Indian stock market: 6 key things that changed for market overnight – Gift Nifty, Wall Street rally to US dollar | Stock Market News

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

Asian markets rose, while the US stock market ended higher overnight, with both the Dow Jones Industrial Average and the Nasdaq Composite making it three straight sessions on gains.

On Monday, the Indian stock market witnessed a short-covering rally, with both the benchmark indices rising over half a percent higher each.

On Monday, the Indian stock market witnessed a short-covering rally, with both the benchmark indices rising over half a percent higher each.

The Sensex gained 498.58 points, or 0.64%, to close at 78,540.17, while the Nifty 50 settled 165.95 points, or 0.7%, higher at 23,753.45.

“The positive sentiment was influenced by softer US inflation data, which buoyed regional markets. Investors are now focusing on the Reserve Bank of India’s forthcoming monetary policy and the Union Budget 2025, anticipating policy measures that could further support economic growth and market stability. Over the next few days, trading volumes are expected to be thin due to this being a holiday-shortened week,” said Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher following overnight gains on Wall Street led by tech stocks.

Japan’s Nikkei 225 and Topix were flat, South Korea’s Kospi added 0.31% while the Kosdaq rallied 0.72%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 23,760 level, a discount of nearly 9 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 Monday led by gains in megacap stocks.

The Dow Jones Industrial Average gained 66.69 points, or 0.16%, to 42,906.95, while the S&P 500 rose 43.22 points, or 0.73%, to 5,974.07. The Nasdaq Composite closed 192.29 points, or 0.98%, higher at 19,764.89.

Meta Platforms, Tesla and Nvidia shares all closed between 2.3% and 3.7% higher. Qualcomm stock price gained 3.5%, while Walmart shares fell 2%.

Eli Lilly stock price rallied 3.7%, ResMed and Inspire Medical fell 2.6% and 0.1%, while Nordstrom shares declined 1.5%.

BOJ Meeting Minutes

Bank of Japan policymakers agreed in October to keep raising interest rates if the economy moves in line with their forecast, but some stressed the need for caution due to the uncertain outlook, minutes of the meeting showed, Reuters reported.

US Dollar

The US dollar was firm on prospects of higher-for-longer US interest rates. Against a basket of currencies, the US dollar was perched near a two-year peak of 108.54 and was last at 108.10.

The yen was pinned near a five-month low and last stood at 157.19 per dollar, having already fallen 4.7% this month, Reuters reported. The euro was at $1.0403, while sterling eased 0.01% to $1.2534.

Gold Price Today

Gold prices were steady, with investors bracing for a less aggressive interest rate cut path from the Federal Reserve next year. Spot gold traded flat at $2,614.87 per ounce, while US gold futures steadied at $2,628.90.

(With inputs from Reuters)

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