Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Wall Street rally to oil prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a muted note on Tuesday amid mixed global market cues.

Asian markets traded mixed, while the US stock market ended higher overnight, with all the three major Wall Street indexes surging to record high closes.

On Monday, the Indian stock market benchmark indices ended flat amid volatility, dragged by selling in index heavyweights.

The Sensex gained 9.83 points, or 0.01%, to close at 79,496.15, while the Nifty 50 settled 6.90 points, or 0.03%, lower at 24,141.30.

“The resilience in banking and IT has sparked cautious optimism for a recovery, but consistent upward momentum in these sectors is essential for a sustained rebound; otherwise, the market may continue to fluctuate within a narrow range. With the earnings season nearing its end, volatility is expected to remain elevated. In this environment, traders should consider a hedged strategy, focusing on carefully selected stocks for potential gains,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday amid cautiousness. Japan’s Nikkei 225 gained 0.23%, while the Topix rose 0.68%. South Korea’s Kospi declined by 1.25%, and the Kosdaq Index dropped 2.04%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,230 level, a premium 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 with all Wall Street's main indexes notching record high closes on Monday and Dow Jones ending above 44,000 for the first time.

The Dow Jones Industrial Average gained 0.69% to 44,293.13, while the S&P 500 rose 0.10% to 6,001.35. The Nasdaq closed 0.06% higher at 19,298.76.

Tesla’s stock market value surged 9% to over $1.1 trillion, while Microsoft, Amazon and Meta Platforms each dipped about 1%. Nvidia stock price fell 1.6%.

Coinbase Global shares jumped 20%, and bitcoin miners MARA Holdings and Riot Platforms stocks rallied 30% and 17%, respectively.

RBI

The Reserve Bank of India (RBI) introduced a streamlined operational framework to allow foreign portfolio investors (FPIs) to convert their investments to foreign direct investment (FDI) when equity holdings in Indian companies surpass the prescribed 10% limit. The RBI’s new framework mandates that this reclassification be finalized within five trading days following the transaction that breaches the limit, subject to approvals from both the Indian government and the invested company.

Gold Price Today

Gold prices hovered near a one-month low on Tuesday amid stronger US dollar and ahead of US economic data.

Spot gold was little changed at $2,622.89 per ounce, after hitting its lowest since October 10 on Monday, while US gold futures rose 0.4% to $2,629.10.

Oil Prices

Crude oil prices held the biggest drop in two weeks on a soft demand outlook in China and concerns of oversupply in the market.

Brent crude oil fell 2.76% to $71.83 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.28% to $68.23, after falling more than 3% on Monday.

Bitcoin Prices

Bitcoin prices continued to hit record highs, surpassing $89,000 for the first time. This surge in Bitcoin prices was driven by optimism surrounding President-elect Donald Trump’s favorable stance on digital assets and the potential for a Congress with pro-crypto lawmakers, fueling investor confidence in the cryptocurrency market.

(With inputs from Reuters)

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