Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US dollar to oil prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday following weak sentiment in global markets.

Asian markets traded lower, while US stock market indices ended mostly lower overnight ahead of the monetary policy decisions by various global central banks, including the US Federal Reserve and Bank of Japan.

The Bank of Japan began its policy meeting, while the US Fed’s Federal Open Market Committee (FOMC) meeting will also begin today with the interest rate decision to be announced on July 31.

On Monday, the Indian stock market benchmark indices gave up day’s gains to end flat, with the Nifty 50 just shy of touching the 25,000-mark during the session.

The Sensex inched 23.12 points, or 0.03%, higher to close at 81,355.84, while the Nifty 50 settled up 1.25 point, or 0.01%, at 24,836.10.

“Nifty was just a kiss away from the 25,000 mark. Once the index crosses the psychological level, we believe sentiments will get a further boost. Overall, we expect the market to continue its gradual uptick, however, volatility cannot be ruled out ahead of key events,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Tuesday following a mixed trend overnight on Wall Street and as Bank of Japan begins its two-day monetary policy meeting.

Japan’s Nikkei 225 declined 0.57%, while the Topix fell 0.56%. South Korea’s Kospi dropped 0.73%, and the Kosdaq fell 0.4%. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,878 level, a discount of nearly 45 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended Monday’s choppy session mixed.

The Dow Jones Industrial Average fell 49.41 points, or 0.12%, to 40,539.93, while the S&P 500 rose 4.44 points, or 0.08%, to 5,463.54. The Nasdaq Composite closed 12.32 points, or 0.07%, higher at 17,370.20.

Tesla share price jumped 5.6%, McDonald’s stock price gained 3.7%, while Abbott Laboratories shares fell 0.4%. Coinbase Global shares declined over 3% while Riot Platforms and Marathon Digital plunged more than 5%.

Japan Unemployment

Conditions in Japan’s labor market stayed tight in June, as the unemployment rate slipped to 2.5% in June from 2.6% a month earlier. Economists had expected the reading to hold steady at 2.6%.

Oil Prices

Crude oil prices traded near a seven-week low amid a shaky demand outlook, especially in China.

Brent crude futures fell 0.20% to $79.62 per barrel, while US West Texas Intermediate (WTI) crude futures declined 0.22% to $75.64 a barrel.

Dollar

US dollar held steady ahead of policy decisions by the Federal Reserve, and other global central banks this week. The dollar index, which measures the currency against the euro, yen and four other major currencies, rose 0.18% to 104.56.

(With inputs from Agencies)

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