The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a flat note on Thursday, following mixed global market cues.
Asian markets traded mostly higher, while the US stock market ended mixed, with Dow Jones posting a record-high close for a second straight day.
On Wednesday, the Indian stock market ended sharply higher, extending its rally for the third consecutive session, with the Nifty 50 reclaiming 25,850 level.
The Sensex jumped 595.19 points, or 0.71%, to close at 84,466.51, while the Nifty 50 settled 180.85 points, or 0.70%, higher at 25,875.80.
“We expect markets to maintain their positive bias, supported by the ongoing earnings season, constructive progress on the India–US trade deal, and improving global cues,” 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 mostly higher on Thursday, following a mixed trend on Wall Street overnight. Japan’s Nikkei 225 index gained 0.42%, while the Topix rose 0.62% to hit a record high. Hong Kong’s Hang Seng Index futures indicated a lower opening. South Korean markets will open an hour later today.
Gift Nifty Today
Gift Nifty was trading around 25,955 level, a discount of nearly 30 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
Wall Street
US stock market ended mixed on Wednesday, with the Dow Jones notching a record-high close and the Nasdaq losing ground.
The Dow Jones Industrial Average gained 0.68% to 48,254.82, while the S&P 500 rose 0.06% to end the session at 6,850.92. The Nasdaq closed 0.26% lower at 23,406.46.
Tesla stock price declined 2.05%, Amazon shares fell 1.97%, Palantir stock price dropped 3.6% and Oracle share price declined 3.9%. AMD stock price rallied 9%, while Goldman Sachs and UnitedHealth Group shares rallied 3.5% each.
US Government Shutdown
The House of Representatives passed a short-term funding bill to end the longest US government shutdown in history, sending the measure to President Donald Trump for his signature. Republicans used their slight majority to get the bill over the finish line by a vote of 222-209. The Senate has already passed the measure.
US Federal Reserve
Boston Federal Reserve President Susan Collins said on Wednesday she sees a “relatively high bar” for additional easing in the near term, citing worries about elevated inflation, Reuters reported. “Absent evidence of a notable labor market deterioration, I would be hesitant to ease policy further, especially given the limited information on inflation due to the government shutdown,” Collins said.
India CPI Inflation
India’s retail inflation plunged to a record low of 0.25% in October from 1.44% the previous month. The CPI inflation was 6.21% in October 2024. The latest print is broadly in line with the median estimate of 0.3% by 16 economists in a Mint poll.
Cabinet Meet Outcome
Union Cabinet approved introduction Credit Guarantee Scheme for Exporters (CGSE) for providing 100 per cent credit guarantee coverage by National Credit Guarantee Trustee Company Ltd (NCGTC) to Member Lending Institutions (MLIs) for extending additional credit facilities up to ₹20,000 crore to eligible exporters, including MSMEs.
Japan Inflation
Japan’s wholesale prices rose 2.7% in October from a year earlier, slowing from the previous month. The rise in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, compared with a median market forecast for a 2.5% increase. It followed a revised 2.8% increase in September.
Gold Prices
Gold prices rose on rising bets that the US Federal Reserve will ease monetary policy to shore up the economy. Gold rose 1.7% to $4,197.43 an ounce.
Crude Oil Prices
Crude oil prices extended a decline after slumping in the previous session on worries over surplus. Brent crude oil fell 0.46% to $62.42 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.58% to $58.18, after plummeting more than 4% in the previous session.
(With inputs from Reuters)
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