Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Dow Jones record close to oil prices

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

Asian markets traded mixed, while the US stock market ended higher amid rising hopes of a second Donald Trump presidency and bets that the US Federal Reserve will cut interest rates this year.

On Monday, the Indian stock market frontline indices ended at their fresh closing highs led by select index heavyweights.

The Sensex gained 145.52 points, or 0.18%, to close at 80,664.86, while the Nifty 50 settled 84.55 points, or 0.35%, higher at 24,586.70.

“Investors are adopting a selective buying approach with just over a week's time left for the Budget, as the market has already run up sharply over the past few weeks in hopes of a strong reform-oriented Budget. Global cues will also dictate trends, and investors would be watchful of the geo-political tensions and the Fed's statement on rate cuts,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday. Japan’s Nikkei 225 rose 0.75% and the Topix gained 0.88%. South Korea’s Kospi was marginally higher, while the Kosdaq declined 1.4%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,630 level, a premium of nearly 8 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Wall Street

US stock market ended higher on Monday, with the Dow Jones Industrial Average notching an all-time closing high, amid increasing expectations of a second Donald Trump presidency.

The Dow Jones Industrial Average rallied 210.82 points, or 0.53%, to 40,211.72, while the S&P 500 rose 15.87 points, or 0.28%, to 5,631.22. The Nasdaq Composite closed 74.12 points, or 0.40%, higher at 18,472.57.

Goldman Sachs shares gained 2.6%, while Macy’s Inc share price fell 11.7%. Trump Media & Technology Group share price jumped 31.4%. Coinbase Global, Marathon Digital Holdings and Riot Platforms rose between 11.4% and 18.3%. Smith & Wesson gained 11.4% and GEO Group surged 9.3%. Sunrun and SolarEdge Technologies tumbled 9.0% and 15.4%, respectively.

Jerome Powell

US Federal Reserve Chair Jerome Powell that recent data boosts the central bank’s confidence that inflation is coming down towards its 2% target, a trend that signals interest rate cuts on the horizon, AFP reported.

“We didn't gain any additional confidence in the first quarter but the three readings in the second quarter, including the one from last week, do add somewhat to confidence,” Powell said in an interview with the Economic Club of Washington DC.

Oil Prices

Crude oil prices traded lower amid worries about a slowing Chinese economy crimping demand.

Brent futures fell 0.05% to $84.81 a barrel, while US West Texas Intermediate (WTI) crude dropped 0.07% to $81.85.

Dollar, Treasury Yields

The US dollar index, which measures the greenback against a basket of currencies, was last down 0.04% to 104.25. Benchmark 10-year yields rose 4 basis points to 4.229%, while two-year yields fell half a basis point to 4.4554%.

Gold Rate Today

Gold prices were steady on Tuesday led by bets that the Federal Reserve will cut interest rates this year. Spot gold was at $2,422.12 per ounce, while US gold futures dipped 0.1% to $2,425.60.

(With inputs from Agencies)

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