Indian stock market: The equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday, amid mixed global market cues and cautious sentiment on the domestic front.
Asian markets traded higher, while the US stock market ended mixed overnight, with the Nasdaq and the S&P 500 posting record closing highs.
On Monday, the Indian stock market ended sharply higher, led by strong buying in IT and banking stocks, with the benchmark Nifty 50 closing above 25,000 level.
The Sensex jumped 582.95 points, or 0.72%, to close at 81,790.12, while the NIfty 50 settled 183.40 points, or 0.74%, higher at 25,077.65.
“While global economic uncertainty coupled with the shutdown of the US government will weigh on the sentiment, focus will now shift to second quarter corporate earnings that will give some hint about the health of the companies amidst the delay in the US-India trade deal,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
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Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mostly higher on Tuesday, with Japan’s Nikkei 225 hitting a record high for the second straight session. The Nikkei 225 rallied 0.78%, while the Topix index rose 0.31%. Chinese, Hong Kong and South Korean markets are closed for the holidays.
Gift Nifty Today
Gift Nifty was trading around 25,156 level, a discount of nearly 29 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 Monday, with the Nasdaq and the S&P 500 posting record closing highs.
The Dow Jones Industrial Average declined 63.31 points, or 0.14%, to 46,694.97, while the S&P 500 rose 24.49 points, or 0.36%, to 6,740.28. The Nasdaq Composite closed 161.16 points, or 0.71%, higher at 22,941.67.
Tesla stock price rallied 5.5%, Nvidia share price fell 1.12%, Microsoft shares gained 2.17%, while AMD share price surged 23.7% and AppLovin stock price crashed 14.03%. Starbucks shares plunged 5%, while Comerica stock price gained 13.7% and Verizon shares dipped 5.1%.
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AppLovin share price ended 14.03% lower at $587.00 apiece on Nasdaq after reports that the US Securities and Exchange Commission is investigating the company’s data-collection practices. According to a Bloomberg News report citing people familiar with the matter, the SEC is reviewing allegations that AppLovin violated service agreements with its platform partners to deliver more targeted advertising to consumers.
Trump Tariffs
US President Donald Trump announced that all medium- and heavy-duty trucks imported into the United States will face a 25% tariff starting November 1. The tariffs will cover a wide range of larger vehicles, including delivery trucks, garbage trucks, public utility trucks, transit and shuttle buses, school buses, semi-trucks, and other heavy-duty vocational vehicles.
OpenAI – AMD Deal
OpenAI and Advanced Micro Devices announced a multibillion-dollar partnership to collaborate on AI data centers that will run on AMD processors. Under the terms of the deal, OpenAI committed to purchasing 6 gigawatts worth of AMD’s chips, starting with the MI450 chip next year. The ChatGPT maker will buy the chips either directly or through its cloud computing partners.
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US President Donald Trump said he was happy to work with Democrats on healthcare policy, a key sticking point in attempts to reopen the government, but the shutdown must end first.
Japanese Bond Yields
The yield on Japan’s 30-year government bond rose to an all-time high on Tuesday. Ten-year JGB yields also marked fresh 17-year peaks. The 30-year yield rose 2.5 basis points (bps) to an unprecedented 3.31%. The 10-year yield advanced 2 bps to 1.69%, the highest since July 2008.
Gold Prices
Gold prices rose to an all-time high, extending gains to a third session on US economic and political uncertainties and expectations of further interest rate cuts by the Federal Reserve. Spot gold price was flat at $3,961.64 per ounce, after hitting a fresh high of $3,977.19 earlier in the session. US gold futures for December delivery gained 0.2% to $3,985.50.
Crude Oil Prices
Crude oil prices were steady after rising more than 1% in the previous session. Brent crude futures gained 0.02% to $65.48 a barrel, while US West Texas Intermediate crude prices eased 0.02% to $61.68 a barrel.
(With inputs from Reuters)
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