Indian stock market: 7 key things that changed for market overnight - Gift Nifty, weak US dollar to gold prices
Indian stock market: Both Indian indices - Sensex and Nifty - is likely to open in red on Wednesday despite market rally in global markets after U.S. President Donald Trump extended the deadline for a 50% tariff on European Union imports until July 9.
Asian markets saw a significant rally on Wednesday after Wall Street extended gains on investor optimism.
On Tuesday, the Indian stock market ended the day in red on heavy profit booking in large-caps and engaged in selective buying in the mid- and small-cap segments by investors.
The Sensex closed 625 points, or 0.76%, lower at 81,551.63, while the Nifty 50 declined by 175 points, or 0.70%, to finish at 24,826.20.
'The Indian equity market witnessed a volatile session on May 27, with both benchmark indices ending notably lower. The Nifty declined by 175 points, while the Sensex fell by 625 points, reflecting broad-based profit booking across key sectors. Interestingly, the Defense sector outperformed, gaining over 1%, whereas Auto, Banking, and IT stocks came under pressure due to intraday selling.
After an early dip, the market recovered sharply during the day, but selling pressure re-emerged at higher levels, leading to a weak closing. This choppy price action indicates a lack of clear direction, suggesting that traders are in a wait-and-watch mode, anticipating a decisive breakout on either side before taking aggressive positions," said Mandar Bhojane, Equity Research Analyst at Choice Broking.
Asia-Pacific markets moved higher on Wednesday, following Wall Street's positive performance, as investor sentiment improved after U.S. President Donald Trump postponed the implementation of a 50% tariff on European Union imports to July 9.
Japan's Nikkei 225 gained 1.06%, and the Topix index rose by 0.88%. South Korea's Kospi climbed 0.65%, while the Kosdaq, focused on smaller companies, increased by 0.53%. In Australia, the S&P/ASX 200 edged up by 0.21%.
Gift Nifty was trading around 24,854 level, trading 7 points lower, indicating a flat start for the Indian stock market indices.
Wall Street rallied on Tuesday as investors grew more willing to take risks following U.S. President Donald Trump's recent easing of tariffs and a surprising rise in consumer confidence. The Dow Jones Industrial Average climbed 740.58 points, or 1.78%, reaching 42,343.65. Meanwhile, the S&P 500 advanced 118.72 points, or 2.05%, to close at 5,921.54, and the Nasdaq Composite surged 461.96 points, or 2.47%, ending the session at 19,199.16.
The dollar index fell 0.1% after a sharp rise in the previous session, making greenback-priced gold more attractive for other currency holders.
Yields on ultra-long Japanese government bonds (JGBs) dropped significantly, according to Reuters. The 30-year JGB yield declined by 10 basis points to 2.935%, marking its lowest level since May 14. Meanwhile, the 40-year yield fell by 10.5 basis points to 3.43%, and the 20-year yield decreased by 7 basis points to 2.435%. The 10-year JGB yield slipped 2 basis points to 1.485%, while the five-year yield remained unchanged at 1.01%.
Gold prices gained on Wednesday, helped by a slight retreat in the dollar and lower U.S. bond yields as investors await a U.S. core Personal Consumption Expenditures (PCE) price index report due later this week for interest rate clues.
Spot gold was up 0.5% at $3,314.19 an ounce, as of 0040 GMT, after dropping more than 1% on Tuesday. U.S. gold futures rose 0.4% to $3,313.20.
Oil prices fell by 1.5% on Tuesday, driven by concerns over a potential oversupply. These worries were fueled by signs of progress in negotiations between Iranian and U.S. officials, as well as expectations that OPEC might agree to raise production at an upcoming meeting later this week.
By 14:57 GMT, Brent crude futures had dropped 99 cents, or 1.5%, to $63.73 per barrel, while U.S. West Texas Intermediate crude declined by $1.02, or roughly 1.7%, to $60.48 per barrel.
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