The Indian stock market benchmark indices, BSE Sensex and Nifty 50, are likely to open cautiously on Tuesday amid mixed overnight global market cues.

Asian markets traded on a mixed note, while the US stock market closed mostly lower overnight as investors booked profits in technology stocks.

Moreover, on Monday, the Indian stock market ended nearly flat with a positive bias, recovering smartly from the day’s lows on buying interest in select heavyweight stocks.

Domestic Market Recap

On Monday, Indian indices closed green:

• Sensex gained by 77.05 points (0.10%) to close at 75,315.04
• Nifty 50 moved up by 6.45 points (0.03%) to settle at 23,649.95

Gift Nifty

Gift Nifty was trading near 23,674, around 16 points higher than the previous Nifty futures close, hinting at a lacklustre start for Indian markets.

Overnight Wall Street Performance

The US stock market closed on a mixed note on Monday as investors booked profits in technology stocks after the recent rally.

• The Dow Jones Industrial Average gained 159.95 points (0.32%) to close at 49,686.12.
• S&P 500 was down by 5.45 points (0.07%), ending at 7,403.05.
• The Nasdaq Composite was lower by 134.41 points (0.51%), finishing at 26,090.73.

Crude Oil Prices

• Brent crude slumped by 2.25% to $109.58/barrel
• US West Texas Intermediate (WTI) crude was trading 0.98% lower at $107.60/barrel

Overnight Major Global Events Driving Sentiment

1. US–Iran War: US President Donald Trump said he paused a planned strike on Iran after Tehran sent a peace proposal to Washington. He added that there is now a “very good chance” of reaching an agreement to limit Iran’s nuclear program.
2. Fuel Price Hike: Petrol and diesel prices increased by 90 paise per litre on Tuesday, marking the second hike in less than a week. In the national capital, petrol prices rose to Rs 98.64 per litre from Rs 97.77, while diesel prices climbed to Rs 91.58 per litre from Rs 90.67.
3. Japan GDP: Japan’s economy expanded faster than expected in the first quarter. Real GDP grew at an annualised rate of 2.1%, beating market expectations of 1.7% and improving from the revised 0.8% growth recorded in the previous quarter. On a quarter-on-quarter basis, the economy grew 0.5%, ahead of forecasts of 0.4%.

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