Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, following a rally in global markets, amid cooling geopolitical tension in the Middle East after Israel and Hamas agreed for a ceasefire deal to end the war in Gaza.
Asian markets traded higher, while the US stock market ended mostly higher overnight, with the S&P 500 and the Nasdaq recording all-time closing highs.
On Wednesday, the Indian stock market ended lower, with the benchmark indices snapping their four-day winning streak amid profit booking.
The Sensex fell 153.09 points, or 0.19%, to close at 81,773.66, while the Nifty 50 settled 62.15 points, or 0.25%, lower at 25,046.15.
“We continue to maintain a “buy on dips” strategy and recommend focusing on opportunities with a favorable risk-reward setup, particularly within sectors showing consistent relative strength such as auto, metals, and PSUs, while remaining selective in others,” 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 higher on Thursday, following overnight rally on Wall Street, and amid cooling tensions in the Middle East. Japan’s Nikkei 225 index gained 1.32%, while the Topix index rose 0.36%. Hong Kong’s Hang Seng Index futures indicated a higher opening, while South Korean markets are closed for a holiday.
Gift Nifty Today
Gift Nifty was trading around 25,150 level, a premium of nearly 30 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended mostly higher on Wednesday, led by gains in technology stocks, with the S&P 500 and the Nasdaq notching all-time closing highs.
The Dow Jones Industrial Average eased 1.20 points, or 0.00%, to 46,601.78, while the S&P 500 gained 39.13 points, or 0.58%, to 6,753.72. The Nasdaq Composite closed 255.02 points, or 1.12%, higher at 23,043.38.
Nvidia share price gained 2.20%, Advanced Micro Devices shares surged 11.37%, Amazon shares rose 1.55%, while Tesla stock price rallied 1.29%. Datadog shares jumped 6.2%, Fair Isaac Corp shares declined 9.8% and Dell stock price spiked 9.1%.
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Israel and Hamas have agreed to the “first phase” of his peace plan to pause fighting and release at least some hostages and prisoners, US President Donald Trump said. AFP reported that the first phase of a ceasefire deal between Israel and Hamas in Gaza will be signed on Thursday in Egypt.
US Fed Meeting Minutes
Most members of the US Federal Reserve’s rate setting committee supported further interest rate cuts this year, according to minutes from last month’s meeting. A majority of Fed officials felt that the risk unemployment would rise, had worsened since their previous meeting in July, while the risk of rising inflation “had either diminished or not increased,” the minutes said.
Gold Prices
Gold prices fell after peaking at an all-time high above $4,000 an ounce. Bullion declined as much as 0.7% to around $4,015 an ounce, after closing 1.4% higher in the previous session.
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The dollar held steady, on track for its best week in nearly a year, buoyed by a weak yen. Against a basket of currencies, the dollar was little changed at 98.77. The Japanese yen was last a touch stronger at 152.49 per dollar. Euro last traded 0.09% higher at $1.1639, while Sterling rose 0.07% to $1.3413.
Crude Oil Prices
Crude oil prices fell on cooling tensions in the Middle East and higher US inventories. Brent crude oil declined 0.71% to $65.77 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped 0.85% to $62.02.
(With inputs from Reuters)
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