Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open on a muted note Tuesday, as investors remain cautious about the US President Donald Trump threatening India with higher tariffs.
Global market cues were positive as Asian markets traded higher, and the US stock market rallied overnight.
On Monday, the Indian stock market ended higher, led by broader-based buying across sectors, with the Nifty 50 closing above 24,700 level.
The Sensex gained 418.81 points, or 0.52%, to close at 81,018.72, while the Nifty 50 settled 157.40 points, or 0.64%, higher at 24,722.75.
“There continues to be no dearth of trading opportunities across sectors. Traders are advised to align their positions accordingly, with a strong emphasis on stock selection and effective trade management,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Tuesday, following overnight rally on Wall Street. Japan’s Nikkei 225 gained 0.42%, while the Topix rose 0.45%. South Korea’s Kospi rallied 1.76%, and the Kosdaq surged 1.83%. Hong Kong’s Hang Seng Index futures indicated a weaker opening.
Gift Nifty Today
Gift Nifty was trading around 24,740 level, a discount of nearly 53 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
Wall Street
US stock market ended higher on Monday, with the benchmark indexes scoring their biggest daily percentage increases since May 27.
The Dow Jones Industrial Average rallied 585.06 points, or 1.34%, to 44,173.64, while the S&P 500 gained 91.93 points, or 1.47%, at 6,329.94. The Nasdaq Composite closed 403.45 points, or 1.95%, higher at 21,053.58.
Tesla share price rose 2.2%, Nvidia stock price surged 3.62%, Microsoft shares rallied 2.20% and Advanced Micro Devices stock gained 2.99%. Joby Aviation shares jumped 18.8 and Blade Air stock price spiked 17.2%. Berkshire Hathaway shares fell 2.7%.
Trump Tariff Threat
US President Donald Trump said he would be “substantially raising” the tariff on Indian exports to the US over New Delhi’s purchases of Russian oil, accusing India of profiting by reselling discounted Russian oil in global markets. However, Trump did not specify the exact tariff rate he intends to impose.
Japan Services PMI
Japan’s service sector activity rose at the fastest pace in five months in July. The S&P Global final Japan Services purchasing managers’ index (PMI) climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February.
Gold Prices
Gold prices rose, after gaining in the last three sessions, supported by a weaker US dollar and lower Treasury yields. Spot gold price rose 0.2% to $3,380.61 per ounce, while US gold futures also gained 0.2% to $3,434.30.
Crude Oil Prices
Crude oil prices were little changed after three days of declines on mounting oversupply concerns. Brent crude futures eased 0.01% to $68.75 a barrel, while US West Texas Intermediate crude was at $66.26 a barrel, down 0.05%. Both contracts fell by more than 1% in the previous session to settle at their lowest in a week.
(With inputs from Reuters)
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