Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to see a higher opening on Wednesday led by positive global market cues.
The Asian markets traded higher while the US stocks ended with gains overnight amid upbeat sentiment over easing monetary policy by the central bank going ahead.
However, a spike in crude oil prices on concerns over disruption in the Red Sea would weigh on investor sentiment.
On Tuesday, the Indian stock market indices ended higher amid broadly positive global cues with both the frontline indices hitting record high intraday.
The BSE Sensex ended 122.10 points, or 0.17%, higher at 71,437.19, while the NSE Nifty 50 rose 34.45 points, or 0.16%, to settle at 21,453.10.
“The overall market sentiments remain buoyant on the back of continued FIIs buying and strong macro data. FIIs have already bought ~ ₹30,000 crore worth of equities in December month so far. Going ahead, the positive momentum is likely to continue largely driven by liquidity and vibrant mood ahead of Christmas and new year,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here are global market cues for Sensex today:
Asian markets traded higher following overnight gains on Wall Street. Japan’s Nikkei 225 rallied 1.32% at open and the Topix surged 0.91%. South Korea’s Kospi gained 0.73%, while the Kosdaq rose 0.65%
Hong Kong’s Hang Seng index pointed to a higher open. Australia’s S&P/ASX 200 was up 0.63%.
Gift Nifty was trading around 21,610 level as compared to Nifty futures’ previous close of 21,529, indicating a positive start for the Indian benchmark equity indices.
US stock market indices extended its rally on Tuesday as optimism over the dovish pivot from the US Federal Reserve continued, while investors looked ahead to crucial inflation data.
The Dow Jones Industrial Average rallied 251.9 points, or 0.68%, to 37,557.92, the S&P 500 rose 27.81 points, or 0.59%, to 4,768.37. The Nasdaq Composite ended 98.03 points, or 0.66%, higher at 15,003.22.
In US Treasuries, benchmark 10-year notes were down 2.3 basis points to 3.933%, from 3.956% late on Monday. The 30-year bond was last down 2.6 basis points to yield 4.0428% while the 2-year note was last was down 1.8 basis points to yield 4.4394%.
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US single-family housing starts, which account for the bulk of homebuilding, jumped 18.0% to a seasonally adjusted annual rate of 1.143 million units in November. Permits for future construction of single-family homes increased 0.7% to a pace of 976,000 units last month.
Crude oil prices rose for the third day, with Brent approaching $80 a barrel, amid concerns over the prospect of more disruption in the Red Sea.
Brent crude oil rose 1.64% to $79.23 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 1.34% to $73.44.
Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Wednesday — December 20
Japan’s exports in November fell for the first time in three months dragged down by China-bound chip shipments, Reuters reported. November exports fell 0.2% from the same month a year earlier, data showed. It was the first year-on-year decline in three months. That compared with a 1.5% rise expected by economists in a Reuters poll. It followed a 1.6% rise in October.
Toshiba will be delisted on Wednesday after 74 years on the Tokyo exchange, following a $14 billion takeover.
The conglomerate is being taken private by a group of investors led by private equity firm Japan Industrial Partners (JIP) that also includes financial services firm Orix, utility Chubu Electric Power and chipmaker Rohm.
(With inputs from Reuters)
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