Gift Nifty signals a tepid start for the benchmark indices.
Photo Source: PTI
The Indian stock market is expected to open on a muted note on Wednesday, following mixed cues from global markets and lower crude oil prices. Signs of easing tensions in the Middle East after the US-Iran talks is likely to improve investor sentiment.
The trends on Gift Nifty also signal a negative start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 23,342 level, a discount of nearly 53 points from the Nifty futures’ previous close.
“Indian equities are likely to remain sideways to marginally positive in the near term, although global volatility remains elevated. Developments in West Asia, movements in Brent crude, foreign flows and global cues will remain key near-term drivers,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
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Here are five key factors that may drive the Indian stock market today:
Asian Markets
Asian stock market traded higher on Wednesday, as oil prices fell on hopes of a peace deal for the Mideast conflict after US-Iran talks. South Korea’s Kospi gained 1.08%, while the Kosdaq rose 0.93%. Hong Kong Hang Seng index futures indicated a higher opening. Japan’s markets are closed for a holiday.
Wall Street
US stock market ended mixed on Tuesday, with the Nasdaq notching second straight record high close, lifted by gains in technology and AI-related stocks.
The Dow Jones Industrial Average declined 0.36% to 51,863.69, while the S&P 500 was flat at 7,764.64. The Nasdaq closed 0.45% higher at 27,244.28.
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US-Iran Talks
US President Donald Trump said officials had “very good” talks with Iranian envoys in New York, raising hopes for a new diplomatic solution to the war in the Middle East, hours after he again threatened to annihilate the country. Trump said the three-hour session was “very productive”, and another was being planned for the near future. The talks were held on the sidelines of the United Nations General Assembly gathering.
Crude Oil Prices
Crude oil prices extended losses on hopes for diplomatic progress in the US-Iran war in the Middle East and encouraging news about oil exports from the region. Brent futures fell 0.21% to $99.04 a barrel, WTI crude futures declined 0.48% to $90.09 a barrel.
Gold Rate Today
Gold prices were steady as traders monitored progress in US-Iran talks. Spot gold price rose 0.1% to $4,363.50 an ounce, while silver price gained 0.5% to $67.40 an ounce, after gaining 1.6% the day before.
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