Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US jobs data to crude oil prices

Stock Market today: The Indian stock market benchmark indices, Sensex and Nifty 50, are poised to open flat but in the green on Wednesday, December 17, after 2 straight sessions of losses.

The trends on Gift Nifty indicate a muted start for the Indian benchmark index. The Gift Nifty was trading near 25,937 level, up 21.5 points or 0.08% from the Nifty futures’ previous close.

Meanwhile, Asian stocks edged lower at the open, following Wall Street’s muted tone, after weaker US jobs data did little to reinforce hopes of more Federal Reserve rate cuts. Oil prices, meanwhile, jumped after US President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela, adding to geopolitical tensions.

The Indian equity market extended its slide on Tuesday, December 16, as a plunging rupee and continued weakness in global markets dragged indices lower across the board. The Sensex ended the session down 534 points, or 0.63%, at 84,679.86, while the Nifty 50 retreated 167 points, or 0.64%, to settle at 25,860.10.

"Continued INR weakness to fresh record lows, driven by persistent FII outflows and subdued global sentiments, dragged domestic markets into negative territory. Small and mid-caps lagged large caps, with IT, metals, banking, and realty leading losses, while consumption stocks offered limited support. Volatility is expected to remain elevated amid currency fluctuations and uncertainty over foreign inflows. Progress on the US–India trade deal and rupee stabilisation will be critical, while softer commodity prices and improving earnings visibility provide a constructive medium-term backdrop," said Vinod Nair, Head of Research, Geojit Investments Limited.

Here are key market cues for Sensex and Nifty today:

Asian Markets

Asian markets were cautious on Wednesday as a mixed US jobs report offered little clarity on the Federal Reserve’s rate path, leaving investors waiting for stronger signals before making fresh moves.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.16%, while Japan’s Nikkei slipped slightly. Nasdaq futures were down 0.26%, and S&P 500 futures dipped 0.14%, following a mixed trading session on Wall Street.

Gift Nifty Today

The trends on Gift Nifty indicate a muted start for the Indian benchmark index. The Gift Nifty was trading near 25,937 level, up 21.5 points or 0.08% from the Nifty futures’ previous close.

Wall Street

US stocks finished mixed on Tuesday as investors assessed fresh labor market data and continued sector rotations, leading to another cautious session on Wall Street. The S&P 500 fell for the third consecutive day, slipping 0.24% to close at 6,800.26. The Dow Jones Industrial Average saw a steeper decline, dropping 302.30 points, or 0.62%, to 48,114.26. In contrast, the Nasdaq Composite inched higher, rising 0.23% to finish at 23,111.46.

US Jobs Data

US job growth stayed weak in November, with the unemployment rate climbing to its highest level in four years, reinforcing signs of a labor market losing momentum after a soft October.

Nonfarm payrolls rose by 64,000 in November following a 105,000 decline in October, according to data released Tuesday by the Bureau of Labor Statistics. The unemployment rate increased to 4.6%, compared with 4.4% in September. The government did not publish an October jobless rate because it was unable to retroactively capture that data after the government shutdown. October’s payroll decline — the steepest since late 2020 — was driven largely by a 162,000 drop in federal government employment, as workers who had accepted deferred resignation offers under the Trump administration officially exited payrolls during that month.

Nasdaq 24 hr trade

Nasdaq, the tech-focused US stock exchange, has submitted a proposal to the US Securities and Exchange Commission (SEC) seeking approval to operate 23 hours a day, five days a week. US markets currently run for about 16 hours, including pre-market and after-hours trading. Under the proposal, Nasdaq would shift to a two-session schedule. The day session would run from 4 AM to 8 PM ET (2:30 PM to 6:30 AM IST), followed by a one-hour break for maintenance and clearing. A new night session would operate from 9 PM to 4 AM ET (7:30 AM to 2:30 PM IST). Trades executed before midnight during the night session would be counted as part of the next trading day.

US Dollar eases against peers

The US dollar weakened on Tuesday after delayed economic data showed stronger-than-expected job growth, indicating the Federal Reserve may proceed cautiously with further interest-rate cuts. The US economy added 64,000 jobs in November, beating expectations, following a revised loss of 105,000 jobs in October. The report had been postponed due to the 43-day federal government shutdown.

Following the release, the greenback slipped 0.18% to 0.79475 against the Swiss franc, while the dollar index fell 0.11% to 98.15, heading for a second consecutive session of losses.

Gold Prices

Gold held steady on Wednesday after sluggish US jobs data failed to shift expectations around further interest-rate cuts. Bullion hovered near $4,305 an ounce, following a modest pullback in the previous session that ended a five-day winning streak. As of 7:23 a.m. in Singapore, gold was up 0.1% at $4,306.05, staying within $80 of its October record high of $4,381.52. Silver eased 0.1% to $63.70, while platinum edged lower and palladium gained.

Oil prices

Oil prices jumped on Wednesday after US President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela, heightening geopolitical tensions amid already weak demand. Brent crude futures rose 53 cents, or 0.9%, to $59.46 a barrel at 0105 GMT, while US West Texas Intermediate gained 55 cents, or 1%, to $55.82.

The rebound followed a sharp decline in the previous session, when oil settled near five-year lows on progress in Russia-Ukraine peace talks. Trump’s order marks a significant escalation, with the president also designating Venezuela’s leadership as a foreign terrorist organization. A US oil trader said the move could disrupt 0.4–0.5 million barrels per day, adding $1–$2 per barrel to crude prices.