From Gift Nifty, US-Iran war to crude oil prices: 7 key things that changed for Indian stock market overnight

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Wednesday, following weak cues from global markets, amid escalating US-Iran war in the Middle East.

Asian markets traded mixed, while the US stock market ended lower overnight, amid selloff in semiconductor stocks.

On Tuesday, the Indian stock market snapped its four-day winning streak amid profit booking at higher levels, as fresh strikes between the US and Iran drove up crude oil prices, weighing on sentiment.

The Sensex fell 104.35 points, or 0.13%, to close at 78,180.72, while the Nifty 50 settled 31.65 points, or 0.13%, lower at 24,398.70.

“Indian equities are expected to maintain a gradual positive bias, with investor focus remaining on June-quarter business updates, progress on the India–United States interim trade agreement and the southwest monsoon,” 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 mixed on Wednesday amid escalating tensions in the Middle East. Japan’s Nikkei 225 rose 0.21%, while the Topix fell 0.23%. South Korea’s Kospi gained 0.74%, and the Kosdaq plunged 1.47%. Hong Kong’s Hang Seng index futures indicated a flat opening.

Gift Nifty Today

Gift Nifty was trading around 24,235 level, a discount of nearly 205 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended lower on Tuesday, weighed down by losses in semiconductor stocks.

The Dow Jones Industrial Average declined 0.25% to 52,925.15, while the S&P 500 fell 0.45% to end the session at 7,503.85. The Nasdaq closed 1.16% lower at 25,818.69 points.

Nvidia stock price rose 0.71%, AMD shares plunged 6.51%, Intel share price crashed 9.66%, Micron Technology shares dropped 4.71%, Sandisk shares tanked 7.3%, Meta Platforms shares gained 2.55%, Tesla stock price slipped 4.02%, and SpaceX shares dropped 6.83%.

US-Iran War

The US military has launched what it described as a ‘series of powerful strikes’ against Iran and revoked a license allowing the country to sell oil. The US response came after Iran hit three tankers in the Strait of Hormuz.

Crude Oil Prices

Crude oil prices jumped after the US struck Iran and reinstated trade sanctions following attacks on tankers in the Strait of Hormuz. Brent crude oil price gained 1.83% to $75.52 a barrel, while the US West Texas Intermediate (WTI) crude rallied 1.97% to $71.83.

Gold Rate Today

Gold prices eased to its lowest level in nearly a week amid a stronger dollar. Spot gold price fell 0.1% to $4,100.32 per ounce, while US gold futures for August delivery shed 1.1% to $4,112.50. Spot silver prices fell 0.3% to $59.82 per ounce.

Dollar

The dollar clung to its highest levels of the week against most of its peers. The dollar index, which measures the greenback’s strength against a basket of six currencies, traded at 101.18, its highest level since July 2, Reuters reported. Against the yen, the US dollar strengthened 0.1% to 162.28 yen. The euro slipped 0.1% to $1.1405, while the British pound nudged 0.1% lower to $1.3353.

(With inputs from Agencies)