The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Tuesday amid positive trends in the global markets.
Asian markets traded higher, while the US stock market rallied overnight, driven by a rally in technology stocks.
On Monday, the Indian stock market ended lower amid profit booking across segments, with the benchmark Nifty 50 slipping below 26,000 level.
The Sensex declined 331.21 points, or 0.39%, to close at 84,900.71, while the Nifty 50 settled 108.65 points, or 0.42%, lower at 25,959.50.
“In the absence of major domestic macro announcements until the GDP numbers on Friday, market sentiments are likely to remain cautious until we see some progress on the India-US trade talks, while fluctuating foreign flows could add to interim volatility,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Tuesday, following a rally on Wall Street, led by tech stocks. Japan’s Nikkei 225 index gained 0.70%, while the Topix rose 0.7%. South Korea’s Kospi index rallied 1.57%, and the Kosdaq added 1.7%. Hong Kong’s Hang Seng Index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 25,984 level, a discount of nearly 12 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
Wall Street
US stock market ended higher on Monday on increased odds that the US Federal Reserve will lower its Fed funds target rate in December.
The Dow Jones Industrial Average gained 202.86 points, or 0.44%, to 46,448.27, while the S&P 500 rallied 102.13 points, or 1.55%, to 6,705.12. The Nasdaq Composite closed 598.92 points, or 2.69%, higher at 22,872.01.
US Tech Stocks Rally
Nvidia share price rose 2.05%, AMD stock price jumped 5.53%, Amazon shares gained 2.53%, Apple shares added 1.63% and Alphabet stock price jumped 6.28%. Meta Platforms shares rallied 3.16% and Tesla stock price surged 6.82%.
Trump-Xi Talks
President Donald Trump touted relations with China as “extremely strong” following a call with Chinese leader Xi Jinping. Trump said that he has accepted an invitation from Xi Jinping to visit Beijing in April and that he reciprocated by inviting Xi for a state visit to the US later next year.
US Federal Reserve
US Federal Reserve Governor Christopher Waller said he is advocating an interest-rate cut in December, though the central bank can probably take more of a meeting-by-meeting approach starting in January once it receives a flood of economic data.
Gold Prices
Gold prices held steady after rising nearly 2% in the previous session, on increasing prospects of a US Fed rate cut in December. Spot gold price fell 0.2% to $4,132.20 per ounce. US gold futures for December delivery gained 0.7% to $4,049.50 per ounce.
Crude Oil Prices
Crude oil prices traded lower. Brent crude oil fell 0.17% to $63.26 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.12% to $58.77.
(With inputs from Reuters)
