Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US dollar to oil prices

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open flat on Tuesday tracking mixed cues from global markets.

Asian markets traded mostly higher, while the US stock futures were down after a holiday.

On Monday, the Indian stock market ended higher with both the benchmark indices hitting fresh record highs intraday.

The Sensex gained 194.07 points, or 0.24%, to close at 82,559.84, while the Nifty 50 settled 42.80 points, or 0.17%, higher at 25,278.70.

“While key indices continued to be in a record-breaking spree on the back of selective buying in frontline stocks, several sectoral indices ended in red indicating that the bulls are beginning to lose steam. Investors would wait for the outcome of the key US jobs data to be released on Friday which will be key for interest rate decisions by the US Fed in the current month,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher on Tuesday amid the release of South Korea’s inflation data.

Japan’s Nikkei 225 rose 0.18%, while the Topix gained 0.38%. South Korea’s Kospi added 0.17%, and the Kosdaq inched up 0.02%. China’s CSI 300 futures were mostly flat after reaching a seven-month low on Monday. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 25,355 level, a premium of nearly 17 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.

Wall Street

US stock market was closed on Monday due to the Labor Day holiday.

Futures tied to the Dow Jones Industrial Average declined 63 points, or 0.1%, while S&P 500 futures were marginally lower, and Nasdaq-100 futures saw minor gains.

Oil Prices

Crude oil prices fell on concerns over China’s economic outlook. Brent oil declined 0.36% to $77.24 a barrel and West Texas Intermediate (WTI) crude gained 0.53% to $73.94.

South Korea Inflation

South Korea’s consumer inflation slowed in August to the weakest in nearly 3-1/2 years. The consumer price index rose 2.0% from a year earlier, after gaining 2.6% the previous month, marking the slowest annual rise since March 2021. It matched the median 2.0% increase tipped in a Reuters survey of economists and the central bank's medium-term inflation target of 2%.

Gold Price Today

Gold prices traded lower on Tuesday ahead of a slew of US economic data to gauge the size of the expected interest rate cut by the US Federal Reserve this month.

Spot gold fell 0.1% to $2,495.79 per ounce, after hitting a more than one-week low in the previous session. US gold futures were flat at $2,527.70.

Dollar

The dollar held close to a two-week high against the yen and the euro. The dollar index, which measures the US currency against six rivals, was at 101.69 in early trading, just below the two-week high of 101.79 it touched on Monday.

(With inputs from Reuters)

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