Sensex and Nifty 50 are likely to open higher on Tuesday, tracking gains in overnight global markets. Asian stocks advanced, and US markets closed in the green overnight despite ongoing trade tensions.

However, on Monday, Indian equities closed with slight losses after rebounding from early session lows in a volatile trading day.

Domestic Market Recap

On Monday, Indian indices closed in the red:

• Sensex slumped by 77.26 points (-0.09%) to close at 81,373.75
• Nifty 50 moved down by 34.10 points (-0.14%) to settle at 24,716.60

Gift Nifty

Gift Nifty was trading near 24,866, around 40 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Wall Street Performance

The US stock market closed higher on Monday as optimism around trade negotiations between the United States and its trading partner lifted investor sentiment.

• Dow Jones Industrial Average gained by 35.41 (0.08%) points to close at 42,305.48.
• S&P 500 up by 24.25 points (0.41%), ending at 5,935.94.
• The Nasdaq Composite was higher by 128.85 points (0.67%), finishing at 19,242.61.

Gold Prices

• Spot gold gained by 0.1% to $3,381.13/oz 
• US gold futures up by 0.3% to $3,406.10

Crude Oil Prices

• Brent crude gained by 0.80% to $65.15/barrel
• US West Texas Intermediate (WTI) crude: 0.91% to $63.09/barrel

Overnight Major Global Events Driving Sentiment

1. US Manufacturing PMI: US manufacturing activity shrank for the third consecutive month in May, with the ISM Manufacturing PMI slipping to a six-month low of 48.5, down from 48.7 in April. The reading came in below economists’ expectations of 49.3, indicating continued weakness in the sector.
2. US Dollar: The US dollar dipped to a six-week low amid signs of economic softness. The dollar index, which tracks the currency against six major peers, briefly touched 98.58, which is its lowest since late April before stabilizing. The greenback hovered near a one-week low at 142.71 yen, while the euro held steady at $1.1446 after briefly hitting a six-week high of $1.1454, according to Reuters.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!