The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, following losses in global markets after US Federal Reserve policy.
Investors also watch out for the meeting between US President Donald Trump and Chinese President Xi Jinping later today.
Asian markets traded lower, while the US stock market ended mixed overnight, with the Nasdaq registering another record closing high, after the US Federal Reserve cut interest rate by 25 bps.
However, the market odds of the Fed delivering another quarter-point cut in December have eased to around 68%.
On Wednesday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 26,000 level.
The Sensex rallied 368.97 points, or 0.44%, to close at 84,997.13, while the Nifty 50 settled 117.70 points, or 0.45%, higher at 26,053.90.
“With rotational buying seen across sectors, we expect the prevailing uptrend to continue, with the Nifty eyeing a fresh record high. Immediate support is placed at 25,800. While improving market breadth adds to the positive undertone, we continue to advise a selective approach, favoring fundamentally strong companies,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Thursday, after US Fed Chair Jerome Powell indicated that an interest rate cut in December was far from a “foregone conclusion.”
Japan’s Nikkei 225 fell 0.14%, while the Topix rose 0.1%. South Korea’s Kospi gained 1.01%, while the Kosdaq fell 0.1%. Hong Kong’s Hang Seng index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 26,160 level, a discount of nearly 78 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Wall Street
US stock market ended mixed on Wednesday after the US Federal Reserve cut interest rate but Fed Chair Jerome Powell said that another rate cut in December is far from assured.
The Dow Jones Industrial Average declined 74.37 points, or 0.16%, to 47,632.00, while the S&P 500 fell 0.30 points to 6,890.59. The Nasdaq Composite closed 130.98 points, or 0.55%, higher at 23,958.47.
Nvidia share price rallied 3%, Caterpillar shares jumped 11.6%, and Tesla stock price rose 0.20%. In extended trading, Meta Platforms share price plunged 7.37%, Microsoft shares declined 4%, and Alphabet stock price rallied 6.73%.
US Fed Rate Cut
The Jerome Powell-led US Federal Reserve’s Federal Open Market Committee (FOMC) in its October monetary policy decided to cut the key benchmark interest rates by 25 basis points to the range of 3.75% to 4.00%. Powell said that a future rate cut is not a ‘foregone conclusion’ and that the reality is different.
Nvidia Share Price
Nvidia made history on Wednesday as the first company to reach $5 trillion in market value. Nvidia share price rallied 3% to $207.04, giving it a stock market value of $5.03 trillion. Nvidia shares have risen more than 50% this year, leading the artificial intelligence rally on Wall Street. Nvidia stock is single handedly responsible for nearly a fifth of the S&P 500 Index’s 17% advance in 2025.
Gold Prices
Gold prices traded higher, as a slight pullback in the dollar and a widely expected 25 bps rate cut from the US Federal Reserve lifted demand. Spot gold price rose 0.4% to $3,942.97 per ounce, while US gold futures for December delivery slipped 1.1% to $3,955 per ounce.
US Dollar
The dollar nudged higher as traders scaled back bets of a US rate cut in December. Sterling last traded at $1.3195 after falling to a 5-1/2-month low in the previous session. The euro rose 0.03% to $1.1604. Japanese yen was languishing near an eight-month low against a resurgent dollar and last stood at 152.59.
Crude Oil Prices
Crude oil prices eased. Brent crude oil fell 0.02% to $64.91 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.23% to $60.36.