Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US PMI, weak dollar to gold prices
Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, following gains in global markets.
Asian markets traded higher, while the US stock market gained overnight, even as trade tensions continue to linger.
On Monday, the Indian stock market ended the volatile session with minor losses, after staging a recovery from early declines.
The Sensex fell 77.26 points, or 0.09%, to close at 81,373.75, while the Nifty 50 settled 34.10 points, or 0.14%, lower at 24,716.60.
'The Indian market is expected to continue its consolidation amid weak global cues, although downside may be limited due to strong domestic macros and a potential boost from the anticipated RBI repo rate cut,' said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian markets traded higher on Tuesday following overnight gains on Wall Street. Japan's Nikkei 225 rose 0.36%, while the broader Topix index was flat. Hong Kong's Hang Seng index futures indicated a flat opening. South Korean markets are closed for election day.
Gift Nifty was trading around 24,866 level, a premium of nearly 40 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices.
US stock market ended higher on Monday amid optimism over trade talks between the United States and its trading partner.
The Dow Jones Industrial Average gained 35.41 points, or 0.08%, to 42,305.48, while the S&P 500 rose 24.25 points, or 0.41%, to 5,935.94. The Nasdaq Composite closed 128.85 points, or 0.67%, higher at 19,242.61.
Nvidia stock price gained 1.7%, Meta shares rose 3.6%, while Tesla share price fell 1.1%. Cleveland-Cliffs stock price surged 23%, while Ford shares declined 3.9% and General Motors stock price dropped 3.87%.
US manufacturing contracted for a third straight month in May. The Institute for Supply Management (ISM) said its manufacturing PMI edged down to a six-month low of 48.5 last month from 48.7 in April. Economists polled by Reuters had forecast the PMI rising to 49.3.
The dollar fell to a six-week low on signs of fragility in the US economy. The dollar index, which measures the US currency against six major peers, was little changed after touching 98.58, the lowest since late April, when it fell to a three-year trough. The greenback was at 142.71 yen, near a one-week low, Reuters reported. The euro was barely changed at $1.1446 after briefly touching a six-week high of $1.1454.
Gold prices traded higher to hit a near four-week high amid a weaker dollar and rising safe-haven demand. Spot gold price rose 0.1% to $3,381.13 an ounce, after hitting its highest level since May 8 earlier in the session. The metal gained about 2.7% in the previous session. US gold futures gained 0.3% to $3,406.10.
Crude oil prices rose on Tuesday on concerns about supply. Brent crude futures gained 0.80% to $65.15 a barrel, while US West Texas Intermediate crude prices rose 0.91% to $63.09 a barrel. Both contracts gained nearly 3% in the previous session.
(With inputs from Reuters)
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