The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, 1 September, amid weak overnight global cues.

Asian markets traded mostly lower on Tuesday, while US stock futures remained subdued on Monday. Despite the cautious sentiment, US equities ended August with monthly gains.

On Monday, Indian equity markets closed lower as selling pressure weighed on utility, IT and FMCG stocks.

Domestic Market Recap

On Monday, Indian indices ended red:

• Sensex slumped by 307.24 points (0.40%) to close at 76,957.27.
• Nifty 50 moved down by 95.25 points (0.39%) to settle at 24,080.40.

Gift Nifty

Gift Nifty was trading near 24,212, around 33 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

• The Dow Jones Industrial Average slumped by 374.09 points (0.70%) to close at 53,185.90.
• S&P 500 was down by 25.62 points (0.33%), ending at 7.686.14.
• The Nasdaq Composite was lower by 31.53 points (0.12%), finishing at 26,370.89.

Crude Oil Prices

• Brent crude gained by 0.60% to $91.05/barrel
• US West Texas Intermediate (WTI) crude was trading 1% higher at $86.59/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran War: US President Donald Trump warned on Monday that the United States could launch further military action against Iran after the two countries exchanged direct attacks for the first time in a month on Sunday, escalating tensions in a conflict that had recently shifted towards economic confrontation.

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