Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq at record high to oil prices

Indian stock market: The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Tuesday amid mixed global cues.

Asian markets traded mixed, while the US stock market closed mostly higher overnight with the Nasdaq hitting record high led by tech stocks rally ahead of Nvidia results.

Investors will keenly watch the Q4 results, the voter turnout in the ongoing Lok Sabha elections, domestic and global macroeconomic data, foreign fund outflows, crude oil prices, and other global cues.

Read here: Week Ahead: US Fed chair speech, Q4 results, FII activity, global cues among key market triggers this week

On Saturday, the Indian stock market indices ended the special trading session with minor gains amid positive global cues. 

The Sensex gained 88.91 points, or 0.12%, to close at 74,005.94, while the Nifty 50 settled 35.90 points, or 0.16%, higher at 22,502.00.

The domestic equity markets were closed on Monday due to the Lok Sabha elections in Mumbai.

“Uncertainties persist regarding the timing of US Fed rate adjustments, with market participants eagerly awaiting clarity from an upcoming Fed chair speech. Amidst ongoing uncertainties surrounding election results and quarterly earnings, we anticipate continued volatility in the near term,” said Vinod Nair, Head of Research, Geojit Financial Services.

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Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed tracking a rally in technology stocks overnight on Wall Street.

Japan’s Nikkei 225 rose 0.35%, while South Korea’s Kospi declined 0.49%. Hong Kong’s Hang Seng index futures indicated a weak opening.

Also Read: South Korean shares fall as battery makers drop; cenbank meeting in focus

Gift Nifty Today

Gift Nifty was trading around the 22,605 level, a premium of nearly 60 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

The US stock market ended mixed on Monday with the Nasdaq closing at a record high led by a rally in technology stocks.

The Dow Jones Industrial Average declined 196.82 points, or 0.49%, to 39,806.77, while the S&P 500 gained 4.86 points, or 0.09%, to 5,308.13. The Nasdaq Composite ended 108.91 points, or 0.65%, higher at 16,794.87.

Nvidia share price gained 2.49% ahead of its quarterly results on Wednesday, while Micron Technology shares rallied 2.96%. JPMorgan shares fell 4.5%, while Norwegian Cruise Line stock price surged 7.56%.

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US Fed Officials 

US Federal Reserve Vice Chair Philip Jefferson said it was too early to tell if the inflation slowdown is “long lasting,” while Vice Chair Michael Barr said restrictive policy needs more time, Reuters reported. Atlanta Fed President Raphael Bostic said it will “take a while” for the central bank to be confident that price growth slowdown is sustainable.

Iran President Dead

Iran’s President, Ebrahim Raisi, and Foreign Minister, Hossein Amir-Abdollahian, were declared dead following a helicopter crash, the country’s semi-official Mehr news agency reported. The crash occurred on Sunday amidst challenging conditions in mountainous terrain and icy weather in East Azerbaijan.

Read here: Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian die in helicopter crash: Report

Oil Prices

Crude oil prices fell as investors anticipate higher-for-longer US inflation and interest rates.

Brent crude oil fell 0.16% to $83.58 a barrel, while the US West Texas Intermediate (WTI) crude futures dipped 0.10% to $79.72.

Dollar

The US dollar was firm while the yen struggled on the weaker side of the 156 level, Reuters reported. The dollar rose 0.07% to 156.37 against the yen in the early Asian session.

The dollar index, which measures the US currency against six rivals, steadied at 104.61.

(With inputs from Reuters)

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