Exciting Stock Market Today: Accenture’s Bold Move, S&P 500 Hits Record High, and KRN Heat IPO Soars | Market Breakthroughs
Market Outlook: Positive Trends for Indian Indices Amid Strong Global Cues
Today, Indian benchmark indices BSE Sensex and Nifty 50 are anticipated to edge higher, propelled by positive global cues. In the previous session, both indices hit record highs, with the Sensex advancing 666 points (0.78%) to close at 85,836.12 and the Nifty 50 gaining 211 points (0.81%) to settle at 26,216.05. Early data shows GIFT Nifty futures up by 48.65 points.
Global Market Performance
On Wall Street, US markets closed strongly, with the S&P 500 setting a new record, and the Dow Jones and Nasdaq Composite also closing higher. The Dow Jones rose 0.62%, the S&P 500 0.40%, and the Nasdaq 0.60%. The boost in US indices was largely driven by a 13% rally in Micron Technology shares and robust economic data, including a drop in weekly jobless claims and a 3% annual growth rate in GDP.
Asian Market Movements
Following the US market trends, Asia-Pacific markets also showed gains. Japan’s Nikkei rose by 0.16%, Australia’s ASX 200 by 0.57%, while South Korea’s Kospi remained flat but positive.
Key Global Triggers
Investors will be eyeing the US core personal consumption expenditure price data and the Fed’s balance sheet for the latest economic cues. In the Asia-Pacific region, Japan’s core CPI data, Foreign Bond investment figures, and China’s industrial profits will be significant. Additionally, IT services major Accenture’s improved revenue guidance for FY25 will attract attention towards IT stocks.
Domestic Focus
Indian market participants will track Foreign Exchange Reserves data and monitor the impact of US tariffs on Chinese goods. Additionally, the central government has increased the minimum wage rates for workers.
Commodity Check
On the commodity front, Brent crude futures were last down 0.35% at $71.35 per barrel.
Analyst Insights
Analysts remain optimistic but advise caution. Jatin Gedia of Sharekhan by BNP Paribas observes that Nifty is approaching 26,560 but highlights caution due to momentum indicator divergence. Similarly, Rupak De of LKP Securities sees increasing bullish momentum but warns that a drop below 26,000 could disrupt the trend. Siddhartha Khemka of Motilal Oswal Financial Services anticipates continued bullish momentum, supported by strong actions in frontline stocks.
IPO Updates
Several IPOs are in focus today, including the mainboard IPO of KRN Heat Exchanger and Refrigeration Ltd and multiple SME IPOs such as Saj Hotels Ltd and HVAX Technologies Ltd. New listings include BikeWo GreenTech and Phoenix Overseas Ltd on NSE SME.
FII and DII Activity
Foreign Institutional Investors were net buyers of Indian equities worth Rs 629.96 crore, while Domestic Institutional Investors purchased stocks worth Rs 2,405.12 crore.
This positive sentiment reflects a robust global economic backdrop, supporting the bullish momentum in Indian markets.
Original Story https://www.business-standard.com/markets/news/stock-market-today-accenture-guidance-s-p-500-record-high-krn-heat-ipo-124092700089_1.html
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