The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following a rally in global markets, after the US and Iran agreed to a two-week ceasefire deal.
Asian markets jumped, while the US stock futures traded higher after US President Donald Trump announced to halt military attacks on Iran in exchange for Tehran reopening the Strait of Hormuz.
On Tuesday, the Indian stock market ended with healthy gains, extending its rally for the fourth consecutive session.
The Sensex surged 509.73 points, or 0.69%, to close at 74,616.58, while the Nifty 50 settled 155.40 points, or 0.68%, higher at 23,123.65.
The Reserve Bank of India (RBI) is set to announce its first bi-monthly monetary policy for FY27 today. The RBI Governor Sanjay Malhotra-headed Monetary Policy Committee (MPC) is widely expected to keep the repo rate unchanged at 5.25%, and maintain policy stance at ‘Neutral’.
“Markets are likely to react first to overnight developments on the US-Iran ceasefire front. Focus will then shift to the outcome of the MPC meeting, with its commentary remaining critical amid the uncertain global backdrop. Traders should maintain a cautious stance, focus on stock-specific opportunities, and continue to manage overnight risks prudently,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets rallied after the US-Iran ceasefire deal. Japan’s Nikkei 225 surged 4.5%, while the Topix rallied 3.2%. South Korea’s Kospi jumped 5.3%, and the Kosdaq gained 3.4%. Hong Kong’s Hang Seng Index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 23,830 level, a premium of nearly 679 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
Wall Street
US stock futures jumped following the announcement of a ceasefire agreement between the US and Iran. The Dow Jones Industrial Average futures rallied by 718 points, or 1.5%, while the S&P 500 futures gained 1.6%. Nasdaq 100 futures surged 1.7%.
Overnight on Wall Street, the Dow Jones Industrial Average fell 85.42 points, or 0.18%, to 46,584.46, while the S&P 500 rose 5.02 points, or 0.08%, to 6,616.85. The Nasdaq Composite closed 21.51 points, or 0.10%, higher at 22,017.85.
Nvidia stock price rose 0.26%, AMD shares gained 0.61%, Broadcom share price rallied 6.21%, Intel shares jumped 4.19%, while Apple stock price fell 2.07% and Tesla stock price declined 1.75%. UnitedHealth shares jumped 9.4%, Humana stock surged 7.9% and CVS Health share price spiked 6.7%.
US-Iran Ceasefire
The US and Iran agreed to a two-week ceasefire deal, which is expected to halt the American-Israeli military attacks in exchange for Tehran reopening the Strait of Hormuz. Pakistan, which brokered the ceasefire deal, says it extends to Israel and Hezbollah fighting in Lebanon.
Crude Oil Prices
Crude oil prices crashed after the US and Iran agreed to a two-week ceasefire deal, with a temporary reopening of the Strait of Hormuz. Brent crude oil price slipped 13.86% to $94.13 a barrel, while the US West Texas Intermediate (WTI) crude futures plunged 15.02% to $95.99 a barrel.
Gold Rate Today
Gold prices rose after the US and Iran agreed to a two-week ceasefire to finalize talks on ending the war. Spot gold price gained 3% to $4,849.01 an ounce, while silver prices jumped 5.4% to $76.92 an ounce.
Bitcoin Prices
Bitcoin prices rose to a three-week high after the US-Iran ceasefire deal led to a surge in risk assets. The largest cryptocurrency, Bitcoin prices spiked as much as 4.9% to $72,738, its highest level since March 18, and was trading just below $72,000. Ether prices rose as much as 7.4% to $2,273.
(With inputs from Agencies)
