The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking positive cues from overnight global markets.

Asian markets traded in the green, while US stock indices closed mostly higher after strong earnings reports from major banks.

However, on Wednesday, the Indian equity market recorded solid gains, with both benchmark indices rising over 0.5%.

Domestic Market Recap

On Wednesday, Indian indices closed in the green:

• Sensex gained by 575.45 points (0.70%) to close at 82,605.43
• Nifty 50 moved up by 178.05 points (0.71%) to settle at 25,323.55

Gift Nifty

Gift Nifty was trading near 25,451, around 26 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed mostly higher on Wednesday, as investors closely monitored the recent escalation in US-China trade tensions.

• The Dow Jones Industrial Average slumped by 17.15 points (0.04%) to close at 46,253.31.
• S&P 500 up by 26.75 points (0.40%), ending at 6,671.06.
• The Nasdaq Composite was trading higher by 148.38 points (0.66%), finishing at 22,670.08.

Crude Oil Prices

Meanwhile, crude oil prices jumped after US President Donald Trump announced that Indian Prime Minister Narendra Modi had vowed to halt oil purchases from Russia.

• Brent crude gained by 0.89% to $62.46/barrel
• US West Texas Intermediate (WTI) crude was trading 0.93% higher at $58.79/barrel

Gold Prices 

Gold prices surged to a record high as investors sought safe-haven assets amid ongoing geopolitical and economic uncertainties and expectations of US interest rate cuts.

• Spot gold was trading 0.4% higher at $4,224.69 per ounce.
• The US gold futures gained by 0.9% at $4,239.70.

Overnight Major Global Events Driving Sentiment

1. India-US Trade Talks: Government sources revealed on Wednesday (October 15) that India’s negotiating team is currently in the US, working to reach a “win-win solution” in the ongoing India-US trade discussions. An official told ANI that “engagement between both sides is actively underway.”
2. India’s Russian Oil Purchases: US President Donald Trump announced that Indian Prime Minister Narendra Modi had promised to stop purchasing oil from Russia. “I was not happy that India was buying oil, and he assured me today they will no longer do so,” Trump told reporters. “That’s a big step. Now I have to get China to do the same.”
3. RBI Minutes: The Reserve Bank of India’s monetary policy committee (MPC), led by Governor Sanjay Malhotra, identified scope for a rate cut earlier this month but decided to wait for the right time, as reflected in the meeting minutes. Malhotra noted that the downward revision in inflation projections has created policy space to further support economic growth.
4. India Unemployment Rate: India’s unemployment rate rose slightly to 5.2% in September from 5.1% in August, driven by increased joblessness in both rural and urban regions. Rural unemployment climbed to 4.6% from 4.3%, while urban unemployment edged up to 6.8% from 6.7% during the same period.

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