The Indian stock market is expected to open flat on Thursday, following mixed cues from Asian peers. Asian markets traded mixed, while the US stock market was closed for the Juneteenth holiday. Market participants are keeping an eye on China’s one- and five-year loan prime rate fixing, which is expected to remain unchanged after the People’s Bank of China’s recent decision to keep the 1-year medium-term lending facility rate steady at 2.5%.
On Wednesday, the Indian stock market benchmark indices ended mixed due to profit booking at record high levels. The Sensex gained 36.45 points, closing at 77,337.59, while the Nifty 50 settled 41.90 points lower at 23,516.00. Strong buying in banking stocks helped the Sensex perform well in a volatile trading session, while the Nifty ended weak as investors booked profits in auto, metals, oil & gas, telecom, and realty shares.
Key domestic and global market cues for Sensex today include Asian markets trading mixed, Gift Nifty trading around 23,522 level, a premium of nearly 20 points from the Nifty futures’ previous close, and US stock futures trading little changed. European markets ended lower on Wednesday, while UK stocks rose.
The Reserve Bank of India officials have stated that the Indian economy is likely to sustain the growth momentum of the January-March quarter in the three months through June. Additionally, the Union Cabinet approved an increase in the minimum support prices (MSP) for all 14 kharif crops for the 2024-25 crop season.
Oil prices saw Brent crude futures rise as Israeli tanks advanced into Gaza, while US crude futures fell due to the prospect of swelling oil inventories. Brent crude futures for August delivery rose to $85.16 a barrel, while US West Texas Intermediate crude for July fell to $81.40 per barrel.
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