Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US consumer confidence to oil prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a tepid note Wednesday following mixed cues from global peers.

Asian markets traded lower, while the US stock market ended higher overnight amid cautiousness ahead of Nvidia results later today.

On Tuesday, the Indian stock market benchmark indices ended choppy session flat amid largely mixed global cues.

The Sensex rose 13.65 points, or 0.02%, to close at 81,711.76, while the Nifty 50 settled 7.15 points, or 0.03%, higher at 25,017.75.

“Markets are optimistic about the US Fed policy rate cut following Jerome Powell's supportive comments and the Federal Reserve’s confidence in achieving its 2% inflation target. Further buying by FIIs over the last three days added to the sentiments. We expect this up-move to continue with Nifty likely headed towards new highs in near term supported by broader market and stock specific action,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Wednesday. Japan’s Nikkei 225 was flat, while the Topix fell 0.3%. South Korea’s Kospi fell 0.4% and Kosdaq was down 0.40%. Hong Kong’s Hang Seng index futures also indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 25,005 level, a premium of nearly 4 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 Tuesday with the Dow Jones notching a record-high close for the second day in a row.

The Dow Jones Industrial Average rose 0.02% to 41,250.50, while the S&P 500 gained 0.16% to end at 5,625.80. The Nasdaq closed 0.16% higher at 17,754.82.

Nvidia stock price rose 1.5%, Apple shares gained 0.4%, while Amazon stock fell 1.4%. Paramount Global share price declined more than 7%, while Tesla stock price fell 1.9%. Super Micro Computer share price dropped 2.6%.

US Consumer Confidence

US consumer confidence rose in August. The Conference Board said its consumer confidence index increased to 103.3 this month from an upwardly revised 101.9 in July. Economists polled by Reuters had forecast the index would be little changed from the previously reported 100.3.

US Home Prices

US single-family home prices fell in June, leading to the smallest annual increase in nearly a year. House prices dipped 0.1% on a month-on-month basis after being unchanged in May, Reuters reported. They increased 5.1% in the 12 months through June, the smallest year-on-year rise since July 2023, after advancing by an upwardly revised 5.9% in May.

Gold Rate Today

Gold prices were little changed, but held near a record high hit last week on prospects of imminent US Fed rate cuts and safe-haven demand.

Spot gold was flat at $2,524.88 per ounce, while US gold futures rose 0.3% to $2,560.20.

Dollar

The dollar index fell 0.3% to 100.53, after earlier dropping to its lowest since July last year. For the month of August, the dollar has fallen 3.2%, on track for its biggest monthly decline since November 2022.

Oil Prices

Crude oil prices traded higher after dropping more than 2% on Tuesday, as an industry report showed a further decline in US crude stockpiles.

Brent crude oil rose 0.57% to $80.00 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.53% to $75.93.

(With inputs from Reuters)

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