The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following largely positive global market cues, and expectations over India-US trade deal talks.
Asian markets gained, while the US stock market ended mixed overnight, on hopes that the government shutdown could be nearing an end.
On Tuesday, the Indian stock market extended gains to the second consecutive session and ended with decent gains.
The Sensex rallied 335.97 points, or 0.40%, to close at 83,871.32, while the Nifty 50 settled 120.60 points, or 0.47%, higher at 25,694.95.
“Near-term market direction will hinge on the ongoing earnings season and progress on the US-India trade discussions. Any constructive developments on the trade front could bolster investor sentiment and lend support to overall market momentum,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Wednesday, following a mixed trade on Wall Street overnight. Japan’s Nikkei 225 gained 0.21%, while the Topix rose 0.35%. South Korea’s Kospi advanced 0.29%, while the Kosdaq rallied 0.62%. Hong Kong’s Hang Seng Index futures indicated a slightly higher opening.
Gift Nifty Today
Gift Nifty was trading around 25,955 level, a premium of nearly 144 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
Wall Street
US stock market ended mixed on Tuesday, with the Dow Jones Industrial Average posting a record high close, on progress toward ending the longest US government shutdown.
The Dow Jones Industrial Average rallied 1.18% to 47,927.96, while the S&P 500 gained 0.21% to end at 6,846.61. The Nasdaq closed 0.25% lower at 23,468.30.
Nvidia stock price declined 2.96%, AMD shares fell 2.65%, Apple share price rose 2.16%, while Intel stock dropped 1.48%. Eli Lilly, Johnson & Johnson and AbbVie shares gained 2% each, while Paramount Skydance stock price surged almost 10%.
India-US Trade Talks
US President Donald Trump said his administration plans to lower the high tariffs levied against India, as New Delhi has “stopped” the Russian oil purchase. According to reports, Trump also said that Washington is close to a “fair deal” with New Delhi.
Bihar Exit Poll Results
Bihar exit polls forecast a return to power for the NDA, projecting a clear majority with 130-160 seats, while the Mahagathbandhan is expected to secure only 70-100 seats. The Bihar legislative assembly has 243 seats, and 122 seats are needed for a simple majority. The Bihar election results will be announced on November 14.
US Employment Data
US companies shed 11,250 jobs per week on average in the four weeks ended October 25, according to data released by ADP Research. The figures suggest the labor market slowed in the second half of October, compared with earlier in the month.
Direct Tax Collection
The Union Government’snet direct tax collection recorded a 7% YoY growth at over ₹12.92 lakh crore till November 10 this fiscal year. It was about ₹12.08 lakh crore in the year-ago period. In the current fiscal year, the government has projected its direct tax collection at ₹25.20 lakh crore, up 12.7% YoY.
Dollar
The US dollar eased after private-sector US jobs data. Against a basket of currencies, the dollar languished near its lowest in more than a week and was last at 99.46, Reuters reported. The safe-haven yen last stood at 154.08 per dollar. The euro was steady at $1.1586 and sterling last traded at $1.3149.
Gold Prices
Gold price rose for a fourth straight session, supported by a weaker dollar and expectations of the reopening of the US government. Spot gold price rose 0.4% to $4,142.70 per ounce, while US gold futures for December delivery rose 0.8% to $4,149.20 per ounce.
Crude Oil Prices
Crude oil prices fell after a three-day gain. Brent crude oil fell 0.11% to $65.09 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.10% to $60.97.