Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US Tax bill to India-US trade deal

Mint

16 hours ago

Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Wednesday, following mixed global market cues.
Asian markets traded mostly lower, while the US stock market ended mixed, with the Nasdaq and the S&P 500 closing in the red.
On Tuesday, the Indian stock market ended with modest gains, with the benchmark Nifty 50 holding above 25,500 level.
The Sensex rose 90.83 points, or 0.11%, to close at 83,697.29, while the Nifty 50 settled 24.75 points, or 0.10%, higher at 25,541.80.
'We reiterate our 'buy on dips' view, with a strong emphasis on stock selection. However, participants should adopt a cautious stance on the broader market given the overbought conditions in select pockets,' said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian markets traded mostly lower on Wednesday, tracking overnight mixed cues from Wall Street. Japan's Nikkei 225 fell 1.32%, and the Topix declined 0.64%. South Korea's Kospi dropped 0.42%, while the Kosdaq was flat. Hong Kong's Hang Seng index futures indicated a higher opening.
Gift Nifty was trading around 25,680 level, a premium of nearly 37 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices.
US stock market ended mixed on Tuesday, dragged down by weakness in large-cap tech stocks.
The Dow Jones Industrial Average gained 400.17 points, or 0.91%, to 44,494.94, while the S&P 500 declined 6.94 points, or 0.11%, to 6,198.01. The Nasdaq Composite ended 166.84 points, or 0.82%, lower at 20,202.89.
Tesla share price plunged 5.4%, Nvidia stock price declined 2.97%, Advanced Micro Devices shares dropped 4.08%, while Apple stock price gained 1.29%.
The Republican-controlled US Senate passed President Donald Trump's tax and spending bill, approving a massive package that would enshrine many of his top priorities into law and add $3.3 trillion to the national debt. The bill will move to the House for final approval.
The US and India are nearing a deal to lower tariffs on American imports to the South Asian country and to help India avoid levies imposed by the Trump administration rising sharply next week, Treasury Secretary Scott Bessent said.
US job openings unexpectedly increased in May. Job openings were up 374,000 to 7.769 million by the last day of May, the Job Openings and Labor Turnover Survey, or JOLTS report showed. Economists polled by Reuters had forecast 7.30 million vacancies. There were 1.07 jobs for every unemployed person, up from 1.03 in April.
US manufacturing remained sluggish in June. The Institute for Supply Management (ISM) said that its manufacturing PMI nudged up to 49.0 last month from a six-month low of 48.5 in May. It was the fourth straight month that the PMI was below the 50 mark, which indicates contraction in the sector. Economists polled by Reuters had forecast the PMI little changed at 48.8.
Gold prices held steady ahead of US payroll data. Spot gold price was stable at $3,338.22 per ounce, while US gold futures were unchanged at $3,347.80.
(With inputs from Reuters)
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