Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US inflation data to gold prices

Indian stock market: The benchmark indices of the domestic equity market, Sensex and Nifty 50, are likely to open positive on Thursday, despite mixed signals from global markets.

Asian markets edged lower on Thursday for the first time in five sessions, meanwhile, US markets closed in a positive note.

On Wednesday, the Indian stock market closed on a positive note supported by mostly favorable global signals indicating reduced geopolitical tensions. The Sensex gained 182 points, or 0.22%, to settle at 81,330.56, while the Nifty 50 advanced 89 points, or 0.36%, ending at 24,666.90.

“Markets traded within a narrow range following Tuesday’s dip but managed to close slightly higher. The session began on a positive note, supported by encouraging factors such as easing retail inflation and stable global cues. However, the absence of sustained buying interest and a mixed performance among heavyweight stocks limited further gains as the day progressed. Eventually, the Nifty closed at 24,666.90, up by 0.36%. Most key sectors contributed to the up move, with the exception of banking. Notably, metal, realty, and energy sectors were among the top performers. The broader markets also witnessed strong interest, with both midcap and smallcap indices gaining over 1%,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets declined on Thursday, pulling back after mostly rising in the previous session due to a slight thaw in U.S.-China trade tensions.

Japan's Nikkei 225 dropped 0.90%, and the Topix index slid 0.75%. South Korea's Kospi shed 0.29%, while the Kosdaq, which tracks smaller-cap stocks, dipped 0.37%. Australia's S&P/ASX 200 slipped 0.24%.

In Hong Kong, the Hang Seng index fell 0.42%, and China’s CSI 300 remained largely unchanged.

Gift Nifty Today

Gift Nifty opened around 24,767 level, a premium of nearly 42 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.

Wall Street

U.S. stock futures edged lower in overnight trading following a third consecutive daily gain for the S&P 500. Earlier this week, the U.S. and China reached a temporary pause in their ongoing tariff dispute.

During the overnight session, the S&P 500 posted a slight gain, continuing a strong start to the week that brought the index into positive territory for the year. It ticked up 0.10% to close at 5,892.58. Meanwhile, the Nasdaq Composite climbed 0.72% to finish at 19,146.81. In contrast, the Dow Jones Industrial Average dropped 89.37 points, or 0.21%, ending the day at 42,051.06.

US inflation

The U.S. is set to release wholesale inflation data, retail sales figures, and Walmart's earnings later this evening.

U.S. consumer prices rose modestly in April, marking the smallest year-over-year gain in four years. The Consumer Price Index (CPI) edged up 0.2% last month, following a 0.1% drop in March—the first monthly decline since May 2020. Economists surveyed by Reuters had expected a 0.3% increase. Over the 12 months ending in April, the CPI rose 2.3%, down slightly from the 2.4% annual increase recorded in March.

US-China trade deal

China announced on Wednesday that it would suspend certain non-tariff countermeasures following a weekend agreement between Beijing and Washington to reduce tariffs on each other's goods, marking another step toward easing their trade conflict.

However, during talks held last weekend in Switzerland, the world’s two largest economies agreed to temporarily reduce tariffs, with the U.S. lowering its duties to 30 percent and China cutting its corresponding tariffs to 10 percent.

Gold prices

Gold prices declined by over 2% on Wednesday, reaching their lowest level in more than a month, as growing optimism around trade developments increased investor appetite for risk, prompting a move away from bullion.

Spot gold dropped 2% to $3,181.62 an ounce by 1:55 p.m. ET (5:55 p.m. GMT), the lowest since April 11. Earlier in the session, it fell as low as $3,174.62.

Meanwhile, U.S. gold futures ended the day down 1.8% at $3,188.30.

Crude oil prices

Oil prices dropped by nearly $1 in early trading on Thursday amid speculation about a possible U.S.-Iran nuclear agreement, which raised concerns about increased supply. Additionally, an unexpected rise in U.S. crude inventories last week added to fears of oversupply.

By 0055 GMT, Brent crude futures declined by 88 cents, or 1.3%, to $65.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 92 cents, or 1.5%, to $62.23.

Both benchmarks had already slipped around 0.8% on Wednesday.

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