The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Wednesday, following mixed cues from global markets.
Asian markets fell, while the US stock market ended lower, with the Nasdaq suffering its biggest daily percentage loss in a month.
On Tuesday, the Indian stock market ended lower, weighed down by profit booking in banking heavyweights.
The Sensex declined 416.72 points, or 0.54%, to close at 76,886.91, while the Nifty 50 settled 97.00 points, or 0.40%, lower at 23,995.70.
“We recommend maintaining a cautious stance on the index and continuing with a sector- and theme-specific approach. Our preference remains for energy, metals, capital market, and pharma stocks for long positions, while keeping position sizes in check,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Wednesday, following overnight losses on Wall Street. South Korea’s Kospi declined 0.39%, while the Kosdaq traded flat. Hong Kong’s Hang Seng index futures indicated a higher opening. Japan markets are closed for a holiday.
Gift Nifty Today
Gift Nifty was trading around 24,089 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
Wall Street
US stock market ended lower on Tuesday, as renewed concerns over the artificial intelligence boom weighed on technology stocks.
The Dow Jones Industrial Average fell 25.86 points, or 0.05%, to 49,141.93, while the S&P 500 declined 35.11 points, or 0.49%, to 7,138.80. The Nasdaq Composite closed 223.30 points, or 0.90%, lower at 24,663.80.
Nvidia, AMD and Broadcom shares dropped between 1.6% and 4.4%, while CoreWeave shares slid 5.8% and Oracle stock price declined 4.1%. Microsoft share price gained 1.04%, Apple stock price rose 1.15%, while Tesla stock price fell 0.70%.
US-Iran War
US President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported on Tuesday, citing US officials.
OPEC
The United Arab Emirates announced that it was quitting the Organisation of the Petroleum Exporting Countries (OPEC), effective May 1. Energy Minister Suhail Mohamed al-Mazrouei clarified that the UAE chose to withdraw from OPEC at a time when the move would have minimal impact on other oil-producing members of the group.
Gold Rate Today
Gold prices were steady as investors awaited US Federal Reserve Chair Jerome Powell’s comments amid stalled peace talks. Spot gold price rose 0.1% to $4,598.45 per ounce, while US gold futures for June delivery gained 0.1% to $4,612.10. Spot silver price rose 0.1% to $73.12 per ounce.
Crude Oil Prices
Crude oil prices rose as investors focused on the next steps for US-Iran peace talks. Brent crude oil price rose 0.31% to $111.60 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.19% to $100.12.
Dollar
The dollar firmed ahead of the US Federal Reserve’s interest rate decision. Against a basket of currencies, the dollar held to a small overnight gain and steadied at 98.57. The euro last bought $1.1716 while sterling was little changed at $1.3523. The Japanese yen was last little changed at 159.55 against the dollar.
(With inputs from Reuters)
