Indian stock market: 8 things that changed for market overnight - Gift Nifty, Russia-Ukraine peace talks to gold rates

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a muted note on Wednesday, following gains in global markets.

Asian markets traded higher, while the US stock market gained overnight led by tech stocks and hopes of an interest rate cut by the US Federal Reserve.

On Tuesday, the Indian stock market ended lower, extending losses for the third straight session, amid weakness in rupee and persistent outflows of foreign institutional funds.

The Sensex plunged 503.63 points, or 0.59%, to close at 85,138.27, while the Nifty 50 settled 143.55 points, or 0.55%, lower at 26,032.20.

“Valuations at elevated levels and delay in the announcement of the Indo-US trade deal is causing a lot of anxiety amongst the investors who are looking at fresh positive triggers. The rupee’s downward spiral is also adding to investors discomfort,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Wednesday, following overnight recovery on Wall Street fuelled by tech stocks and hopes of US Fed rate cut. Japan’s Nikkei 225 gained 0.75%, while the Topix index was flat. South Korea’s Kospi rallied 0.82%, and the Kosdaq rose 0.10%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 26,209 level, a discount of nearly 4 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Wall Street

US stock market ended higher to record its sixth gain in seven sessions in muted trading on Tuesday, buoyed by gains in technology stocks.

The Dow Jones Industrial Average gained 185.13 points, or 0.39%, to 47,474.46, while the S&P 500 rose 16.74 points, or 0.25%, to 6,829.37. The Nasdaq Composite closed 137.75 points, or 0.59%, higher at 23,413.67.

Apple stock price rallied 1.09%, Nvidia share price rose 0.86%, AMD shares declined 2.06%, and Microsoft shares gained 0.67%. Intel stock price surged 8.65%, Boeing share price jumped 10.15%, while Tesla stock price fell 0.21%.

Russia-Ukraine Peace Talks

Talks between Russia and the US on ending the war in Ukraine were constructive, but much work remains, Yuri Ushakov, a senior adviser to President Vladimir Putin, said. Putin met US President Donald Trump’s envoy Steve Witkoff and son-in-law Jared Kushner in the Kremlin for peace deal talks.

Japan Services PMI

Japan’s services sector activity continued its steady growth in November. The S&P Global final Japan Services Purchasing Managers’ Index (PMI) edged up to 53.2 in November from 53.1 in October.

Bitcoin Prices

Bitcoin prices recovered overnight to cross above the $90,000 mark after a sharp sell-off a day earlier. Bitcoin prices were last trading up 6.14% at $91,908. Ether price rallied 7.64% to $3,013.

Gold Prices

Gold prices were little changed after a 1% drop in the previous session. Spot gold price held its ground at $4,207.43 per ounce, while US gold futures for December delivery were up 0.5% at $4,239.50 per ounce.

Crude Oil Prices

Crude oil prices traded flat as traders weighed the outlook for Russia-Ukraine peace plan. Brent crude oil rose 0.02% to $62.47 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.02% to $58.65.

(With inputs from Reuters)