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Indian benchmark indices, BSE Sensex and Nifty50, opened on a subdued note on Friday
Stock Market Today
Stock Market Today: Benchmark equity indices snapped their 3-day winning streak, closing the final trading session of the week in the red. The 30-share Sensex dropped 403.24 points, or 0.52%, to end at 76,639.58, fluctuating between 77,069.19 and 76,263.29 during the day.
Similarly, the NSE Nifty50 closed at 23,203.20, down 108.60 points or 0.47%. The index touched a high of 23,292.10 and a low of 23,100.35 during the session.
Global Cues
Markets in the Asia-Pacific region traded mostly lower on Friday as investors absorbed China’s GDP data. China’s economy grew by 5% YoY in 2024, with a stronger-than-expected performance in the final quarter, spurred by stimulus measures aimed at achieving Beijing’s growth target.
The fourth-quarter GDP growth exceeded expectations, recording a 5.4% increase, as reported by China’s National Bureau of Statistics. Economists polled by Reuters had predicted a 5.0% rise, up from 4.6% in Q3, 4.7% in Q2, and 5.3% in Q1.
Japan’s Nikkei 225 fell 1.3%, while the Topix lost 1.37%. South Korea’s Kospi dropped 0.36%, and the Kosdaq slipped 0.09%. Hong Kong’s Hang Seng index was down 0.22%, and mainland China’s CSI declined 0.31%. Australia’s S&P/ASX 200 managed a modest gain of 0.17%.
On Thursday, MSCI’s global equities index edged up, while Wall Street indices closed lower, and US Treasury yields dropped following mixed economic data and comments from Federal Reserve officials hinting at potential interest rate cuts.
On Wednesday, US stocks surged after data showed signs of easing core inflation. However, Thursday’s retail sales report for December showed a smaller-than-expected increase, and new unemployment benefit claims rose more than anticipated.
US Treasury yields fell as investors reacted to Fed Governor Christopher Waller’s comments, suggesting the possibility of three to four interest rate cuts this year if US economic data weakens further.
On Wall Street, major indices declined after their biggest daily percentage gains since the November 6 rally post the US presidential election. The Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13; the S&P 500 dropped 12.57 points, or 0.21%, to 5,937.34; and the Nasdaq Composite lost 172.94 points, or 0.89%, to 19,338.29.
In contrast, MSCI’s global stock index rose 1.31 points, or 0.15%, to 848.61.
Earlier, Europe’s STOXX 600 index closed up 0.98%, with luxury stocks gaining after Richemont, the owner of Cartier jewelry brand, reported earnings that exceeded analysts’ expectations.
