Indian stock market: 8 key things that changed for market overnight - Gift Nifty, weak US dollar to gold prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open flat on Tuesday amid a cautious sentiment in global markets.

Asian markets traded mixed, while US stock futures jumped on easing trade tensions between the European Union and the US.

On Monday, the Indian stock market ended higher, extending the rally for the second consecutive session.

The Sensex gained 455.37 points, or 0.56%, to close at 82,176.45, while the Nifty 50 settled 148.00 points, or 0.60%, higher at 25,001.15.

“The dollar index has been falling for three consecutive sessions, trading near its one-month low levels which could increase foreign capital inflow in emerging markets like India. Overall, we expect Indian equities to continue its gradual up-move on the back of strong domestic macros and supportive global market trends,” said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Tuesday amid cautiousness over US President Donald Trump’s tariffs plans. Japan’s Nikkei 225 fell 0.15%, while the Topix index was flat. South Korea’s Kospi declined 0.15%, and the Kosdaq was flat. Hong Kong’s Hang Seng index futures indicated a flat opening.

Gift Nifty Today

Gift Nifty was trading around 25,040 level, a premium of nearly 5 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Wall Street

US stock market was closed on Monday for the Memorial Day holiday. US stock futures traded higher as investors welcomed Trump’s postponement of tariffs on imports from the European Union.

Dow Jones Industrial Average futures gained 407 points, or 1%, while S&P 500 futures rallied 1.1%. Nasdaq 100 futures surged 1.3%.

Dollar

The US dollar declined as concerns over the US debt profile continued to undermine sentiment towards US assets. The dollar index, which tracks the greenback against other major trading partners, slid 0.1%, down for a third-straight session. The dollar dropped 0.3% to 142.35 yen, while the Euro was up 0.1% to $1.1399, trading near the highest since April 29. Sterling gained 0.1% to $1.3581.

Japan Bond Yields

Yields on super-long Japanese government bonds (JGBs) fell sharply. The 30-year JGB yield fell 10 basis points (bps) to 2.935%, its lowest since May 14, while the 40-year JGB yield lost 10.5 bps to 3.43%. The 20-year JGB yield declined 7 bps to 2.435%, Reuters reported. The 10-year JGB yield fell 2 bps to 1.485% and the five-year yield was flat at 1.01%.

Japan’s Service-Sector Inflation

Japan’s service-sector inflation hit 3.1% in April. The April year-on-year gain in the services producer price index, which measures the price companies charge each other for services, followed a revised 3.3% increase in March.

Gold Prices

Gold prices traded higher, supported by a weaker dollar and concerns over the US fiscal outlook. Spot gold price rose 0.1% to $3,344.36 an ounce, while US gold futures fell 0.6% to $3,344.60.

Crude Oil Prices

Crude oil prices were steady amid easing trade tensions between the European Union and the US ahead of an OPEC meeting on supply policy decisions. Brent crude oil fell 0.06% to $64.78 a barrel, while the US West Texas Intermediate (WTI) crude futures eased 0.02% to $61.54.

(With inputs from Reuters)

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