Indian stock market: 7 key things that changed for market overnight – Gift Nifty, Dow Jones’ record close to oil prices

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open on a muted note Tuesday amid weak global market cues.

Asian markets traded lower, while the US stock market ended mixed overnight, weighed down by tech stocks.

On Monday, the Indian stock market indices ended with strong gains, with the Nifty 50 reclaiming the 25,000 level.

The Sensex rallied 611.90 points, or 0.75%, to close at 81,698.11, while the Nifty 50 settled 187.45 points, or 0.76%, higher at 25,010.60.

“Indian equities celebrated the festive day by regaining the 25k mark after an indication from the US Fed that interest rate cuts are most likely to start from its September meeting. We expect the ongoing momentum to continue further towards new highs with broader market participation. This week, the market will focus on India & US GDP data, derivatives monthly expiry, and other global cues,” 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 as investors look out for China’s industrial profits data as of July.

Japan’s Nikkei 225 fell 0.35%, while the Topix was flat. South Korea’s Kospi declined 0.42%, while the Kosdaq dropped 1.14%. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 25,025 level, a discount of nearly 20 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market indices.

Wall Street

US stock market ended mixed on Monday with the Dow Jones posting record close.

The Dow Jones Industrial Average rose 0.16% to end at 41,240.52 points, while the S&P 500 declined 0.32% to close the session at 5,616.84. The Nasdaq ended 0.85% lower at 17,725.77.

Nvidia stock price dropped 2.25%, Tesla shares declined 3.2% and Boeing fell 0.85%. Caterpillar and American Express shares ended around 1% higher each. US-listed shares of PDD Holdings tumbled almost 29%.

Gold Prices

Gold prices were steady near record highs on safe-haven demand amid geopolitical tensions in the Middle East and increasing bets on a US Federal Reserve interest rate cut in September.

Spot gold was flat at $2,515.83 per ounce, while US gold futures fell 0.2% to $2,551.20.

Oil Prices

Crude oil prices traded lower after jumping more than 3% in the previous session as Libya’s eastern government said it would halt exports.

Brent crude oil fell 0.22% to $81.25 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.32% to $77.17.

US Treasury Yields

US Treasury yields saw modest changes on Monday after economic data signaled a cooling in business spending.

The yield on the benchmark US 10-year Treasury note gained 0.9 basis point to 3.816%. The 10-year yield is on track for its fourth straight monthly fall, down nearly 30 basis points for August, its biggest drop since December, Reuters reported. The yield on the 30-year bond rose 0.3 bps to 4.105%, while the two-year Treasury yield climbed 1.8 bps to 3.932%.

Dollar

The US dollar rallied from an eight-month low. The US dollar index, a gauge of the dollar’s value against six major currencies, gained 0.07% to 100.92, rising from its lowest since late December of 100.53.

(With inputs from Reuters)

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