Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US Fed meet to Nvidia-Nokia deal

Indian stock market: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following a rally in global markets ahead of the expected interest rate cut by the US Federal Reserve after the conclusion of its policy meeting later today.

Asian markets traded higher, while the US stock market rallied overnight, with all three major Wall Street indices posting record closing highs.

On Tuesday, the Indian stock market ended lower on profit booking, with the benchmark Nifty 50 holding above 25,900 level.

The Sensex fell 150.68 points, or 0.18%, to close at 84,628.16, while the Nifty 50 settled 29.85 points, or 0.11%, lower at 25,936.20.

“Overall, we expect the markets to remain firm, tracking positive global cues, macro-economic data and domestic Q2 earnings,” 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 higher on Wednesday, following overnight rally on Wall Street, with Japan’s Nikkei 225 hitting record high level. Nikkei rallied 1.1%, while Topix rose 0.03%. South Korea’s Kospi gained 0.17%, and the Kosdaq fell 0.25%. Hong Kong markets are closed for holidays.

Gift Nifty Today

Gift Nifty was trading around 26,136 level, a premium of nearly 46 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher on Tuesday, with all three major US stock indexes posting record closing highs again, led by gains in technology stocks.

The Dow Jones Industrial Average gained 161.78 points, or 0.34%, to 47,706.37, while the S&P 500 rose 15.73 points, or 0.23%, to 6,890.89. The Nasdaq Composite closed 190.04 points, or 0.8%, higher at 23,827.49.

Nvidia share price jumped 5%, Microsoft shares gained 2%, Tesla stock price rose 1.8%, while United Parcel Service shares rallied 8%.

Nvidia-Nokia Deal

Nvidia Corp. is acquiring a $1 billion stake in Nokia Oyj, taking a 2.9% share by purchasing about 166 million shares at $6.01 each. As part of the partnership, Nvidia will supply AI-powered computers to enhance Nokia’s 5G and 6G network software, while exploring ways to integrate Nokia’s data center technology into its own AI infrastructure.

US Fed Meeting

The monetary policy meeting of the US Federal Reserve began on October 28. The Fed Chairman Jerome Powell-led Federal Open Market Committee (FOMC) is widely expected to cut interest rates by 25 basis points (bps).

Israel-Gaza War

Israeli planes launched strikes in Gaza after Israel accused the militant group Hamas of violating a ceasefire in the Palestinian territory. Local health authorities said the strikes killed at least 26 people.

India IIP Data

India’s industrial production growth remained steady at 4% in September. The factory output, measured in terms of the Index of Industrial Production (IIP), had expanded by 3.2% in September 2024. The revised IIP growth for August 2025 was at 4.1% from the provisional estimate of 4% released last month.

US Dollar

The US dollar hovered close to a one-week low versus major peers ahead of Federal Reserve policy. The US dollar index, which measures the currency against six rivals, was steady at 98.681. The dollar fell 0.2% to 151.84 yen, the euro was little changed at $1.1655, while sterling added 0.1% to $1.3278.

Gold Prices

Gold prices traded higher ahead of the Federal Reserve’s rate decision later in the day, Reuters reported. Spot gold price rose 0.7% to $3,977.49 per ounce after dropping to its lowest since October 7 on Tuesday. US gold futures for December delivery rose 0.2% to $3,991.70 per ounce.

Crude Oil Prices

Crude oil prices traded higher. Brent crude oil rose 0.23% to $64.55 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.22% to $60.29.

(With inputs from Reuters)

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