Indian stock market: 7 things that changed for market overnight- Gift Nifty, US-China trade talks to gold prices
Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are likely to open on a positive note on Wednesday following strong global cues and growing optimism on the US-China trade negotiations.
Asian markets rose on Wednesday, meanwhile U.S. stock futures remained largely unchanged during early Asian trading hours, as investors awaited further clarity on trade negotiations and the upcoming release of May's U.S. consumer inflation data.
On Tuesday, the Indian stock market benchmark, Sensex, ended its four-day winning run on Tuesday, June 10, as investors booked profits amid mixed signals from global markets.
The Sensex dipped by 53 points, or 0.06%, to settle at 82,391.72, while the Nifty 50 inched up by just 1 point to close at 25,104.25.
'Markets traded in a lackluster manner and ended almost unchanged, taking a breather after the recent surge. Following an initial gap-up opening, Nifty quickly gave up its gains and moved in a narrow range for the rest of the session. Meanwhile, a mixed trend persisted across sectors, with IT, pharma, and energy emerging as gainers, while realty and banking remained slightly on the back foot. The broader indices also paused after a strong spell of outperformance, closing the day on a flat note,' said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Asian markets advanced on Wednesday as investors monitored ongoing trade talks between the U.S. and China, which U.S. Commerce Secretary Howard Lutnick characterized as 'productive.'
Japan's Nikkei 225 edged up by 0.25%, whereas the broader Topix index slipped 0.1% amid volatile trading.
In South Korea, the Kospi rose by 0.98%, and the Kosdaq, focused on smaller-cap stocks, climbed 1.22%.
Australia's S&P/ASX 200 gained 0.44% in early trading, surpassing its previous record closing level.
Meanwhile, futures for Hong Kong's Hang Seng index were at 24,111, suggesting a softer opening compared to its prior close of 24,162.87.
Gift Nifty was trading around 25,178.50 level, a premium of nearly 34 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices.
U.S. stock futures hovered around the flatline as investors awaited further clarity on trade negotiations and the upcoming release of May's U.S. consumer inflation data.
The Dow Jones Industrial Average climbed 105.11 points, or 0.25%, to close at 42,866.87. The S&P 500 advanced 0.55% to finish at 6,038.81, while the Nasdaq Composite increased by 0.63%, ending the day at 19,714.99. This marked the third consecutive day of gains for both the S&P 500 and Nasdaq.
Discussions held in London followed mutual accusations between the US and China, with both sides claiming the other had backed out of an agreement made in May in Geneva aimed at easing trade tensions.
In the lead-up to the talks, China approved several rare earth export applications, while Boeing Co. resumed deliveries of commercial aircraft to China for the first time since early April, suggesting a revival in trade activity.
The U.S. dollar held firm against key currencies on Wednesday after the United States and China reached a framework for a trade deal, raising investor hopes of a resolution to the ongoing trade war between the world's two biggest economies.
In early Asian trading, however, the dollar dipped 0.14% against the Japanese yen to 144.770 and edged down 0.13% against the Swiss franc, last trading at 0.8218.
Gold prices dipped slightly on Tuesday as investors kept a close eye on U.S.-China negotiations, which could ease trade tensions and improve the global economic outlook—thereby reducing the appeal of safe-haven assets. Additionally, a stronger U.S. dollar added to the downward pressure.
Spot gold slipped 0.1% to $3,324.55 an ounce by 1402 EDT (1802 GMT), while U.S. gold futures ended the session 0.3% lower at $3,343.40.
Oil prices declined in early trading on Wednesday as markets awaited the review of U.S.-China trade negotiations by President Donald Trump. The dip was also influenced by sluggish oil demand from China and rising output from OPEC+.
Brent crude futures slipped by 24 cents (0.36%) to $66.63 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 21 cents (0.32%) to $64.77 as of 0119 GMT.
(With inputs from agencies)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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