The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, amid optimism over India-US trade deal.
Asian markets traded lower, while the US market declined overnight, over US-China trade tensions and mixed corporate earnings.
On Tuesday, Indian stock market ended with marginal gains in the special Diwali Muhurat trading session.
The Sensex gained 62.97 points, or 0.07%, to close at 84,426.34, while the Nifty 50 settled 25.45 points, or 0.10%, higher at 25,868.60.
The stock market was closed on Wednesday, October 22, on account of Diwali Balipratipada.
“The Nifty 50 index is currently trading at a CY26 forward P/E of 18X, slightly above its average of 17X. This suggests that the potential for further downside is limited, and we expect the Nifty to improve from current levels. We are targeting 27,600 for the Nifty 50 in the next Samvat. Similarly, we expect the Sensex to reach 90,100 during the same period,” said Vinit Bolinjkar – Head of Research – Ventura Securities.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded lower on Thursday, following overnight losses on Wall Street, amid rising US-China trade tensions. Japan’s Nikkei 225 index declined 1.28%, while the Topix fell 0.71%. South Korea’s Kospi index dropped 0.54%, while the Kosdaq lost 1%. Hong Kong’s Hang Seng Index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 26,281 level, a premium of nearly 374 points from the Nifty futures’ previous close, indicating a massive gap-up start for the Indian stock market indices.
Wall Street
US stock market ended lower on Wednesday after mixed earnings dampened risk sentiment.
The Dow Jones Industrial Average declined 334.33 points, or 0.71%, to 46,590.41, while the S&P 500 dropped 35.95 points, or 0.53%, to 6,699.40. The Nasdaq Composite closed 213.27 points, or 0.93%, lower at 22,740.40.
Netflix share price plunged 10.7%, Apple shares fell 1.64%, Texas Instruments stock price declined 5.6%, while Intuitive Surgical shares jumped 13.9%. Nvidia share price fell 0.49%, Advanced Micro Devices shares declined 3.28% and AT&T stock dropped 1.9%. Tesla stock price fell 3.80% after market hours.
India-US Trade Deal
India and the US are closing in on a trade deal that could slash the current tariffs for Indian exports to 15% – 16% from a punishing 50%, Mint reported, quoting three people aware of the matter. With energy and agriculture emerging as key cards at the negotiating table, India may agree to gradually reduce its imports of Russian oil, the report said.
US Sanctions Russian Oil
The United States has imposed sanctions on two major Russian oil companies, Rosneft and Luko, citing their “lack of serious commitment to peace in Ukraine,” as President Donald Trump noted that conversations with Russian President Vladimir Putin were “good” but did “not go anywhere.”
US-China Trade Tensions
The Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, from laptops to jet engines, to retaliate against Beijing’s latest round of rare earth export restrictions, Reuters reported, quoting sources.
India’s Russian Oil Imports
US President Donald Trump said that India will cut Russian oil imports by almost 40% by the end of the year. Trump said the process of phasing out Russian oil imports will be gradual, claiming that India will bring it “down to almost nothing” by the end of the year.
Tesla Q3 Results
Tesla reported record Q3 revenue that beat Wall Street estimates, but profit failed to live up to analysts’ expectations. The EV maker reported total revenue of $28.1 billion for the third quarter ended September 30. Profit per share was 50 cents, below estimates of 55 cents, while gross margin was 18%. Tesla stock price declined 3.80% after market hours.
Gold Prices
Gold prices declined for a third day, edging back towards $4,000 an ounce. Spot gold prices slipped to around $4,090 an ounce. The yellow metal has dropped nearly 6% from a record high in the last two sessions.
Crude Oil Prices
Crude oil prices jumped after US President Donald Trump slapped sanctions on Russia’s two largest oil companies. Brent crude oil prices rallied 2.54% to $64.18 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 2.58% to $59.93.
(With inputs from Reuters)
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