Indian Stock Market Update: 8 Key Overnight Changes Impacting Bitcoin (BTC) and Ethereum (ETH)

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    <li>The Indian stock market is poised for a lower opening on Friday, influenced by weak global market cues.</li>
    <li>Asian markets traded lower, and the US stock market ended in the red due to persistent inflation concerns that could delay Federal Reserve rate cuts.</li>
    <li>"We expect this positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.</li>
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<p><strong>Stay updated with the latest stock market trends and insights. Read our comprehensive analysis of the Indian stock market's performance and future outlook.</strong></p>
<h2><strong>Asian Markets Decline Amid Global Uncertainty</strong></h2>
<p>Asian markets traded lower on Friday, tracking overnight losses on Wall Street. The Nikkei 225 declined 1.83%, while the Topix plunged 1.22%. South Korea’s Kospi fell 1.34%, and the Kosdaq lost 0.95%. Hong Kong’s Hang Seng index futures indicated a weaker opening.</p>
<h3><strong>Impact on Indian Stock Market</strong></h3>
<p>The negative sentiment from Asian markets is expected to affect the Indian stock market as well. Gift Nifty was trading around the 22,950 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.</p>
<h2><strong>Wall Street Performance</strong></h2>
<p>The US stock market ended lower on Thursday, with the Dow Jones registering the largest daily percentage drop since March 22, 2023. The Dow Jones Industrial Average plunged 605.78 points, or 1.53%, to 39,065.26, while the S&P 500 declined 39.17 points, or 0.74%, to 5,267.84. The Nasdaq Composite ended 65.51 points, or 0.39%, lower at 16,736.03.</p>
<h3><strong>Nvidia's Remarkable Performance</strong></h3>
<p>Nvidia share price surged over 9% on Thursday due to a bumper revenue forecast and stock split announcement, adding around $218 billion in market value on the day, the second-largest single-day market cap gain in history on Wall Street. Nvidia announced a 10-for-one stock split and lifted its quarterly dividend by 150%. Nvidia shares closed at $1,037.99, ending above the $1,000 level. The stock is up nearly 110% so far in 2024 after more than tripling last year.</p>
<h2><strong>US Economic Indicators</strong></h2>
<p>The number of Americans filing new claims for unemployment benefits fell last week. Initial jobless claims dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18. Economists polled by Reuters had forecast 220,000 claims in the latest week. New US single-family homes sales fell more than expected in April by 4.7% to a seasonally adjusted annual rate of 634,000 units last month. Economists polled by Reuters had forecast new home sales would fall to a rate of 679,000 units.</p>
<h3><strong>Dollar's Performance</strong></h3>
<p>The dollar was headed for its largest weekly rise in a month and a half on Friday. The US dollar index, which measures the dollar against a basket of six major peers, was last up nearly 0.6% on the week to 105.07, on course for its largest one-week rise since mid-April.</p>
<h2><strong>Japan's Inflation Data</strong></h2>
<p>Japan’s core inflation slowed for a second straight month in April, but stayed comfortably above the central bank’s 2% target. The nationwide core consumer price index (CPI), which excludes fresh food items, rose 2.2% from a year earlier after rising 2.6% in March. It matched the median market forecast.</p>
<h3><strong>Conclusion</strong></h3>
<p>In conclusion, the Indian stock market is expected to open lower following weak global cues. Investors should keep an eye on global market trends and domestic economic indicators to make informed decisions. Despite the current volatility, sectors like Defence, Banking, and Railways are expected to remain in focus, driven by strong domestic macros and an improving political environment.</p>