Indian stock market: The equity market benchmark indices, Sensex and Nifty 50, are expected to open on a flat note Tuesday, following mixed global market cues.
Asian markets traded mixed, while the US stock market ended higher overnight, led by a rally in technology stocks.
On Monday, the Indian stock market ended lower, extending its losing streak to the seventh consecutive session.
The Sensex declined 61.52 points, or 0.08%, to close at 80,364.94, while the Nifty 50 settled 19.80 points, or 0.08%, lower at 24,634.90.
“On one hand, the overhang of recent US policy actions has eased slightly; however, persistent foreign fund outflows and caution ahead of the MPC meeting continue to weigh on sentiment. Participants should focus on selective stock opportunities aligned with sectoral trends while keeping position sizes under check,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
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Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Tuesday, following overnight gains on Wall Street. Japan’s Nikkei 225 fell 0.32%, while the Topix declined 0.21%. South Korea’s Kospi gained 0.27%, while the Kosdaq rose 0.18%. Hong Kong’s Hang Seng index futures indicated a higher opening.
Gift Nifty Today
Gift Nifty was trading around 24,692 level, a premium of nearly 7 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
Wall Street
US stock market ended higher on Monday, led by gains in technology stocks.
The Dow Jones Industrial Average gained 68.78 points, or 0.15%, to 46,316.07, while the S&P 500 rose 17.51 points, or 0.26%, to 6,661.21. The Nasdaq Composite closed 107.09 points, or 0.48%, higher at 22,591.15.
Nvidia share price rallied 2.07%, Amazon shares gained 1.09%, Intel stock dipped 2.9%, while Tesla stock price rose 0.64%. Electronic Arts shares surged 4.5%, Lam Research shares advanced 2.15%, Canopy Growth share price jumped 17% while Cronos Group shares spiked 13.15% and Tilray Brands shares jumped 60.9%.
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US President Donald Trump set a 10% tariff rate on imports of lumber and 25% on vanities, kitchen cabinets and upholstered wooden products. The tariffs will take effect on October 14. On January 1, the tariff rates would increase to 30% for upholstered wooden products and to 50% for kitchen cabinets and vanities imported from countries that fail to reach an agreement with the US.
US Government Shutdown
US Vice President JD Vance said he believes the US government is on track to shut down. “I think we’re headed to a shutdown,” Vice President JD Vance said. President Donald Trump and his Democratic opponents appeared to make little progress at a White House meeting aimed at heading off a government shutdown.
US Fed Officials
St. Louis Federal Reserve President Alberto Musalem said he was open to further interest rate cuts but the Fed must be cautious and keep rates high enough to continue to lean against inflation that remains roughly a percentage point above the central bank’s 2% target, Reuters reported. Federal Reserve Bank of New York President John Williams said that emerging signs of weakness in the labor market drove his support for cutting interest rates at the most recent central bank meeting.
China PMI
China’s manufacturing activity shrank for a sixth month in September. The official purchasing managers’ index (PMI) rose to 49.8 in September versus 49.4 in August, below the 50-mark separating growth from contraction, and beating a median forecast of 49.6 in a Reuters poll.
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Bank of Japan board members debated the feasibility of raising interest rates in the near term, with one suggesting the timing may be appropriate, a summary of opinions at the central bank’s September policy meeting showed.
Crude Oil Prices
Crude oil prices fell on another anticipated production increase by OPEC and the resumption of oil exports from Iraq’s Kurdistan region via Turkey. Brent crude futures for November delivery fell 0.66% to $67.52 a barrel, while US West Texas Intermediate crude price was trading at $63.07 a barrel, down 0.60%.
Dollar
The US dollar fell in cautious trading as investors braced for a possible US government shutdown. US dollar index, which has dropped 9.7% this year, eased a bit to 97.948. The euro was flat at $1.17275, while sterling was at $1.3433. The Japanese yen was slightly weaker at 148.72 per US dollar.
(With inputs from Reuters)
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