composite added 59.40 points (0.35%) to 17,192.53.

US Bond Yield (Down)

US 10-year Treasury yields fell by 31 basis points to 4.45%, while the 2-year bond yield dropped by 17 basis points to 4.87%, ahead of the Consumer Price Index report for May and the Fed’s policy meeting conclusion on Wednesday.

Dollar Index (Flat)

The dollar remained near a one-month peak against the euro and reached a one-week high versus the yen on Tuesday, as traders awaited key US inflation data and fresh Federal Reserve interest rate forecasts.

Asian Currencies (Mixed)

Asian currencies exhibited mixed performance against the US dollar in early trade on Tuesday. The Philippines Peso and Indonesian Rupiah have each lost 1.5% month-to-date.

Gold and Silver (Flat/Down)

Gold prices remained flat, while silver prices dropped by 0.12% in early trading on Tuesday.

Crude Oil (Gains)

Oil prices rose on Tuesday, extending the previous day’s rally due to expectations of higher seasonal fuel demand and potential US crude purchases for its petroleum reserve, although gains were limited by a stronger dollar.

FII & DII (Net Buyers)

Foreign institutional investors (FIIs) continued their buying spree for the second day on June 10, purchasing Indian equities worth Rs 2,572.38 crore. Domestic institutional investors (DIIs) also turned net buyers, acquiring equities worth Rs 2,764.46 crore on the same day.

Summary

The Indian stock market is set for a positive start on June 11, bolstered by a strong performance in global markets and positive cues from GIFT Nifty. With FIIs and DIIs continuing their buying trends, the market sentiment remains optimistic. Investors will keep a close watch on global economic indicators, including US inflation data and the Federal Reserve’s policy decisions, to gauge market direction further.