Global Markets Surge on Lower Yields and Easing Oil Prices
The global stock market experienced a boost on Thursday, with major indices such as the Dow, S&P 500, and Nasdaq recording significant gains. The Dow rose by 0.6%, while the S&P 500 and Nasdaq surged by 1.1% and 1.7%, respectively.
The improvement in market sentiment was driven by lower US Treasury yields and easing oil prices. The 10-year yield retreated to 4.73%, with the 30-year and 2-year yields also declining. Brent crude oil prices eased to around $105 a barrel, with reports suggesting that Saudi Arabia was using ship-to-ship transfers.
Meanwhile, in India, the Nifty index recorded its second consecutive day of gains, while the Sensex ended slightly lower. The mid-cap stocks rebounded strongly, with the Midcap index gaining 1%. Foreign institutional investors (FIIs) remained net sellers, offloading ₹3,208.76 crore in equities, whereas domestic institutional investors (DIIs) were net buyers, purchasing ₹3,617.75 crore worth of shares.
Tata Group stocks are likely to remain in focus following the reappointment of N Chandrasekaran as Chairman of Tata Sons. The move has sparked public disagreement from Tata Trusts over his reappointment and the proposed listing of Tata Sons.