Stock Market LIVE Updates: GIFT Nifty indicates a weak start; US markets down, Asia trades mixed

view original post

Asian markets were mixed on Monday after a stronger-than-expected U.S. jobs report on Friday revealed hiring and wage growth picked up in May.

Trends on GIFT Nifty indicate a negative start for the broader index in India, with a loss of 35 points or 0.15 percent. The Nifty futures were trading around 23295 level.

Wall Street stocks ended slightly lower on Friday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped.

The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast, according to a Labor Department report. The unemployment rate inched up to 4%.

The benchmark S&P 500 slipped immediately after the report while U.S Treasury yields climbed as traders slashed bets on a September rate reduction. The index recovered and briefly hit a fresh intraday record high as investors noted the data pointed to underlying economic health.

The Dow Jones Industrial Average fell 87.18 points, or 0.22%, to 38,798.99, the S&P 500 lost 5.97 points, or 0.11%, to 5,346.99 and the Nasdaq Composite lost 39.99 points, or 0.23%, to 17,133.13.

Indian benchmark indices ended on positive note for the third straight session on June 7 with BSE Sensex hitting all-time high while Nifty 50 index inched closer to its record high level.

After a flat start, the market extended the gains and ended 2 percent higher and also recorded the biggest weekly gain in 2024 amid volatility.

Reserve Bank of India (RBI), in its latest policy meeting, has kept key rates unchanged for the eighth time in a row and increased growth forecast for FY25 to 7.2 percent.

At close, the Sensex was up 1,618.85 points, or 2.16 percent, at 76,693.36, and the Nifty was up 468.80 points, or 2.05 percent, at 23,290.20. About 2,747 shares advanced, 951 shares declined, and 105 shares unchanged.

Biggest gainers included M&M, Wipro, Tech Mahindra, Infosys and UltraTech Cement, while losers were SBI Life Insurance and Tata Consumer Products.

All the sectoral indices ended in the green with auto, IT, power, telecom, metal up 2-3 percent.

The BSE midcap index gained 1.2 percent while the smallcap index rose 2 percent.