Indian stock market: 7 key things that changed for market overnight - Gift Nifty, crude oil to Bitcoin prices

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

Asian markets traded mostly higher, while the US stock market ended with gains overnight as investors looked ahead to megacap technology earnings and US Presidential Elections 2024.

On Monday, the Indian stock market ended with strong gains led by financials and metal stocks, snapping a five-day slump.

The Sensex rallied 602.75 points, or 0.76%, to close at 80,005.04, while the Nifty 50 settled 158.35 points, or 0.65%, higher at 24,339.15.

“Markets started the last week of the month on a positive note ahead of the Diwali festival. This was further supported by a fall in crude oil prices by more than $3/barrel. Despite this, we expect the truncated week to remain sideways amid a mixed Q2 season, monthly F&O expiry and continued selling by FIIs,” said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday. Japan’s Nikkei 225 was flat, while the Topix gained 0.3%. South Korea’s Kospi fell 0.4%, and the Kosdaq declined 0.41%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 24,390 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher ahead of a packed week of earnings from megacap companies.

The Dow Jones Industrial Average gained 273.17 points, or 0.65%, to 42,387.57, while the S&P 500 rose 15.4 points, or 0.27%, to 5,823.52. The Nasdaq Composite ended 48.58 points, or 0.26%, higher at 18,567.19.

Tesla stock price fell 2.48%, Boeing share price fell 2.8%, while 3M stock jumped 4.4% and VF Corp shares jumped 23%. Ford Motor shares declined 6% after market hours.

Oil Prices

Crude oil prices steadied after falling 6% in the previous session as the market focused on developments in the Middle East and upcoming US economic data.

Brent crude oil rose 0.59% to $71.84 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.61% to $67.79.

Bitcoin Prices

Bitcoin price rose past $70,000 for the first time since June led by inflows into dedicated exchange-traded funds. The largest digital asset rose 3.31% to trade at $69,919. Smaller tokens including second-ranked Ether also posted modest gains.

Japan’s Jobless Rate

Japan’s jobless rate in September fell to 2.4% from 2.5% in August. The seasonally adjusted unemployment rate compared with economists' median forecast of 2.5%, Reuters reported. The jobs-to-applicants ratio in September edged up to 1.24 from 1.23 in August.

Currencies

The US dollar was headed for its best month in 2-1/2-years on Tuesday, as it eyed a 3.5% gain against a basket of currencies and the yen languished near a three-month trough. The dollar index was little changed at 104.28, Reuters reported.

The yen was last 0.1% higher at 153.12 per dollar, after having slumped to a low of 153.885 on Monday - its weakest level since July. The euro rose 0.05% to $1.0816, while sterling ticked up 0.03% to $1.2976. China’s yuan last stood at 7.1447 per dollar in the offshore market.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.