Wall Street and Asia rally hard overnight while the dollar and USD/INR slip
The Nasdaq rose 2.74% even as Nvidia's board investigates its CEO. Weekly expiry makes today's open a test of whether the global move reaches Indian money flows.
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Where we stand
Overnight
US stocks rose broadly: the Nasdaq Composite gained 2.74% to 25,253.14, the S&P 500 2.35% to 7,549.94 and the Dow 2.15% to 52,389.75. A move this size usually sets the tone for foreign-held large caps, and Indian IT services tend to take their cue from US tech.
Asia is moving with conviction too. The Nikkei 225 is up 5.42% and the Kospi 3.72%. The US dollar index fell 0.61% to 101.68 and USD/INR fell 0.57% to 93.92, the opposite of the pressure a stronger dollar usually puts on the rupee and foreign flows. Background moves were small: the Hang Seng is flat at -0.02%, Brent is at $91.97 (-0.65%), gold is at 4,134 (+0.47%) and the US 10-year yield is 4.864%.
| Last | Change | For India today | |
|---|---|---|---|
| S&P 500 | 7,549.94 | +2.35% | matters a move this size usually sets the tone for foreign-held large caps |
| Nasdaq Composite | 25,253.14 | +2.74% | matters Indian IT services tend to take their cue from US tech |
| Dow Jones | 52,389.75 | +2.15% | matters a broad US move; watch foreign flows |
| Nikkei 225 | 60,547.59 | +5.42% | matters Asia is moving with conviction this morning |
| Kospi | 5,248.07 | +3.72% | matters Asia is moving with conviction this morning |
| US dollar index | 101.68 | −0.61% | matters a stronger dollar usually pressures the rupee and foreign flows |
| USD/INR | 93.92 | −0.57% | matters importers, exporters and IT services |
| Hang Seng | 24,476.44 | −0.02% | background |
| Brent crude | 91.97 | −0.65% | background |
| Gold | 4,134.00 | +0.47% | background |
| US 10-year yield | 4.864 | +1 bp | background |
Last available quotes at build time; Asian markets may still be trading.
What changed overnight
The Nvidia board's investigation into CEO Jensen Huang dominated the overnight flow, with several outlets running it. The board has opened an independent probe, and the coverage asks about leadership, succession and the chipmaker's future. It matters because Nvidia is a key player in global AI, and Indian IT services tend to follow US tech. A leadership question at a company this central is a risk to that sentiment.
Closer to home, the Economic Times reports that the RBI has told some lenders to adjust how they account for bond forwards. The report says the change could affect billions of rupees, so bank valuations are worth watching. Google's launch of new TPU 8tx and 8i Max chips and a LiveMint piece on BNPL returning through payment apps are lower-order items. Of the 90 items overnight, 82 were noise.
- Changes earningsBNPL makes a comeback as payment apps try to fix its broken economics
The latest proposition combines payments, shopping and credit: acquire customers through UPI, finance their purchases and use repayment behaviour to assess them…
LiveMint ↗ - Changes risk or governanceNvidias investigation into CEO Huangs affair puts a spotlight on chip billionaires personal life
Nvidia's investigation into CEO Huang's affair puts a spotlight on chip billionaire's personal life
LiveMint ↗ - Changes risk or governanceHuang's grip on Nvidia may pose challenge to board's probe into his affair
Nvidia's board faces a governance test as an investigation into Jensen Huang raises questions about leadership, succession and the chipmaker's future
Business Standard ↗ - Changes risk or governanceNvidia Probe Into CEO Affair Raises Thorny Questions for AI
Nvidia Corp. Chief Executive Officer Jensen Huang.
NDTV Profit ↗ - Changes earningsGoogle Expands Gen-8 Lineup With TPU 8tx, 8i Max: How This Targets AI Agent Workloads
Google's new TPU 8tx and 8i Max target secure computing and demanding AI agent workloads.
NDTV Profit ↗ - Changes risk or governanceNvidia’s Jensen Huang faces board scrutiny: Can the chipmaker remove its CEO? Here’s what the board can and cannot do
Nvidia's board has launched an independent investigation into reports that CEO Jensen Huang was targeted by a foreign intelligence effort. Here's what…
LiveMint ↗ - Changes risk or governanceNvidia crisis: Will probe into Jensen Huang benefit Indian stock market?
The development has plunged the US chipmaker, a key player in the global artificial intelligence industry, into an unprecedented crisis. The company…
Times of India ↗ - Macro and policyRBI said to query bank valuations of some bond derivative trades
India's central bank has informed some lenders about the need to adjust bond forward accounting practices. This change could impact billions of…
Economic Times ↗
8 of 90 items since the last close changed earnings, cash, risk, a sector or the macro picture. The other 82 were previews, recaps, opinion or repeats.
Today's agenda
Weekly expiry falls today.
- Weekly NIFTY expiry
What would change the read
If FIIs turn net buyers in the cash market, it would mean the rally is getting funded, not just priced; if not, the money still is not following prices. If more than half of the Nifty 500 closes higher, it would mean the move is broad, not carried by a few heavyweights; if not, gains, if any, would be narrow.
If India VIX closes lower than the day before, it would mean demand for protection is easing; if not, traders would still be paying up for protection.
- IfFIIs turn net buyers in the cash market: the rally would be getting funded, not just priced. If not: the money still is not following prices.
- Ifmore than half of the Nifty 500 closes higher: the move would be broad, not carried by a few heavyweights. If not: gains, if any, would be narrow.
- IfIndia VIX closes lower than the day before: demand for protection would be easing. If not: traders would still be paying up for protection.
Tonight's Close scores each of these.